Debuting on the 19th of January, just as Donald Trump’s Presidential Inauguration was unfolding, Melania Meme [MELANIA] was introduced to the market following the launch of the Official Trump [TRUMP] memecoin.
The inception of MELANIA coincided with a period of heightened market volatility.
The altcoin market capitalization, excluding Ethereum [ETH], had been range-bound since late November, experiencing a downward breach during Monday’s trading session.
The 19th of January observed a 6.11% decline in the altcoin market cap, coupled with Bitcoin’s [BTC] setback from $106k. BTC plummeted to $99.7k before staging a rebound to $109.5k the following day.
Is there a Silver Lining for MELANIA’s Future Amidst its Decline?
Following a peak at $13.63 on the 20th of January, MELANIA has descended by 87.6%.
An examination of the 1-hour chart reveals a consolidation pattern spanning the past three days (depicted in purple), with the range oscillating between $1.395 and $1.73 at the time of analysis.
Currently, the token is trading in the upper bracket of this range, and its short-term technical indicators suggest a flicker of bullish sentiment. Notably, the On-Balance Volume (OBV) has displayed an upward trend, forming higher lows over the last 24 hours.
The Relative Strength Index (RSI) has also rebounded, surging above the neutral 50 mark on the hourly chart. Collectively, these metrics signal a robust near-term upward momentum.
This bullish sentiment might propel MELANIA to surpass the range’s upper limits, driving prices towards the subsequent supply zone ranging between $2 and $2.1, a juncture marked by psychological and technical resistance.
Disclaimer: The content provided here is not intended as financial, investment, or trading advice. All views expressed belong to the author and should be interpreted as such.