An Address Sold 8.6 M MICHI, Can It Demonstrate A Resurgence?

• 1 Last week, Michi (MICHI) hovered between $0.1383 to $0.2957 before falling 26.22% amid whale activity. 
• 2 Analysts predict a new all-time high in the near future as the price made a pullback.
• 3 MICHI reached a peak, and it has currently been trading 80% under its ATH.

Michi, a cat-themed meme token, has a floating circulation of 555.77 Million MICHI and has shown a massive spike of more than 100% in 24-H trading volume, which amounts to $32.402 Million. Market cap was at $80.117 Million, after a 26.22% decline due to whale activity. On Coinmarketcap, MICHI was ranked 404th in terms of its market cap.

The volume-to-market cap ratio of 24 hours stood at 39.91%, which signifies strong liquidity in the market.

Lookonchain monitoring reported on X that a certain address had sold 8.6 million MICHI (about $1.34 Million) and made a profit of about $1.24 Million.

According to Lookonchain, the address had previously spent 578 SOL (about $103,000) to buy 8.6 million MICHI tokens at $0.01186, and the highest value was about $5 Million.

Analysts’ Take on MICHI

For MICHI/SOL on Raydium, an analyst @AtlasTradez, highlighted an intense price structure where the price broke down from an ascending wedge and formed a support at $0.09025 by June 2023.

The analyst illustrated MICHI’s spike from the $0.09025 support and predicted a new ATH in the coming sessions. A cup-type structure seems to be in the making on the chart.

Overall, the analyst highlights that the price pulled back from the $0.2900 resistance level, and expects a higher low structure to appear shortly.

What Does MICHI Price Structure Show on the Daily Chart?

According to Tradingview, the lowest price of MICHI was $0.0061 which was witnessed on April 10th, 2024, and is over 2200% above the all-time low price (press time). The highest price of MICHI was $0.7816 recorded on May 17th, 2024, and the press time is down 80% from the all-time high.

Over the past 7 days, the price traded between $0.1383 to $0.2957. As per coinmarketcap, the price fell almost 26% due to the profit booking done by an individual, which caused the dip.

On the daily chart, the crypto was trading at $0.1431 and was trading in a wedge over the long term. The price initially peaked at $0.7782 on May 17th. 2024, but closed at $0.5119. The deterioration began on May 18th, and the dynamic trendline supporting the price was breached on June 7th, 2024, and marked a low at $0.0909 by June 21st, 2024.

Around June 24th, 2024, the price rose to the dynamic trendline that acted as a hurdle. After June 30th, 2024, the price fell to the lower boundary of the wedge.

The EMAs, MACD, and RSI, highlight the bearishness. Depending on the buyers’ trading activity, the indicators could turn bulls. The price could breach $0.2938, and $0.4382. On the other hand, if MICHI falls, it could decline towards $0.0909.

The cat-themed meme token Michi has a circulating supply of 555.77 million, with over $32.402 Million in 24-hour volume. Market cap was $80.117 Million and ranked 404th on CoinMarketCap.

MICHI reached a peak price of $0.7816 currently 80% below its ATH. Price made a long-term wedge trading pattern, with a potential for a rise depending on buyer activity. EMA, MACD, and RSI signal a bearish trend but may turn bullish. Potential targets are $0.2938 and $0.4382 on the higher side while it is $0.0909 on the lower side.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.