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The AMC price has plunged by 27% in the last 24 hours to trade at $0.1791 as of 7:30 a.m. EST on an 88% drop in trading volume to $4.24 million.
Its slump comes despite a broader market surge triggered by the return of Keith Gill, also known as “Roaring Kitty,” to social media after a three-year break. Gill is the person behind the GameStop stock saga in 2021.
His re-emergence triggered a surge in the prices of meme coins from GameStop (GME) to Roaring Kitty (KITTY), and AMC rode the wave yesterday before crashing back to earth.
$KITTY hey https://t.co/S2yPIDhaX5
— Vivian babar (@vivian_babar) May 15, 2024
AMC Price Plunges On A Double Top Pattern: Can The Bulls Regain Control?
The AMC price has declined since reaching a high of $0.03033, forming a double-top pattern that indicates a bearish trend reversal.
However, despite the decline, the bulls show signs of rebound, as indicated by the succeeding short green candlesticks.
AMCSOL Analysis. Source: Dextools.io
The 50 and 200 simple moving averages (SMA) are trading below the price, encouraging the bears to continue pushing down the price. If the momentum continues, it could push the price to the support zone at $0.01190, allowing the bulls to regroup for a while.
The Relative Strength Index (RSI) has been on a downtrend to the 30 oversold zone. However, it shows signs of bouncing back and is currently at 40. Increased momentum should see the RSI climb past the 50 midline level to the overbought zone.
The AMC price bulls seem ready for another upward surge. Recent green candles from $0.01734 suggest a possible turnaround for AMC. If things go as expected, this could fuel a bullish rally, potentially pushing the price back to $0.03033.
In the converse case, if the bears keep pushing for corrections, the bulls may seek refuge around the $0.01160 support zone.
Solana Meme Coin Rockets Past $1 Million: Top Pick Today?
As it is unclear which direction the AMC price will take, investors might consider focusing on Sealana (SEAL), the new Solana meme coin that’s just blasted past $1 million in presale.
#Sealana's throwing a raging frat party for the OG $SEAL Alphas as the #Presale cruises towards the $1m mark. 🦭🚀
The bros are there, the beers are cold, and the babes are en route.🇺🇸🍻
Missed the invite?📩 Looks like you haven’t bagged enough $SEAL to make the cut.💰 Join the… pic.twitter.com/riLSZCqfkB
— Sealana (@Sealana_Token) May 13, 2024
Sealana is a chubby seal that is fully immersed in the Solana Sea, spending endless hours in front of his computer and slowly growing bigger.
He’s swapped his once sleek figure for a diet of chips and canned tuna favored by traders. His relentless quest to uncover the next big Solana meme coin consumes him, leaving his living room in chaos as he tirelessly researches with his flippers.
#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
The Cryptonews YouTube Channel says that Sealana could be the next 100X opportunity.
Sealana’s multichain capability enables investors to use SOL or ETH to purchase SEAL tokens.
Buy SEAL here using ETH, USDT or a bank card.
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