In early March, the crypto market experienced a major bearish trend as the leading digital currency dropped below $70,000.
MEME.AI experienced a surge in interest during the memecoin mania, reaching an all-time high of $0.04 before a rapid reversal.
After experiencing a remarkable 5000% surge, the token has retraced nearly 80% of its gains, setting the stage for its imminent takeoff.
The subsequent bearish downturn erased most gains from the previous rally, dropping the price below the 23.6% Fibonacci level at $0.009.
Meme.AI, a meme coin, faced a sharp decline in a 4-hour price chart amidst the correction sentiment.
MEME.AI surged 55% in the last 24 hours, reclaiming the $0.009 support level and forming an inverted head and shoulders pattern.
On the 4-hour chart, MEMEAI is currently positioned above a descending trendline.
Currently trading at $0.012, MEME.AI is struggling to break the inverted head and shoulders pattern, suggesting a bullish trend.
According to Coingabbar's analysis, A sustained breakout above this pattern could drive MEME.AI's price towards a potential target of $0.02000.
Conversely, if the breakout fails, sellers may gain momentum, potentially pushing the coin's price below $0.003800.
KEY LEVELS :
RESISTANCE LEVEL : $0.030000-$0.050000
SUPPORT LEVEL : $0.007000-$0.002000
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.
