Analysis of Magic Eden (ME/USDT)
Current Situation $ME :
Current Price: $1.041 (+8.10%)
24-Hour Trading Volume: Approximately $22 million
Technical Analysis Pattern: Breakout of the Descending Wedge
🔍 Technical Analysis from the Chart:
Positive Indicators:
Breakout of the Descending Trendline with High Trading Volume
Formation of the Cup and Handle Pattern
Moving Averages: EMA(7)=1.042 > EMA(25)=1.030 Bullish Signal
RSI in the Neutral Zone with Upside Potential
🎯 Critical Trading Levels:
Entry Points:
Key Entry: $1.020-1.030 (Upon Retesting Support)
Breakout Entry: $1.055-1.060 (Confirmation of Resistance Break)
Exit Points:
First Target: $1.15-1.20 (+15%)
Second Target: $1.35-1.40 (+35%)
Stop Loss: $0.985 (-5%)
⚡ Trading Recommendation for the Next 12 Hours:
We expect the upward trend to continue with the price potentially reaching the $1.15 level. The coin shows clear technical strength after breaking the descending trend. It is advised to buy on dips near $1.025 with gradual target setting.
Risk Assessment: Average Profit Potential: High (20-35%)
