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Real Smurf Cat (шайлушай) was trading at $0.00005615 with a bullish bias during the second 12-hour trading session on Thursday. The price of the meme coin was up 44% on the day after rising 170% over the last 4 days, according to data from DEXTools and CoinMarketCap.
The appearance of a bullish technical pattern on the 12-hour chart suggested that the safe-custody token was preparing for an upward leap.
Real Smurf Cat Price Bulls Seek a Return To $0.000115
Шайлушай price dropped as much as 70% between Oct. 6 and 15, recording a series of lower highs and lower lows in a move that saw it seek solace from the $0.000020 psychological level. The appearance of a bullish engulfing 12-hour candlestick on Oct. 15 kickstarted the relief rally that has seen the Real Smurf Cat price gain 170% to the current levels.
This price action has led to a rounding bottom chart pattern on the 12-hour chart, as shown below. This is a significantly bullish reversal pattern formed when an asset’s price drops steadily before being halted at a point that forms the bottom of the pattern. The price then rises gradually, returning to the levels before the downturn began.
Real Smurf Cat’s technical formation will be completed once the price returns to the pattern’s neckline at $0.00006737. This would represent a 30% climb from the current price.
However, a bullish breakout from the rounding bottom chart pattern would be confirmed when a decisive close is achieved above the price immediately before the start of the initial decline. If this happens, the asset could rise another 70% to reach the target of the governing chart pattern above $0.000115. Such a move would bring the total gains to 102%
шайлушай/USD 12-hour Chart
шайлушай’s bullish thesis is supported by the Stochastic RSI, which is moving within the overbought region. The price strength at 99 indicates that the price is firmly in the hands of the buyers. As long as this trend-following indicator remains above the 80 line, the token’s value is set to continue growing.
Further validating the bullish narrative for the meme token was that its price was trading above all major moving averages, as shown on the 12-hour chart. These include the 10-period simple moving average (SMA) currently at $0.00003797, the 20 SMA at $0.00003299, and the 50 SMA at $0.00003926. These areas are robust enough to absorb any selling pressure threatening to lower the Real Smurf Cat price.
On the downside, the position of the Stochastic RSI at 99 suggested that шайлушай was massively overbought. This means that the ongoing rally may soon run out of steam. As such, a correction is possible in the near term, as is evident in the 12-hour timeframe.
Therefore, a 12-hour candlestick close below the $0.000050 support zone would see the price drop toward the $0.000040 psychological level, close to the 50 SMA. Further declines could see the Real Smurf Cat price tank lower to the bottom of the prevailing chart pattern at $0.000020, representing a 6w3% decline from the current price.
Шайлушай Alternatives
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