ME has been performing quite uniquely lately. After a volume-driven decline, it entered a weak consolidation phase. From the candlestick pattern, this looks more like a continuation of the downtrend rather than a valid support level.

From the data perspective, the daily chart shows a decline of 7.49%. Combined with the performance of open interest, this is not simply a matter of long positions being liquidated. The main force is indeed distributing, and the real selling pressure is evident. The price is in the 0.242 range, and there are few buy orders willing to absorb it. The rebound strength is also weak.

Technically, as long as the price cannot break above 0.255, any rebound towards 0.245 is a resistance zone and an opportunity for the main force to distribute. Under this situation, the downward trend will likely continue.

If you want to participate in a shorting opportunity, consider entering around the 0.240 to 0.245 range, with a stop-loss set at 0.255 (this level must be strictly enforced). The first target is 0.225, and the second target is 0.210.