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The Musk It price has plummeted 62% in the last 24 hours to trade at $0.0259 as of 8:10 p.m. EST on a 52% plunge in trading volume to $27 million.

This collapse in the MUSKIT price follows the massive 3,400% surge after it emerged that Elon Musk’s dad, Errol Musk, is backing the meme coin. The decline indicates that traders are taking profits after the initial hype, or that concerns may be growing over the project’s long-term viability.

ICYMI: Elon Musk's father 'Errol Musk' publicly endorsed the Solana memecoin $MUSKIT

Following his endorsement, the token's value surged over 3,400% to $486 million in market cap

Price has since dumped +90% pic.twitter.com/3EAm2UuCJQ

— BlockNews (@blocknewsdotcom) January 31, 2025

Investors may also be reacting to the clarification that Elon Musk has no involvement in the project, thus reducing expectations of high-profile support.

While Errol Musk backs the initiative, he and his business partner, Nathan Browne, are not the token’s creators. The actual developer is a Middle East-based company that quietly launched the project last month.

Musk It Price Gears Up For Bullish Reversal On A Double Bottom

The MUSKIT/USD 15-minute chart shows a price movement denoted by a dramatic spike followed by a sharp decline. Initially, the price was in a consolidation zone with low volatility, indicating liquidity buildup before a major move.

The breakout led to a rapid price surge, reaching a high of approximately $0.25, before quickly falling, likely due to mass liquidations and heavy sell-offs, possibly by large investors (whales). This price action indicates the initial surge may have been driven by hype and speculation rather than sustained buying interest.

MUSKITUSD Analysis Source: Dextools.io

The price has found support around $0.016–$0.017, forming a double-bottom pattern, a potential bullish reversal signal. If this support holds, the price could attempt a recovery toward $0.05–$0.06. However, it remains well below the 50-period simple moving average (SMA 50) of $0.0428, indicating it is still in a short-term downtrend. A breakout above this level would be necessary to confirm a bullish reversal.

Momentum indicators show mixed signals. The MACD line is at -0.0012, while the signal line is at -0.0035, indicating that the bearish trend is losing strength. The histogram is contracting, hinting that selling pressure may be weakening. Additionally, the RSI (Relative Strength Index) is at 32.89, close to the oversold region. This shows that the price may be nearing a potential rebound zone as selling momentum diminishes.

If the price maintains support at $0.016–$0.017, a bullish breakout could push it toward $0.05–$0.06, with a further target at $0.10 if momentum strengthens. Conversely, if it breaks below $0.016, the next major support level could be around $0.010, potentially triggering another wave of selling pressure. Traders should watch for a price movement above the MA 50 and an RSI recovery above 40 as confirmation of a bullish reversal.

MIND Of Pepe Presale Rockets Toward $5 Million – Next Big Crypto?

As Musk It shows signs of a possible bullish reversal, investors are turning to a new AI-powered meme coin called MIND of Pepe (MIND), which has already raised over $4.7 million in its presale in less than three weeks.

MIND of Pepe combines artificial intelligence with the Pepe meme, using advanced AI to scan platforms like Crypto Twitter for early trading opportunities that are provided to token holders.

This AI runs automatically, constantly learning and improving to help users stay ahead in the crypto market.

MIND of Pepe (MIND), an AI-driven cryptocurrency, has raised close to $4 million in its presale, with tokens currently available at $0.0032016. Purchasing $MIND is straightforward; just connect your wallet like Best Wallet on their official site, using $USDT, $ETH, or $BNB. Token… pic.twitter.com/CRX8AhFpBg

— Vanquish Adept (@VanquishAdept) January 27, 2025

Only MIND token holders can access these exclusive AI insights, giving them an advantage in making better investment decisions. Holders can also stake their tokens and earn a huge 478% annual return.

The project is getting noticed by crypto experts with an analyst from 99Bitcoins, a YouTube channel with over 724K subscribers, ranking MIND among the top five cryptos most likely to 10X after launch.

Right now, the MIND token is available at a presale price of $0.0032402, and buyers can use ETH, USDT, BNB, or a bank card to purchase.

With a price increase scheduled in less than 2 days, interested investors should buy soon to secure tokens at the best rate.

Buy MIND tokens on the project’s official website here.

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