After being listed on Binance and creating high expectations, Memecoin (MEME) has experienced a drop of more than 10% in the last 24 hours.
The crypto market started the week in a precarious zone with the volatile price structure of Bitcoin (BTC). Last week, BTC repeatedly attempted to break the $38,000 resistance but failed each time. With the resistance proving insurmountable, Bitcoin weakened and experienced a sharp decline, falling to $37,000.
The decline in BTC led to panic selling in altcoins. Altcoins experienced a sharp decline due to intense outflows and the market conditions turning negative.
Memecoin (MEME) is sharply declining
Despite high expectations, MEME has been following a downward price trend recently. In the last 24 hours, MEME declined from the $0.030 range to $0.027. The decline in MEME approached levels around 10%.
The popular cryptocurrency quickly gained popularity with expectations of an upcoming airdrop and its listing on Binance. Its categorization as a memecoin, along with the name ‘Memecoin,’ raised the possibility of creating a new ‘Dogecoin,’ especially within the memecoin category.
Memecoin quickly reached a market capitalization of 350 million dollars. With the recent decline, Memecoin’s market cap has fallen to 238 million dollars. According to CoinMarketCap data, Memecoin ranks as the 152nd cryptocurrency in terms of market capitalization.
Looking at the MEME chart, it can be observed that the price is attempting to hold onto a significant support level. MEME is trying to draw strength from the $0.027 support, and if it loses this support zone, it may continue its decline. In this scenario, the MEME price could pull back to the major support level at $0.023614. The interim support level for MEME would be $0.25. Although $0.25 is indicated as a potential area for a rebound, market conditions may weaken the likelihood of a strong recovery.
On the other hand, MEME may find support and strength if BTC regains confidence. If it gains strength from the $0.027 support, the price could approach the $0.0285 resistance in the short term. This resistance level, being an interim one, may bring about selling pressure. If MEME surpasses $0.0285, the next resistance point would be $0.0304. The ultimate resistance zone for MEME could be around $0.032955.
