 has established itself as one of the top meme-based cryptocurrencies, such as Pepe, Bonk, Shiba Inu, and Dogecoin.){kind=link}
- SNEK crypto price has increased by 3.77% during the weekly trading session.
- Technical indicators summary suggests a bullish signal in the current phase.
- The 24-hour trading volume has reached $1.8 Million, with an increase of 25.12%.
Snek (SNEK) has established itself as one of the top meme-based cryptocurrencies, such as Pepe, Bonk, Shiba Inu, and Dogecoin. It is a deflationary memecoin launched on Cardano. The native token SNEK became an attractive point for memecoin lovers in December 2023.
Subsequently, the crypto showed massive growth during that month. However, the random upsurge in price created imbalances, which caused the crypto to face a consolidation period.
Will Buyers Claim the $0.00167 Mark? SNEK Price Performance
After a massive upsurge in December 2023, the Snek crypto price faced strong selling from the $0.00285 resistance level. The crypto grew by over 350% during that month. However, the price is stuck below the $0.00167 level, which is still keeping the price from surging further above.
Conversely, a bull run in the crypto price has been spotted in the $0.00078 demand zone. The bullish rally reflected an over 70% upsurge in price, reflecting the buyers’ presence. Compared to the data from the last seven days, SNEK’s price outperforms the global cryptocurrency market, which can be a positive indication.
Price Volatility & Social Dominance Analysis
The social buzz of crypto gained noticeable change after mid-April 2024. It reflected over 0.06% dominance at the time. It also has a positive influence on the price, which has been rising every day since then.
However, social dominance has been slowly fading, but the buyers managed to lift the price at the present session, reflecting the increasing interest of users.
Technical Analysis of the Snek (SNEK/USD) Price
Currently, the price is moving above the key exponential moving averages, reflecting an uptrend. The price has recently rebounded the 50-day and 200-day EMAs from below, indicating the continuation of the bullish trend.
The SNEK price has shown a bullish rally from the $0.00078 demand zone. It also gave a breakout from the $0.00134 immediate level. As per the current market speculation, the price reflects a bullish outlook. However, a bearish outlook can be expected below the $0.00078 demand zone.
The relative strength index (RSI) shows bullish momentum in the current phase. The RSI line is moving at 58.31 above the SMA line, reflecting the increasing strength of buyers at the current session.
Summary
The Snek crypto price has faced intense selling pressure from the $0.00248 level. Afterward, the price reflected over 65% downfall to the $0.00078 major support level. The indicators summary also suggests a bullish signal in the current phase.
Regarding the technicals, the SNEK crypto reflects a bullish outlook. However, a bearish outlook can be expected below the $0.00078 demand zone.
Technical Levels
When writing, the immediate resistance for SNEK was $0.00167, and the $0.00078 level was the next support level. If the price breaks above the upper resistance, a rise in price can be expected. Or, a drop below the mentioned support can lead to a price pullback to lower levels.
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
