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The Melania Meme price plummeted 11% in the last 24 hours to trade at $3.28 as of 11:29 p.m. EST on trading volume that surged to hit $342 million.
Melania Meme Price On A Bearish Trend
The MELANIA price on the 15-minute chart exhibits a falling wedge pattern. This is characterized by a series of lower highs and relatively lower lows near the $3.28 level, acting as a key horizontal support zone.
A falling wedge is typically a bearish continuation pattern, suggesting the possibility of further downside if the support is broken.
Moreover, the overall trend appears bearish, highlighted by the sharp decline from the $11.00 range earlier in the chart, as shown by GeckoTerminal data.
The Melania Meme price is consolidating within tighter ranges, signaling reduced volatility as it nears the wedge’s apex.
Melania Meme is currently trading below the 50-day and 200-day Simple Moving Averages (SMAs), both of which are trending downward.
Meanwhile, the Relative Strength Index (RSI) sits at 35.61, nearing oversold territory but not quite there yet.
This indicates that bearish momentum remains dominant, though not at an extreme level. Additionally, the RSI has repeatedly failed to break above 50, reinforcing the bearish outlook.
The Moving Average Convergence Divergence (MACD) histogram is close to the zero line, with the MACD line (-0.0719) slightly above the signal line (-0.0728). This indicates weak bullish momentum at present.
Is A Trend Reversal Possible For MELANIA?
The technical setup, dominated by the falling wedge and bearish indicators, suggests MELANIA is more likely to break downward if it breaches the $3.28 support level.
A confirmed breakdown could see the price of Melania Meme targeting the next psychological or technical support near $3.00, with further downside potential depending on market sentiment.
However, the MACD suggests that the bulls may be poised to take control of the price. If this happens, the bulls may push Melania Meme towards a bullish trend reversal above the upper boundary of the wedge, which could target $4.00 as the first resistance level.
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