- The MEMAG coin price has been trading in a flat range since July 2023.
- The Meta Master Guild Token price has surged by over 17% in a week.
- Its current market price is $0.004269.
At the time of listing, the Meta Master Guild has shown great strength on the upside but soon after the surge, it has started to decline. The coin price has witnessed a decline of over 84% from the higher levels. However, in July 2023, the coin price started to rise and halted the fall.
Since the Middle of July 2023, the coin price has gone into a deep consolidation which is still going on. It is currently forming some long wicks on both sides. The coin price has formed a narrow range inside the consolidation phase, which is a sign of less volatility. It has not participated in the recent rally witnessed by the crypto market.
In the current trading session, the Meta Master Guild Token is trading with a decline of $0.000296 or 6.96%. It is forming an evening star candle on the daily chart, which is a bearish chart pattern. The total amount of trading volume which has been traded in the last 24 hours is $100499. The self-reported market capital of the MEMAG token is $1.93 million.
Will the MEMAG Coin Price Reach the $0.01000 Level?
The Meta Master Guild Token price has formed a symmetrical triangle pattern on the daily chart. However, the coin price has recently breached this pattern on the downside and is trading below the breakdown level. The bears are not looking that strong at present, as they were able to hold the price down but some serious selling is missing. It seems like, the buyers are giving a tough fight to the sellers and restricting them to cause a fall.
The Token is testing the trendline it breached and the price has become less volatile. If the bears show some strength in the future, they can make the price fall toward the levels of $0.003411 and $0.002054. These are the previous support levels for the coin. However, if the price fails to provide enough liquidity, it can rise from here. The bulls will try to gain control of the $0.006074 and $0.010069 levels.
A Quick Glance on the Bollinger Bands and Relative Strength Index
The Band of the Bolinger Bands Indicators is deflated, which signifies that the coin price has become range-bound and less volatile. It can be an early indication that the coin price can show some wild swings on either side in the coming days.
The Relative Strength Index is curving at 51.25 and the slope is upward. However, the price action and the RSI Movement indicate that the coin price is missing a strength on either side
Conclusion
The MEMAG coin price is looking dull and is missing the necessary momentum on both sides. It has breached the symmetrical triangle pattern on the downside and its angle is also bearish. That indicates that the current view of investors should be bearish, until and unless the $0.006074 level is intact.
Technical Level
Resistance – $0.006074 and $0.010069
Support – $0.003411 and $0.002054
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
