Shocking! The top 10 whales dumped 180 million! Did $MEME 's rise turn out to be a selling scam?
Today's MEME trend can be summarized as follows: the bullish technical trend remains unbroken but volume is shrinking, there is a lack of catalysts in the news, and signs of profit-taking are beginning to show on-chain, so be wary of the risk of a pullback after a spike.
Technical Analysis: MEME violently surged from a low of 0.001834 to 0.003026 before retracing to 0.002880. The hourly moving averages are still in a bullish arrangement, but the 5/10 moving averages have flattened out. Although the MACD shows a golden cross, the histogram value has shrunk to -0.000031. The J value in the KDJ is 69.24, moving down from the overbought zone, indicating short-term adjustment pressure. Key support is at 0.002600; if it breaks below, it turns bearish. The previous high of 0.003026 is strong resistance, and a breakout requires volume to return above 30M. The current volume bar is only 4.88M, and the sustainability of buying interest is in doubt.
News Analysis: Musk's early morning tweet did not directly mention MEME, and its positive effect is weaker than that of DOGE. The NFT market Blur announced support for MEME staking, but we need to be cautious as the Meme sector may be dragged down by DOGE.
On-chain Data: The top 10 holding addresses have reduced their positions by 180 million MEME in the past 6 hours, and the exchange's short stop-loss orders have increased by 71.2 million. If there is a false breakout, it could trigger a long squeeze.
Personal Opinion: The daytime price will likely oscillate in the range of 0.002600-0.003000. If it rebounds above 0.002950, profit-taking can be done in batches. If it breaks below 0.002600, open a short position accordingly; for bottom fishing, wait for a spike below 0.002400 and a second golden cross on the MACD. MEME has strong correlation, so keep a close eye on whether DOGE can hold above 0.168 and BTC at 113,000.
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