MEME Asset Analysis (MEME/USDT)
Current situation on the chart
The current chart of the MEME/USDT asset listed on Binance shows a downward movement located inside a downward channel.
The price is trading below the major moving averages, indicating a continuation of the bearish trend.
Key support and resistance levels:
Support levels: 0.00957 USDT and 0.00828 USDT.
Resistance levels: 0.01576 USDT, 0.02194 USDT and 0.03267 USDT.
Indicator:
Ichimoku indicator: The cloud is above the price, confirming the downtrend. The lower boundary of the cloud (kumo) also serves as a resistance level.
Bollinger Bands: Price is moving in the lower part of the range, indicating high volatility and possible further decline.
Parabolic SAR: SAR dots are also located above the price, confirming the bearish trend.
Forecast:
The price of the MEMEUSDT asset may continue to decline within the current descending channel, with the possibility of testing the support levels of 0.00957 USDT and 0.00828 USDT.
However, if the resistance at 0.01576 USDT is broken, an upward correction may begin.
A breakout of the upper boundary of the descending channel will be an important signal for a trend reversal.
In case of further growth, a potential target could be 0.04856 USDT, which is equivalent to 490% of the current price, as marked on the chart. However, this scenario requires significant efforts from the bulls and breaking through multiple resistance levels.
