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The AMC price went ballistic with a 1,047% pump in the past 24 hours to trade at $0.0001895 as of 7:35 a.m. EST as investors pile into the crypto amid a FOMO frenzy.
The AMC price surge follows a comeback post on X by Roaring Kitty, the man at the center of the meme stock craze. Posting for the first time in nearly three years, shares of GameStop and AMC also jumped about 50% during pre-market trading today.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
The market capitalization of meme coins jumped more than 5% amid a new outbreak of meme coin mania fuelled by Roaring Kitty, whose real name is Keith Gill.
The AMC Price Breaks Multiple Resistance Levels
1-hour chart for AMC/USD (Source: GeckoTerminal)
The AMC price was able to break above the $0.01705 and the $0.02387 resistance levels in the past 24 hours. Bulls are now trying to push the crypto’s price above $0.03140 as well.
Closing a 4-hour candle above $0.03140 in the next 12 hours could give the altcoin a strong technical foundation to rise from in the short term.
However, a rejection from the $0.03140 resistance in the next 24 hours might invalidate this bullish thesis. In this alternative scenario, the AMC price will likely retest the recently-breached $0.02387 mark.
Continued sell pressure should AMC fall to $0.03140 could then lead to the altcoin dropping to the subsequent support level at $0.01705. An extremely bearish scenario might see sellers force AMC down to as low as $0.01024.
The AMC Price Might Have The Technical Support To Keep Rising
Technical indicators on AMC’s hourly chart suggest the crypto could keep climbing in the next 12 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators hint at a continued price increase.
This is after the MACD line rebounded off of the MACD Signal line on the 1-hour chart in the last 6 hours. With the MACD positioned above the Signal line, it seems that AMC is currently in a positive cycle. AMC’s positive momentum also shows no signs of slowing down, with the MACD breaking away above the Signal line.
Bulls are stronger than bears AMC’s 1-hour chart as well, which is signaled by the RSI’s value above 80. Usually, an RSI above 50 is seen as an indication of buyer strength.
Traders and investors will want to keep an eye on this indicator, however, as it warns that AMC is currently overbought on the 1-hour time frame. This is a classic sell signal, given the crypto’s downside potential is greater than its upside potential.
The reappearance of Roaring Kitty has also sent investors flocking to Sealana, a new Solana meme coin presale with the potential to achieve 10x growth.
Challenging Canine-Themed Meme Coins
Up until now, the meme coin sector has been dominated by dog-themed meme coins, with new entrants Dogwifhat (WIF) and Bonk (BONK) stealing most of the thunder. This is mainly due to projects sticking to the proven blueprint of the largest meme coins by market cap, like Shiba Inu (SHIB) and Dogecoin (DOGE).
#Sealana, making #Memecoins great again! 🇺🇸
Manifesto
1⃣ No Frogs 🐸
2⃣ Less Hats 🧢
3⃣ Many Whales 🐳
4⃣ Zero Rugs 📉
5⃣ More $SEAL 🦭 pic.twitter.com/FEImgpWxWz— Sealana (@Sealana_Token) May 7, 2024
However, the team behind Sealana (SEAL) have opted for a more unconventional approach, launching a seal-themed crypto. This hasn’t deterred investors, with the crypto raising more than $500k within the first two weeks of its launch.
Investors continue to pour money into the meme coin’s ICO, with the presale recently soaring past the $780k milestone.
Looking To Repeat The SOL Meme Coin Hype
YouTuber Tyler Hill recently analyzed Sealana. In the video, he told his 91.8k subscribers that the meme coin is one of the highest Degen plays currently in the market. As such, he believes it has the potential to generate substantial returns for investors.
Later on in the video, he also revealed that he personally bought some of the meme coin using some SOL he holds.
Anyone looking to get in on the promising Degen play can do so via the simple buy widget on the project’s official website. Selling for $0.022, SEAL can be bought using either ETH, BNB, SOL, USDT or a bank card.
Purchase SEAL tokens on the official website here.
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