Within the span of 11th November to 19th November, POWSCHE witnessed a remarkable uptrend of 740%. Despite a subsequent retracement of approximately 8.6%, indications suggest that this cryptocurrency may have further room to grow, given the typical trend of small market cap coins to extend their rallies.
POWSCHE, a memecoin built on the Solana blockchain, currently boasts a market capitalization of $9.03 million. To provide some context, Solana’s daily trading volume across various exchanges stood at $7.14 billion at the time of reporting. The potential for POWSCHE to surge higher remains significant, yet, as with all memecoins, particularly those newly introduced, creating hype in the market and fostering a strong community are essential for sustained bullish momentum.
Key Support Levels for POWSCHE in the Short Term
Notably, the Chaikin Money Flow (CMF) indicator for POWSCHE registered at +0.25, indicating substantial capital inflows into the market. The heightened trading volumes witnessed in recent days have propelled the token’s price upwards, suggesting increasing demand.
Moreover, the Awesome Oscillator continues to trend upwards, reflecting the ongoing momentum without any signs of an imminent reversal. Support levels at $0.0518 and $0.0721 could trigger a bullish reaction if tested in the near term.
While the 50 and 100-period moving averages hover around $0.03, significantly lower than the current market price, the possibility of a retracement towards these MA levels, while remote, remains feasible.
Beyond its price action, POWSCHE’s roadmap includes attention-catching milestones, such as a pledge to burn a Tesla once the token’s market capitalization reaches $50 million. Such maneuvers are designed to enhance market visibility and attract greater interest, crucial for the success of smaller tokens, particularly during bullish market phases.
Disclaimer: The opinions shared in this article are personal and do not constitute financial, investment, or trading advice.