MEW — Testing Key Resistance Within a Wedge
MEW has been trading within a descending wedge pattern, which typically signals a potential reversal once broken.
Currently, MEW is approaching a critical resistance level at $0.0048, which has repeatedly acted as a rejection point.
1️⃣ Key Technical Points
• Wedge Formation: MEW consolidates within a descending wedge, gradually tightening its range.
• $0.0048 Resistance: The $0.0048 level remains a crucial barrier. MEW has tested this level multiple times without breaking through.
• If MEW can decisively clear this resistance, the next move could target the upper trendline of the wedge, around the $0.0055–$0.0060 range.
2️⃣ Potential Breakout
If MEW breaks above the upper trendline, a more significant rally could ensue. The next target is likely to be around $0.007 and potentially higher.
3️⃣ Risk of Rejection
If MEW fails to break the $0.0048 resistance, we could see another pullback toward the wedge's lower range or continued consolidation within this tight structure.
4️⃣ Summarized
MEW is currently trading at a critical juncture. The $0.0048 resistance is the fundamental level to watch in the short term. If it breaks, MEW could rally toward the upper trendline and beyond, potentially targeting $0.007. However, caution is advised if it fails to clear this level, as another rejection could lead to further consolidation or a retest of lower levels within the wedge.
Currently, MEW is approaching a critical resistance level at $0.0048, which has repeatedly acted as a rejection point.
1️⃣ Key Technical Points
• Wedge Formation: MEW consolidates within a descending wedge, gradually tightening its range.
• $0.0048 Resistance: The $0.0048 level remains a crucial barrier. MEW has tested this level multiple times without breaking through.
• If MEW can decisively clear this resistance, the next move could target the upper trendline of the wedge, around the $0.0055–$0.0060 range.
2️⃣ Potential Breakout
If MEW breaks above the upper trendline, a more significant rally could ensue. The next target is likely to be around $0.007 and potentially higher.
3️⃣ Risk of Rejection
If MEW fails to break the $0.0048 resistance, we could see another pullback toward the wedge's lower range or continued consolidation within this tight structure.
4️⃣ Summarized
MEW is currently trading at a critical juncture. The $0.0048 resistance is the fundamental level to watch in the short term. If it breaks, MEW could rally toward the upper trendline and beyond, potentially targeting $0.007. However, caution is advised if it fails to clear this level, as another rejection could lead to further consolidation or a retest of lower levels within the wedge.
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