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Traders and investors have made fair gains in the meme coin sector throughout this latest bear market. This is mainly because meme coins tend to have low levels of liquidity, making it easier to manipulate their prices with substantial capital. This contrasts cryptocurrencies with larger market caps amounting to several billions.
Should this meme coin frenzy continue in the next few months, Tamadoge (TAMA) may be able to overcome the $0.01 barrier soon. Meanwhile, a breakout pattern on the altcoin’s daily chart suggests that its price may also enter a strong move in the next few days.
Price Overview
Over the past 24 hours, TAMA’s price rose 0.81%, according to data from the cryptocurrency market tracking website CoinMarketCap. Subsequently, the meme coin changed hands at $0.008095 at press time.
However, this positive daily performance was not enough to boost TAMA’s weekly performance out of the red zone. As a result, the meme coin’s price was still down more than 10% over the past 7 days.
The drop in TAMA’s price throughout the past day of trading coincided with the trend seen throughout the meme coin market during the 24-hour cycle. CoinMarketCap data indicated that the collective valuations of all meme coins dropped 0.53% – bringing it down to approximately $13.620 billion.
Technical Overview
Daily chart for TAMA/USDT (Source: TradingView)
TAMA’s price broke below the key support level at $0.008395 on 9 October 2023 and continued to trade below this critical price point at press time. Despite this, there was still a possibility of the meme coin’s price undergoing a solid move towards the upside in the next few days.
Supporting this bullish thesis is that a symmetrical triangle pattern had formed on TAMA’s daily chart over the past couple of weeks. During this period, the altcoin’s price printed a series of higher and lower highs, leading to the formation of the triangle pattern.
TAMA’s Price Could Explode Soon
This pattern suggests that TAMA’s price may soon enter a strong move. It is, however, essential to note that a symmetrical triangle pattern does not indicate which direction the price breakout will be in. One indicator on TAMA’s chart that hints at a positive breakout is the daily Relative Strength Index (RSI).
Although the daily RSI line was positioned below the daily RSI Simple Moving Average (SMA) line, the positive slope of the RSI line suggests that the two technical indicators may cross soon. Should this cross take place, it could serve as a signal of buyers gaining strength over sellers on TAMA’s charts. As a result, the price of TAMA may rise in the days following this potential cross.
TAMA Could Soar to $0.01 and Possibly Higher
In this bullish scenario, the meme coin may look to reclaim a position above the aforementioned $0.008395 mark. The cryptocurrency could have the support needed to continue its ascent towards $0.01. Should bulls continue to provide buy pressure to the altcoin’s price, it may rise to as high as $0.12250 within the following fortnight.
This bullish thesis may be invalidated if TAMA closes a daily candle below the symmetrical triangle chart pattern that had formed on its daily chart. TAMA may retest the immediate support level at $0.006985 in this more bearish scenario. Should it break below this mark, it could be at risk of continuing to drop to $0.005935.
A Crypto Mining Opportunity Too Good to Ignore
BTC Minetrix aims to transcend the current limitations of Bitcoin (BTC) mining through decentralization. By simply staking the project’s native token, BTCMTX, users can earn mining gas tokens. Burning these tokens will then grant users access to physical BTC mining power.
An impressive milestone reached by #BitcoinMinetrix!
Exceeding the $1,200,000 mark! 🎉 pic.twitter.com/DwCXcHjdFV
— Bitcoinminetrix (@bitcoinminetrix) October 13, 2023
The project has already raised $1,222,697.24 of its $1,540,000 target. Meanwhile, cryptocurrency enthusiasts have just under three days left before the price of BTCMTX increases. At press time, 1 BTCMTX token was selling for around $ 0.011.
BTC Will Soon Become More Scarce
BTC is scheduled to undergo its next halving event around April 2024. This noteworthy event will see the rewards paid out to BTC miners slashed in half – making it more challenging to obtain new BTC coins. Meanwhile, several institutional fund managers, including BlackRock, have submitted applications for their own Bitcoin exchange-traded funds (ETFs). There will likely be an influx of institutional funds within the cryptocurrency realm should these ETFs receive approval. This increased demand from large fund managers and the BTC’s increasing scarcity make now an opportune time to buy into BTCMTX.
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