Key Levels to Watch Amid Correction

Memecoin Price Prediction: On November 3rd, Memecoin(MEME) made headlines across the crypto community by registering an astonishing 2,500% gain upon its launch on various digital currency exchanges. This staggering ascent propelled its value 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 hit a roadblock around $0.029, giving way to increased sell-offs and ushering in a phase of price correction as the buyers sought to regain their bullish stride.

Also Read: Bitcoin Price Rally to Start Soon As Fed Interest Rate Cuts Expected By March 24

How Far Correction May Extend?

• With sustained selling, the Memecoin price may witness an additional 25% drop. 
• A bullish breakout from the overhead resistance trendline could give an early signal of uptrend continuation.
• The intraday trading volume in Memecoin is $24.9 Billion, indicating a 39% gain.

Source-Tradingview

The Memecoin recovery encountered significant resistance at the $0.029 threshold, catalyzing a period of consolidation that eventually morphed into a triangular or flag pattern—a configuration we highlighted in our preceding analysis. 

By November 5, the coin price dipped below the pattern’s supporting baseline, signaling a potential correction trend. This descent has resulted in a 16% decrease to a prevailing price of $0.02. Nonetheless, such a pullback may be essential for verifying the coin’s stability at elevated valuations and for reviving waning bullish forces.

According to the Fibonacci Retracement Levels, notable support benchmarks at $0.0185 and $0.015—which correspond with the 38.2% and 50% retracement levels, respectively—may present suitable grounds for buyers to continue a bullish trajectory. 

Conversely, a descent below the critical 50% Fibonacci level could indicate a dilution of bullish strength.

Will MEME Price Recovery Continue?

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 and therefore, the sellers may extend its corrective phase until this barrier is intact. Potential buyers eyeing entry points should be poised for a credible breakout above this key resistance line.

• Bollinger Band. A downswing in the upper boundary of the Bollinger Band indicator may offer an additional overhead barrier for buyers.
• Relative Strength Index: The daily RSI slope below the 60% mark reflects the weakening of bullish momentum.