early in the day Memecoin Bears gained the upper hand in the (MEME) market. The price reached an important support level by falling to an intraday low of $0.03582. However, as the day progressed, the bulls regained control. It pushed the price as high as $0.043601, indicating a possible change in market sentiment. However, resistance was encountered at this level. In this context, it caused the price to consolidate and trade in a limited range.
On the other hand, the bears seized the opportunity to sell at this resistance level, creating downward pressure on the price. As a result, MEME price dropped to $0.03899 before finding support. Additionally, it rose 4.69% from the intraday low to $0.03988.
MEME’s market value increased by 4.91% to $351,581,942. However, the 24-hour trading volume decreased by 32.45% to $566,034,734. This trend shows that despite the early barrier, MEME still has bullish momentum in the market. The decline in trading volume likely reflects a decline in overall market activity as investors remain cautious.
MEME/USD Technical Analysis
The Moving Average Convergence Divergence (MACD) has moved above the signal line after briefly falling down on the 24-hour price chart. Although it is in the negative zone, this change and upward movement indicate that MEME’s upward momentum may strengthen.
If the MACD line remains above the signal line and climbs further into the positive zone, it could indicate a possible uptrend for Memecoin. This bullish momentum is also supported by the histogram moving into positive territory. This means an increase in purchasing pressure.
Additionally, the upward movement of the stochastic RSI at 69.02 indicates that MEME is approaching the overbought zone. This formation indicates that MEME demand is increasing and the possibility of further price increases. However, investors should be cautious as an overbought scenario could lead to a rapid reversal.
As a result, the MEME market witnessed a tug of war between bears and bulls. But signs of bullish momentum are emerging. With the MACD and stochastic RSI pointing upwards, caution is warranted as MEME approaches the potential overbought zone.