MEME Token Slumps 11% as Bears Dominate: Key Levels to Watch

MEME’s 10.99% drop signals strong sell-off, with market sentiment turning bearish.
Immediate support at $0.00800 crucial for MEME, with $0.00780 as next level.
RSI near oversold suggests potential short-term bounce, but the trend remains bearish.

The meme market has seen a surge in recent months, with the market cap reaching a staggering $111 billion. But new data shows a 4.2% dip, making people wonder if the memecoin hype is fading. The price of MEME has dropped sharply, forcing traders to rethink its future.

Price and Market Activity

As of press time, MEME is trading at $0.00809, down by 10.99% in the past 24 hours. This drop indicates a strong sell-off, as traders react to the pressure on the market.

Additionally, the market cap stands at $296.18 million, a 12% decrease from the previous day. Despite the drop in price, the 24-hour trading volume remains high at $139.66 million, indicating that there is still active participation, but the sentiment is predominantly bearish.

Support and Resistance Levels

Support and resistance levels are key to figuring out where MEME’s price might go. The immediate support level is $0.00800. This level is important because the price is getting close to it. If MEME can’t stay above this level, the next significant support could be $0.00780.

Meanwhile, the immediate resistance is $0.00850, a level where selling pressure got stronger during recent attempts at a price recovery. If the price goes above this level, the next resistance to watch is $0.00900. This zone is a key psychological barrier because it was a high point before the decline.

Technical Indicators and Market Sentiment

The RSI (Relative Strength Index) is at 33.87, almost in oversold territory. This could mean a short-term bounce, but the broader bearish trend is still there.

The MACD (Moving Average Convergence Divergence) indicator is in negative territory, which also points to continued bearish momentum. However, the flat histogram could mean a consolidation phase, where prices could stabilize at lower levels before making big moves.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.