cats in a dogs world (MEW) — Chart Analysis & Trade Setup ?

This analysis aims to provide traders with a comprehensive overview of the token's price action, technical indicators, and potential trade setups. Please note that this analysis is for informational purposes only and should not be taken as financial advice. Always conduct your own research and consult with a qualified professional before making any trades.

Chart Analysis

MEW price formed a strong bottom at $0.48 and entered an uptrend afterward. The token makes higher highs and higher lows and heads towards the resistance at 0.85. Volume has been increasing lately.

Technical Indicators

MACD: Bullish ?

RSI: Neutral ?

VMA: Neutral ?

Triple EMA: Price trades above all EMAs ?

ADX: 26, indicating a light trend ?

Trade Setup

Two trade setups are apparent:

1 — Waiting for the price to break through the resistance at 0.85. Although this is a safer approach, the potential gains are limited - short-term.

2 — Waiting for the VMA to indicate an uptrend and using it as an entry.

Entry: The current price is right between support and resistance and, therefore, not the perfect place to enter. However, you can use the two alternatives mentioned above to identify potential entry points.

Target 1: $0.085

Target 2: $0.1 (ATH)

Stop Loss: Depends on your entry.