TradeCityPro | MEMEUSDT Analysis Risky Spot Buy?

👋 Welcome to the TradeCityPro channel!
Let's dive into analyzing MEMEUSDT, a newcomer to the market. We'll see if it's worth considering for a risky spot buy and holding as part of our portfolio.

🌍 Market Overview
Before analyzing MEME, let’s review Bitcoin’s performance: BTC experienced a 3% drop today, accompanied by a decline in BTC.D. The market was highly volatile, with some coins correcting, others climbing, and some ranging. If BTC.D continues to drop and Bitcoin consolidates, altcoins could see another bullish wave. Personally, I remain bullish and am not looking for short positions.


📊 Weekly Timeframe

MEME is a new coin with limited historical data and has yet to experience a bull run. However, it has already been listed on major exchanges and climbed to the top 160 in market cap.

After an 80% decline post-listing, MEME entered a range between 0.00909 and 0.01425, signaling the end of its downtrend. Breaking out of this box could signal the start of a new uptrend.

With decent recent volume, a risky buy could be considered. Placing a stop-buy order above 0.01561 with a stop loss at 0.00909 might be an effective strategy for managing risk.


📈 Daily Timeframe

MEME remains within the weekly range, having recently tested its range high at 0.01476. Sellers appear exhausted, as buyers have consistently pushed the price higher without revisiting the range low.

If the daily candle closes above 0.01476, consider entering. Alternatively, wait for a breakout above 0.01740 for a safer entry.

Keep in mind that breakout traders might prefer waiting for 0.01740 to be breached, while others might risk entering earlier at 0.01476. It's a matter of trading style and risk tolerance.

As long as the price remains above the curve line, I’ll continue focusing on long positions. Confirmation from an RSI overbought condition and increasing volume will further support bullish entries.

⏱ 4-Hour Timeframe

On the 4-hour chart, resistance at 0.01488 is currently being tested, with signs of a potential fakeout and short-term correction. However, as long as the price holds above the curve, there's a chance to break this resistance soon.

📈 Long Position Trigger:
confirmed breakout above 0.01488 signals a buying opportunity.

📉 Short Position Trigger:
I personally won’t prioritize short setups here, as I’m focused on bullish opportunities.


📝 Final Thoughts

Stay calm, trade wisely, and let's capture the market's best opportunities!

This analysis reflects our opinions and is not financial advice.

Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️