MEV/USDT 3-Day Chart AnalysisTrend: 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)
T ake-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
