$ME Today, there was a big thrill!
This morning, it dropped to a low of 0.961, washing out many people, then suddenly surged past 1.14. The control of the market is quite ruthless. The daily line surged nearly 5%, with fluctuations of 16% up and down, and the battle between bulls and bears is exceptionally fierce.
Now, the key is whether the position at 0.922 can hold. The 7-day moving average has crossed above the 30-day moving average (0.924 > 0.847), indicating a short-term upward trend, but there is significant pressure around 1.2, and without sufficient trading volume, the risk of a hard push is very high.
The actual trading volume of 156M is quite a bit lower than the expected 207M, however, the 5-day average trading volume of 114M is relatively stable, indicating that large funds are not in a hurry to exit.
The MACD indicator has opened again above the zero axis (0.055), with the fast line (0.029) stepping up on the slow line (0.002), suggesting that there may still be upward momentum in the short term. However, caution is needed as there is heavy resistance near 1.2, and chasing the rise now carries significant risk. Holding above 1.0 without breaking is good news.
Focus on whether it can truly break and stand firm at 1.05, otherwise be wary of a market reversal. For spot trading, hold steady and don’t act rashly; those trading contracts must set stop-losses properly, as this position is prone to sharp fluctuations that can easily lead to liquidation! Pay attention to the logarithmic coordinate changes in indicators, which may indicate a market shift.
