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- 1 Memecoin price is trading under bearish influence.
- 2 MEME crypto is down by almost 23.90% in the last 7 days showing the bears are dominating the bulls.
Memecoin (MEME) falls under the meme coin category, a type of digital asset often derived from popular culture references and internet humor. The value of Memecoin, like many meme-centric cryptocurrencies, is subject to rapid changes, which is characteristic of this asset class.
As an ERC-20 token, MEME is built on the Ethereum blockchain, allowing it to integrate smoothly with Ethereum’s extensive network, thereby enabling effortless transactions and smart contract interactions.
The birthplace of Memecoin is Memeland, a standalone web3 venture studio established by 9GAG. The platform is dedicated to SocialFi (social finance) and nurturing the creator economy, with the aim of bridging creators and communities via digital avenues such as NFTs, tokenized offerings, and other web3 innovations. Memeland’s active involvement in releasing various NFT collections highlights its dedication to the digital creator space.
Within the Memeland ecosystem, Memecoin serves as the primary currency, crucial for facilitating economic activities and exchanges. It’s at the heart of the SocialFi and creator economy ecosystem that Memeland is cultivating, allowing users to actively participate in buying, selling, and using NFTs and other digital commodities, with MEME as the medium of exchange.
Technical Analysis Of MEME Crypto
Memecoin price prediction indicates that the Memecoin crypto may see further depreciation in its value within the next few weeks amid bearish pressure on the daily chart. Currently, the Memecoin price is down by 23.94% over the past seven days and as per the price action, it is facing bearish dominance.
Currently, the sellers are in charge of the trend where they maintain firm command over the price action. Moreover, the buyers are trying to take control. Despite the bearish dominance, the buyers are trying to sustain at the current levels, and bears regained supremacy over the price action on the 1-Day chart.
MEME by writer12_gsm on TradingView.com
MEME Crypto Price vs Volume Analysis
The volume and price graph displayed that the trading volume has decreased from $777.52 Million to $104.78 Million in the last 30 days. In the last 7 days, the price has melted 23% but the trading volume has not decreased, so the price is expected to bounce back in the short term.
MEME Crypto Social Dominance vs Social Volume Analysis
The graph of social dominance and social volume suggests that awareness and interaction on social media have decreased in recent times which has made a negative impact on the price. The next price momentum of MEME crypto price may depend upon social dominance and social volume as it is a community and hype-driven coin.
The MEME crypto price is in the bearish region and has been displaying bearish moves for the last few sessions. Moreover, the cryptocurrency is struggling to maintain its gains above the major moving averages and is heading in a downward direction. The crypto has declined over 23% this week, suggesting the bearishness in recent sessions.
At press time, the MEME crypto price was trading at $0.03641642 with an intraday loss of 3.53%, indicating bearishness on the charts. It has a market cap of $424.79 Million. Indicators are bearish and demonstrate the MEME price will attain lower levels in upcoming sessions.
Summary
The technical indicators suggest that sellers hold the edge over the price action against buyers. The price pattern, oscillators, EMAs, and Volume are moving in tandem, giving selling signals. The price is facing substantial selling pressure in the supply zone which indicates that bears may push its value in a downward direction further shortly.
Technical Levels
Support Levels: $0.03275 and $0.02800
Resistance Levels: $0.05775 and $0.04841
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
