While the cryptocurrency market continues recording a negative price action, the memecoin segment is making waves. Moreover, the Memecoin $MEME coin price has outshone the crypto space with its impressive rally of over 30% over the last 24 hours. With this, this project has secured the 359th position with a valuation of $77.75 million.
By evaluating the press market sentiments, investors have entered into a FOMO-like situation concerning the short-term prospects of the memecoin segment. Moreover, questions like “Will memecoins recover?” have taken over the search console by storm. Through this article, we will understand the market analysis of the Meme coin crypto token.
#MEME Coin Price Today Slingshots 30%!
After trading under a bearish sentiment for 4 consecutive days, the Memecoin price has successfully regained momentum by recording a double-digit surge within hours. Notably, the 34th largest memecoin by market cap has appreciated 1/3rd of its value today, resulting in it coming under the limelight of the crypto community.
Source: TradingView
The RSI technical indicator has successfully retested its oversold range in the 4H time frame. This has resulted in it recording a sharp spike and breaching its overbought range. However, the average trendline is currently hovering around that range, indicating increased price volatility in the cryptocurrency space.
On the other hand, the Simple Moving Average (SMA) has displayed a similar trend. This suggests an increase in the buying and selling pressure for this viral meme coin in the market.
Will Memecoin Go Up This Week?
Maintaining the price above its important resistance level of $0.001825 could push the price of this meme project toward its upper price target of $0.0020 during the upcoming weekend. Furthermore, if the bullish sentiment intensifies, in that case, the $MEME coin price could prepare to test its resistance of $0.002325.
However, if the crypto space experiences a strong bearish reversal or increased liquidation, this could pull the price of this altcoin toward its crucial low of $0.00140 in the upcoming week.
