Alert, traders! 🚨 $ME /USDT is under the spotlight with an explosive move, up +21.93% to $1.012! It seems the bulls are having a party.
The current price of $1.012 is very promising, but the 7-period moving average at $1.015 tells us there might be a small resistance there. However, the 25 ($0.983) and 99 ($0.882) moving averages are quite below, confirming a bullish trend in the short and medium term. The high in 24h was $1.164, a key level to break!
Regarding Long/Short positions, we see that long accounts consistently outnumber short accounts. This indicates a very bullish market sentiment, with buyers dominating the narrative. Confidence is sky-high!
The taker buy/sell volume is a delight for the bulls. We have seen significant spikes in buying volume, far exceeding selling volume. This is a clear sign of strong and sustained interest in buying, pushing the price upwards.
However, the "Base" chart shows something to keep in mind. The futures price premium over the price index has been in negative territory at various times, reaching -$0.007! This could suggest that, although the spot price is rising, the futures are at a slight discount. This could be an indication that futures traders are being more cautious or even that there is some manipulation to suppress the futures price while the spot is skyrocketing. Watch out for that!
In summary, MEUSDT is on an impressive bullish rally. The bulls are in control, but the slight discount in futures could be a sign that not everything is rosy or that we might see a pullback if the futures do not reach the spot price. If it manages to consolidate above $1.015, the next targets could be the recent highs!