MEV/USDT 3-Day Chart Analysis
Trend: The chart shows a prolonged downtrend that appears to be bottoming out. There’s a breakout above the descending trendline, indicating a potential reversal or at least a significant correction to the upside.
Support and Resistance:
Support: Around $0.0031, which seems to have held as the local bottom.
First Target Resistance: $0.0070, which aligns with previous highs.
Bullrun Target: Around $0.0145 to $0.0150, which represents a much higher target, likely a major resistance area.
Indicators: The stochastic RSI is in the lower range, suggesting that the asset might be oversold and due for a bounce. The ADX shows that the trend might be gaining strength, particularly if there's an upward movement.
Trading Strategy
Buy Position
Entry Point: $0.0038 (current price zone near the breakout and support level)
Stop-Loss (SL): $0.0031 (below the recent low and support level to manage risk)
Take-Profit (TP):
First Target: $0.0070 (near the first major resistance)
Second Target: $0.0145 (bullrun target, in case of a strong upward move)
Risk Management
Position Size: Adjust your position size based on your risk tolerance and account size.
Trailing Stop: Consider using a trailing stop to lock in profits as the price approaches the first and second targets.
Conclusion
The MEV/USDT chart suggests a potential reversal with a significant upside, especially if it can break and hold above the first target. However, setting a stop-loss below the recent low is crucial to protect against a potential failure of this breakout. Keep an eye on market conditions and be prepared to adjust your strategy as needed
Support and Resistance:
Support: Around $0.0031, which seems to have held as the local bottom.
First Target Resistance: $0.0070, which aligns with previous highs.
Bullrun Target: Around $0.0145 to $0.0150, which represents a much higher target, likely a major resistance area.
Indicators: The stochastic RSI is in the lower range, suggesting that the asset might be oversold and due for a bounce. The ADX shows that the trend might be gaining strength, particularly if there's an upward movement.
Trading Strategy
Buy Position
Entry Point: $0.0038 (current price zone near the breakout and support level)
Stop-Loss (SL): $0.0031 (below the recent low and support level to manage risk)
Take-Profit (TP):
First Target: $0.0070 (near the first major resistance)
Second Target: $0.0145 (bullrun target, in case of a strong upward move)
Risk Management
Position Size: Adjust your position size based on your risk tolerance and account size.
Trailing Stop: Consider using a trailing stop to lock in profits as the price approaches the first and second targets.
Conclusion
The MEV/USDT chart suggests a potential reversal with a significant upside, especially if it can break and hold above the first target. However, setting a stop-loss below the recent low is crucial to protect against a potential failure of this breakout. Keep an eye on market conditions and be prepared to adjust your strategy as needed
Join my free Telegram Channel t.me/alucardscrypto
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.