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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Apr 02, 2024 07:57 UTC
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MEME Price Breakout Teases 50% Rally This Week
The MEME price action shows a wedge pattern breakout to conclude the pullback.
The breakout rally shows a long-tail candle to retest the break.
If the MEME price surpasses the $0.050 mark, the uptrend could hit $0.064.
With the Bitcoin price falling back to the $65K mark, investors are turning their heads to meme coins. However, the price of many top meme coins fell sharply with the market-wide sell-off, warning of a bearish week.
Amidst the plethora of community-driven coins, the MEME price trend shows a trend reversal opportunity in the daily chart. With a breakout rally teasing a sharp upside move, will the buyers surpass the psychological mark of $0.050?
Following the 139% in just 25 days, the MEME price shoots up to the $0.05319 mark by 4th March. However, the bullish trend exhausts quickly leading to a sharp pullback for the entire month, leading to a 37% drop to $0.03329.
During the pullback, the altcoin led to a bearish pattern in the daily chart, contracting the trend momentum. However, the recent bounce back from $0.03329 leads to a bullish breakout of the bearish pattern.
With an 18% jump in the last three days, the MEME price trades at $0.04365, with a long-tail intraday candle. As the released trend momentum teases a bull run continuation, the sideline traders could find this as an excellent entry spot.
Read More : Memecoin Bloodbath Continues! Dogecoin To Retest It’s Low Of $0.15?
Will MEME Price Surpass $0.050?
According to the trend-based Fibonacci levels, the recent bounce back in the MEME price might shortly challenge the psychological barrier of $0.050. This will mark a pivotal stage in the MEME token.
With the rising trend momentum and the breakout event, the chances of buyers succeeding at a $0.050 breakout are greater. Further, with the bullish break, the uptrend could reach the 1.618% Fib level at $0.08445 but could find resistance at $0.06491.
Also Check Out : BOME Price Revives Uptrend With 65% Upside Potential
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