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$ME Strongly Bullish (correcting from Extreme overbought)
The K-line data shows explosive breakout from consolidation between 0.22-0.25, with consecutive large green candles on enormous volume. However, the most recent candles show upper wicks and reduced volume, suggesting exhaustion at current levels.
Massive volume spike (89.8M) during the breakout candle suggests genuine buying interest
Capital Flow: Mixed signals recent 4H/6H show net inflows (+888k/+1.44M) but shorter timeframes show outflows, indicating profit-taking
Entry long
$ME : Ideal entry zone: 0.2476-0.2600 (Retest of breakout level and MA20 support)
Aggressive entry: Above 0.2950 with volume confirmation (Breakout retest)
Stop Loss: 3.5% from entry price (Considering high ATR of 0.0083)
Target Price
$ME : Primary: 0.3136 (Resistance level)
Secondary: 0.3405 (next resistance)
Monitor for any sudden volume drops or break below 0.2476 support which would invalidate the bullish thesis.
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While the trend remains powerfully bullish, extreme RSI levels suggest near-term correction is likely. The optimal strategy is waiting for pullback to key support levels rather than chasing at current overbought prices.
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