MEW — Another Unsuccessful Break Out Attempt!

7月31日

After its latest pump in mid-July, MEW has entered a bull flag pattern. Moreover, we've seen a couple of breakout attempts—so far, all unsuccessful.

Just yesterday, we had the next attempt, which was also driven by an enormous volume spike. However, the resistance remained strong, and MEW was rejected. Even today, MEW tried to push but didn't reach the trend line.

Once MEW manages to breakout to the top, we could quickly see a rally of 60% (calculated based on the previous pole flag). Accordingly, a level of 0.012 is possible.

However, an entry should be based on a breakout and confirmation on a higher timeframe. A stop loss can be placed slightly below the trend line.