MANEKI [MANEKI], the popular cat-themed memecoin running on the Solana [SOL] blockchain, has experienced a remarkable 62.15% surge over the last four days. Since October 14th, the token has risen by 32% and is showing signs of further upward momentum.
Currently, the market indicators are pointing towards a bullish trend for MANEKI.
However, the recent rise of Bitcoin [BTC] to the $66k resistance level and MANEKI’s own struggle with the $0.00756 supply zone suggest some caution may be warranted.
Prudence advised over Fear of Missing Out (FOMO)
The daily market analysis for MANEKI is currently in a bullish phase. The breach of the $0.054 resistance last week transformed a former supply zone into a demand zone, resulting in a significant rally on Monday.
Despite the bullish momentum of the past few days pushing the price towards the $0.0075 resistance level, caution is advised. This resistance level had previously stalled MANEKI’s upward movement on September 27th.
With the A/D indicator failing to reach new highs at a significant resistance level, it indicates that the buying pressure might not be strong enough for a sustained rally.
This suggests that while the recent momentum has been bullish, the possibility of a pullback cannot be ruled out.
Market Sentiment Moderating Expectations
The Open Interest for MANEKI has been approaching levels seen at the end of September, but with a nearly $1 million difference. This indicates a decrease in bullish speculators.
When considering the A/D indicator and Open Interest in conjunction, it suggests that the market sentiment is cautious about a continuous uptrend for MANEKI. Traders may want to consider taking profits and preparing for a potential market reversal.
Disclaimer: The views expressed are solely the opinion of the writer and do not constitute financial, investment, or trading advice.