🚨 $ME jumped by +79.8% to $0.2365!
The price broke through key resistance with a bullish MACD crossover and is holding above EMA. The momentum is strong. 📈
📊 Click 👉 $ME 👈 for the current chart.
⚠️ But RSI-6 is 95.61, extremely overbought.
The risk of a short-term correction is high despite the positive structure.
🐳 Whales are divided:
Large purchases ($4.01M) exceed sales ($3.45M), but there are 295 shorts against 152 longs.
Smart money is still hedging downwards.
🔥 Possible short squeeze:
The average price of short positions is $0.1885.
Holding above this level could trigger a cascade of short position closures.
📊 Technical picture:
Break above EMA-7 and the upper Bollinger band
Bullish MACD
Net inflow of $1.2M
Short positions have increased by 70%
📉 Scenarios:
Above $0.1885 > potential for squeeze to $0.1950+
Below $0.1885 > likely drop to $0.1830
Below $0.1780 > the bullish scenario is weakened.
💎 Fundamentals:
Magic Eden launches a 15% revenue share for buyback and staking rewards from February 1, a strong incentive for holders.
❓ First squeeze or correction?
🤔 What’s your opinion?
❗ My opinion: With RSI ~96, a short pullback seems more likely before a new upward impulse. The market often “cleans” weak hands before continuation.
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