Memecoin Price Prediction: The ongoing correction in MEME price may replenish bullish momentum for a high bullish rally.
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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.
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.
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.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.