Memecoin Price Prediction: A healthy retracement amid the formation of a flag pattern reflects the meme price has the potential to resume its recovery higher.
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Memecoin Price Prediction: Memecoin (MEME), the cryptocurrency that recently captured the market’s fancy, is currently experiencing a price correction after making a peak of $0.0293. Over the past five days, its value has dropped by 40%, now trading at $0.01785. An analysis of hourly time frame charts suggests this downtrend is shaping a bullish continuation pattern known as a ‘Flag’, which may herald an impending resurgence for MEME.
Also Read: Whales Receive 300 Mln MEME, Will Memecoin Follow Pepe Coin-Like Frenzy?
Will MEME Price Reclaim $0.03 Mark?
- The formation of the flag pattern prepares Memecoin for the next recovery leap.
- The correction trend breakdown below the 50% retracement level would reflect weakness in bullish momentum.
- The intraday trading volume in Memecoin is $168.5 Billion, indicating an 8% gain.
Source-Tradingview
Amid the correction phase, the MEME price trajectory has adhered to a flag pattern, with the coin bouncing off the upper and lower trendlines three times each, indicating the pattern’s significant impact on trader sentiment.
With an intraday gain of 0.58%, the coin price is currently trading at $0.0176 and once again tests the upper trendline resistance. Typically, a flag pattern offers a strategic pause, allowing bulls to gather strength for the next leg up.
Should buyers breach and maintain a position above the descending trendline, the MEME price could see an upswing to $0.21, and potentially reach $0.29, marking an optimistic 65% gain.
Having said that, until the flag pattern is intact, the MEME price will continue its downward trajectory.
Healthy Retracement Hints Uptrend Continuation
On the hourly chart, an evening star candle pattern at the descending trendline hints at continued resistance from sellers, suggesting that the corrective phase may not be over. The Fibonacci Retracement Level posits that buyers might find solid support at a confluence of $0.15 and the 50% retracement mark, where a dip would still signify a ‘healthy pullback’, setting the stage for a robust bullish comeback.
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.
