Jogian

technical analysis and trade signal for the $ME /USDT pair, considering its current price and movement:


Current Price: $4.205

24h High: $5.242

24h Low: $4.100

Price Change: -17.79% in 24 hours

Key Indicators:

1. Support Level: $4.10

2. Resistance Level: $5.24

3. Price Momentum: Negative momentum, with a 24h decline of -17.79%.

4. Volume Analysis: Strong trading volume (164.5M USDT), suggesting substantial market interest, though the price is currently facing downward pressure.

Trade Signal & Targets

Trade Type: Short-term bearish setup (since the price is in a downtrend over the last 24 hours).

Target Levels 🎯

1. First Target (Support): $4.10

A key support zone based on the low observed in the last 24 hours. Price may test this level before showing any signs of reversal.

2. Second Target (Mid-range): $3.90

If bearish momentum continues, we could see a further drop to the $3.90 level, where additional support could stabilize the price temporarily.

3. Third Target (Extended Bearish Target): $3.50

In case the market remains in a strong downtrend, this level could be tested, especially if broader market conditions favor selling pressure.

Trade Momentum

Current Momentum: Bearish
The price is experiencing consistent downward movement, and the market sentiment shows selling pressure in the short term.

Momentum Indicators:

MACD: If the MACD line crosses below the signal line, it confirms further bearish momentum.

RSI: If the RSI is below 30, it could indicate oversold conditions, suggesting a potential rebound, but the overall trend remains downward.

Trade Strategy

1. Entry Point: Consider entering a short position around $4.20 - $4.25.

2. Stop Loss: Place a stop-loss above $4.50 to manage risk in case of a sudden price reversal.

3. Exit Strategy:

Exit at $4.10 (First Target), $3.90 (Second Target), or $3.50 (Third Target) based on market behavior.

Trade Advice

With the bearish trend and high selling momentum, it’s important to watch for any signs of reversal before entering.