Solana-based Meme Coin has skyrocketed over 30% over the last 24 hours, emerging as one of the top-performing digital assets of the day.
Rally stands out as key meme assets like Dogecoin (Doge) and Shiba Inu (Shib) lost despite wider market gains.
Coinbase, Binance Us, Kraken is useless
The useless recent rally continues this week’s series of major exchange lists. Yesterday, Beincrypto reported that Coinbase confirmed the addition of tokens in its official X post (formerly Twitter), saying the deal will start along the list roadmap.
On the same day, Binance Us and Kraken announced that they had listed Meme Coin and amplified their market-wide visibility.
Useless price action is bullish
Market excitement thriving around these new listings has increased fresh liquidity in tokens. A bullish crossover of moving average convergence divergence (MACD) confirms this inflow of capital.
The measurements on the useless/USD daily chart show the MACD line (blue) of the token sitting above the signal line (orange) since July 17th.
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MACD indicators identify trends and momentum in price movement. This helps traders find potential purchase or sale signals through a crossover between the MACD line and the signal line.
Set this way it shows a shift towards bullish momentum, suggesting an accumulation of upward pressure in useless markets.
Additionally, Altcoin is currently above the 20-day exponential moving average (EMA), forming dynamic support at $0.25 below that.
The 20-day EMA of assets tracks the average price over the last 20 days, giving weight to recent prices.
When prices exceed this level, it indicates a shift towards bullish trends. This means that the momentum of the short-term price is positive as recent prices are higher than the average price in the last 20 days.
Unusable bulls bet on fresh benefits
At press time, Meme Coin trades for $0.28. Sustainable purchasing pressure could drive it towards $0.34.
However, if profits are set, the token will be below $0.27 and you may consider establishing support with a 20-day EMA. Failure to maintain this level could lead to further retreats retreating to $0.22.
Any useless posts will ignore their name. Memecoin rose 30% when Doge, Shivfalter first appeared in beincrypto.
