- The market cap and the trading price of the MEME crypto have slightly declined in the last 24 hours.
- MEME crypto price is trading 35% below its all-time high price.
Memecoin is a meme-based cryptocurrency that runs on the Ethereum blockchain. It is the native token of Memeland, a web3 venture studio by 9GAG. Memecoin enables users to access and trade NFTs and other digital assets within the Memeland ecosystem.
This cryptocurrency has a massive circulating supply of 8.867B MEME followed by a max supply of 69.0B MEME. The market cap of the crypto is $266.147M at the time of writing and has declined by 3.2% in the last 24 hours.
The market cap ranking of the MEME crypto as per CoinMarketCap is 179th and the trading volume has declined by 4.3% in the last 24 hours. The traded volume of the crypto is $70.011M ranking 98th in the global crypto market.
The fully diluted market cap of the Memecoin is $2.073B and the market cap dominance of the crypto is 0.015%. Moreover, the volume/market cap ratio of the crypto is 0.0089.
Memecoin Derivatives Analysis
The derivatives trading volume of the Memecoin crypto has declined by 6.2% in the last 24 hours, resulting in a traded value of $173.90M. Following this, the open interest of the crypto has declined by 3.5%. Moreover, the crypto has resulted in a long/short ratio of 0.8325 in the last 24 hours, showing sellers’ dominance.
MEME Crypto Technical Analysis
The Memecoin crypto price was consistently advancing to higher levels from its lows, which led to the formation of the rising wedge pattern. The MEME trading price further witnessed a strong sell-off and that led the price to break below the rising pattern.
The following behavior of the crypto price represents the pessimism in traders and investors for the crypto which shows the dominance of profit booking in the MEME crypto price.
MEME/USD Chart by TradingView
The MEME crypto price has declined below the 50-day and the 200-day EMAs, but the EMAs are trading in a golden crossover. It shows that the price of the MEME crypto is reversing and might decline to lower levels.
The RSI is currently trading at a level of 44.19 on the 4H timeframe chart of MEME crypto. It also has declined below the 14-day SMA. This behavior of the indicator shows that the crypto price is following a bearish momentum.
Conclusion
Caution is advised for potential investors in MEME crypto as it faces a decline in market cap, trading price, and technical indicators signaling a bearish trend. The recent break below key moving averages and the formation of a rising wedge pattern suggest a potential downward trajectory, emphasizing the need for careful consideration and risk management in current market conditions.
Technical Levels
Support Levels: $0.01750 and $0.0260
Resistance levels:$0.03870 and $0.04720
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.