November 6, 2023
The ongoing correction in MEME price may replenish bullish momentum for a high bullish rally.
On November 3rd, Memecoin(MEME) experienced a significant surge in value, skyrocketing by 2,500% upon its launch on various digital currency exchanges. This remarkable ascent propelled its price from an initial $0.001 to an impressive peak of $0.0245, leaving a striking green pillar on the daily price chart. However, the rally encountered resistance around $0.029, leading to increased sell-offs and initiating a phase of price correction as buyers sought to regain their bullish stride.
The ongoing correction in Memecoin's price may result in an additional 25% drop. This correction is driven by sustained selling and a bearish sentiment in the market. However, a bullish breakout from the overhead resistance trendline could signal a continuation of the uptrend.
The intraday trading volume in Memecoin is currently $24.9 Billion, indicating a 39% gain. This high trading volume suggests significant market activity and interest in the coin.
The Memecoin recovery encountered significant resistance at the $0.029 threshold, leading to a period of consolidation. This consolidation formed a triangular or flag pattern, which indicates a potential correction trend. The coin's price has dipped below the pattern's supporting baseline, resulting in a 16% decrease to a prevailing price of $0.02. However, this pullback is crucial for verifying the coin's stability at elevated valuations and reviving bullish forces.
According to the Fibonacci Retracement Levels, notable support benchmarks at $0.0185 and $0.015 may present suitable grounds for buyers to continue a bullish trajectory. These levels correspond with the 38.2% and 50% retracement levels, respectively. A descent below the critical 50% Fibonacci level could indicate a dilution of bullish strength.
The memecoin price correction can be followed using a descending resistance trendline that has been respected thrice in the last two days. These reversals reflect a bearish dominance even amidst an attempted price upswing. Therefore, sellers may extend the corrective phase until this barrier is intact. Potential buyers looking for entry points should be prepared for a credible breakout above this key resistance line.
While Memecoin is currently experiencing a correction in its price, this may serve as an opportunity for a potential recovery and a high bullish rally. Traders and investors should closely monitor the price action and key support levels to make informed decisions. It is important to consider the market sentiment and the overall trend before entering any positions.