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The Meme AI price dropped 4% in the last 24 hours to trade at $0.00137 as of 00:46 a.m. EST on trading volume that rose 1,169% to $3.27 million.
This comes as the Elon Musk-inspired token is gearing up for more exchange listings.
The genesis of the meme coin was sparked by Elon Musk’s tweet: “Whoever commands the memes, commands the universe.”
Congratz Guys !! Soon we start a new contest.#MEMEAICOIN #MEMEAI #MEMEAIARMY pic.twitter.com/Oo0xmR8lpN
— Meme AI (@Memeaicoin) February 6, 2024
Musk-associated coins including DOGE, GROK, and SOHOT have previously enjoyed massive success and gathered substantial followings.
Meme AI Price Within A Descending Triangle
The price of Meme AI is presently following a downtrend, evident from the formation of a descending triangle. Despite this, there’s a presence of higher highs compared to lows, with the $0.001083 level serving as a crucial support zone, providing a buffer against downward pressure.
The MEMEAI price has twice touched this support zone, forming a double bottom pattern. This occurred after encountering resistance at the $0.002008 mark, which allowed the bears to exert downward pressure on the price.
Presently, the price is trading below the 50-day Simple Moving Average (SMA), aligning with the ongoing downtrend of MEMEAI’s price. Furthermore, the Relative Strength Index (RSI) sits at 42, indicating a downward trend and falling below the 50-midline level.
The Moving Average Convergence Divergence (MACD) line (blue) trading slightly below the signal line (orange) further supports the downward trend. However, the price is showing some indications of a likely price reversal leading to a rebound.
This is further supported by the red bars on the histogram, which are slightly elevated on the downside. The Average Directional Index (ADX) is trading below level 20 at 17, which indicates a weaker trend. This is a confirmation that the Meme AI price is trading in a range, trying to break out.
Meme AI Price Prediction
The Meme AI price is currently on a downtrend. However, short-term analysis of the price indicates some bullish prospects, with the possibility of a breakout, as affirmed by the formation of the double bottom pattern.
Bulls aim to surpass the upper boundary of the triangle, targeting $0.0025, breaching the $0.002008 resistance. In a reverse scenario, however, the bears could exert more pressure, leading to a retracement to the $0.00098 support zone.
As the MEMEAI bulls look for the best entry points, analysts say potential PEPE killer Sponge V2, which has moved to the Polygon Network, could skyrocket 100X on launch.
Buy $SPONGE V2 For Potential 100X
Investors were in a frenzy last year as Sponge surged 100x. If you missed that opportunity, there is another for you in its sequel, Sponge V2, before its launch on major exchanges.
You haven't seen anything yet! 🧽🧽#SPONGEV2 coming in hot 🔥#MemeCoin #BullMarket #Binance #Coinbase #Crypto #100x #Alts pic.twitter.com/db32pVByQ8
— $SPONGE (@spongeoneth) February 7, 2024
Sponge V1 did 100x on launch, acquired more than 13,000 investors, achieved a market capitalization of $100 million, and was listed on over ten major exchanges, including Toobit, BitMart, and LBank.
But the development team discontinued Sponge V1 on Feb. 5th, facilitating the seamless transfer of its holders to the more secure and cost-efficient V2 on the Polygon network.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Stake To Earn Sponge V2 With 201% Rewards
There’s now the option to purchase and stake $SPONGE V2 tokens, with the potential to earn an impressive 201% annual percentage yield (APY). Moreover, there’s an opportunity to generate income through play-to-earn (P2E) gaming, a new feature designed to attract a broader audience of investors and players alike.
Exciting news, #SPONGERS! 🌟🧽🧽#SpongeV2 is now live! Visit our website to buy and stake $SPONGE V2.
Check it out below! 👇https://t.co/nFOSl1ZCD9#MemeCoin #Web3 #Crypto #Altcoins #CryptoStaking pic.twitter.com/T4DCAKhcxF
— $SPONGE (@spongeoneth) February 6, 2024
The team plans the launch of a new game, Sponge Racer, which offers both free and paid versions where you can race and earn token rewards.
According to analyst Jacob Bury on YouTube, Sponge V2 has the potential to achieve 100X gains at launch, like its predecessor.
To join the presale, visit the official Sponge V2 website and link your digital wallet to swap your ETH or USDT for V2 tokens. You can also buy directly using your bank card.
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