Lokesh Gupta
02-04-2024
#Bitcoin's price decline prompts investor interest in meme coins, particularly $MEME, observed through a potential trend reversal in its daily chart.
#MEME witnessed a rapid surge of 166% over 25 days, reaching a peak of $0.05754 on March 4th, followed by a sharp 45% pullback to $0.03161.
During the pullback phase, a bearish pattern emerged in MEME's daily chart, indicating a contraction in trend momentum.
However, a recent bounce from $0.03329 led to a bullish breakout of the bearish pattern, with an accompanying 18% increase over the past three days.
Currently trading at $0.04200, $MEME displays a long-tail intraday candle, hinting at a potential continuation of the bull run.
Analysis based on trend-based Fibonacci levels suggests that $MEME's recent bounce could soon challenge the psychological barrier of $0.0450, aligning with the 50% Fibonacci level.
Given the rising trend momentum and the recent bullish breakout, there's a high probability of buyers succeeding in a $0.0450-$0.05000 breakout.
According to Coingabbar's analysis, Moreover, there's further upside potential, with the uptrend potentially extending to the 1.618% Fibonacci level at $0.07370.
KEY LEVELS :
RESISTANCE LEVEL : $0.06000-$0.10000
SUPPORT LEVEL : $0.03000-$0.015000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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