$MEW
1. Price and Trend: The current price is around 0.005459, showing a positive increase (+17.96%). The price is sitting close to the EMA(50) and EMA(21), potentially signaling a bullish crossover if this trend continues.
2. Volume: Thereâs relatively high volume (62.99M USDT and 12.46B MEW in the past 24 hours), which shows increased market participation.
3. Indicators:
âą STOCH RSI: Showing 68.26, suggesting the asset is nearing the overbought zone but not there yet, indicating some room for upward momentum.
âą RSI(6,12,24): With values of 79.53 (RSI 6) and 74.19 (RSI 12), the asset is approaching overbought levels, which could lead to some resistance soon. RSI(24) at 63.37 suggests the medium-term trend is still positive but not as stretched.
âą MACD: At 0.000010, it shows that the bullish momentum is starting to build again after a period of bearishness.
âą KDJ (K: 83.89, D: 82.32, J: 87.04): This is also in overbought territory, reinforcing a potential need to watch for reversal signals soon.
4. Wm %R: At -4.59, itâs also suggesting the asset is overbought. Typically, a value below -20 is considered overbought.
Conclusion: The trend seems to be bullish in the short term, but with multiple indicators approaching overbought conditions, itâs crucial to watch for a potential pullback or correction soon. Keep an eye on the support around 0.004518 and resistance near 0.006989 for potential price movements.
Order Suggestion:
1. Entry (Buy): Consider entering near the current price of 0.005459. However, it may be wise to wait for a minor pullback to around 0.005000 if you anticipate a slight correction due to the overbought conditions.
2. Stop-Loss: Set a stop-loss below the support level around 0.004500. This gives enough space for short-term fluctuations while protecting against a larger drop.
3. Take Profit:
âą First target: 0.006000 (for short-term gains).
âą Second target: 0.006500 if the momentum continues and breaks resistance.
Alternative:
âą If the price moves down and closes below 0.004500, means sell đ©ž
