- MEME price rebounds by 4.69% after testing crucial support at $0.03582.
- Despite a drop in trading volume, MEME’s market capitalization rose by over 4%.
- Indicators hint at strengthening bullish sentiment, but caution is advised as MEME approaches overbought territory.
In the early hours of the day, bears in the Memecoin (MEME) market had the upper hand, with the price plummeting to an intra-day low of $0.03582, where it reached a crucial support level. However, as the day progressed, bulls reclaimed control and pushed the price back to $0.043601, indicating a possible shift in market mood. However, resistance was met at this level, causing the price to consolidate and trade within a restricted range.
On the other hand, Bears seized the opportunity to sell at this resistance level, putting downward pressure on the price. As a result, the MEME price dropped to $0.03899 before finding support and recovered to $0.03988, representing a 4.69% increase from the intra-day low.
MEME/USD 24-hour price chart (source: CoinStats)
The market capitalization of MEME increased by 4.91% to $351,581,942, b…
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