MEW is trading on the Daily timeframe inside a large descending channel that has controlled price action for months. The overall structure is clearly bearish, with consistent lower highs and lower lows. Recently, price accelerated downward inside a sharper internal descending channel, showing strong selling pressure.
Now price is approaching the lower boundary of both the smaller blue channel and the broader macro channel. This area is acting as a potential exhaustion zone. The recent reaction suggests selling momentum is slowing as price taps into lower channel support.
The key level to watch is around 0.0005510. Holding above this level increases the probability of a corrective bounce toward 0.0007224 and 0.0007820. If momentum builds, price could attempt a larger move toward 0.0011680, which aligns with upper channel resistance and previous structure.
However, if 0.0005510 fails with strong continuation selling, the structure remains fully bearish and price could extend toward 0.0005510 and even retest the macro channel low.
Right now this is a reaction zone. A strong reclaim of the internal descending channel would be the first signal that a meaningful relief rally is beginning.