$MEME SHOWING STRONG BEARISH REJECTION WITH POTENTIAL FOR CORRECTION TO LOWER SUPPORT ZONES
Short Trading Plan for MEME (20x)
Entry Level: 0.000540 – 0.000550
Stop Loss: 0.000578
Take Profit 1: 0.000520
Take Profit 2: 0.000495
Take Profit 3: 0.000475
MEME is showing a very clear bearish rejection in the 0.000540 – 0.000550 zone. A correction to lower support zones is highly likely. The current movement looks weak, volume is unconfirmed, and the small hourly chart structure is rapidly deteriorating.
The stop loss is placed at 0.000578, a fairly clean level, above the resistance zone. If it gets swept, no regrets. However, if the downward pressure continues, targets at 0.000520 → 0.000495 → 0.000475 are entirely feasible.
The price is very small, and percentage volatility can be large. The distance from entry to stop loss is quite close (~5.1-7%). Suitable for a short-term short order. Enter a small order and set the stop loss correctly.
Will the rejection of a sharp price drop lead to a correction to a lower support zone? Have you entered a short position yet? Comment to discuss!