Musk It Price Gears Up For Bullish Reversal On A Double Bottom

The MUSKIT/USD 15-minute chart shows a price movement denoted by a dramatic spike followed by a sharp decline.

The Musk It (MUSKIT) price has plummeted by 62% in the last 24 hours, currently trading at $0.0259 as of 8:10 p.m. EST with a 52% decrease in trading volume, hitting $27 million.

This massive price plunge comes after the news that Elon Musk’s father, Errol Musk, is backing the Solana memecoin, leading to a 3,400% price surge.

However, it appears that traders are now taking profits or concerns may be growing over the project’s long-term viability, causing a sharp decline in the MUSKIT price.

ICYMI: Elon Musk's father 'Errol Musk' publicly endorsed the Solana memecoin $MUSKIT. Following his endorsement, the token's value surged over 3,400% to $486 million in market cap

Price has since dumped +90% pic.twitter.com/3EAm2UuCJQ

— BlockNews (@blocknewsdotcom) January 31, 2025

Another factor that could be influencing investors is the clarification that Elon Musk himself has no involvement in the project, reducing expectations of high-profile support.

While Errol Musk backs the initiative, he and his business partner, Nathan Browne, are not the token’s creators. The actual developer is a Middle East-based company that quietly launched the project last month.

Musk It Price Gears Up For Bullish Reversal On A Double Bottom

On the MUSKIT/USD 15-minute chart, we can observe a price movement that begins with a dramatic spike followed by a sharp decline. Initially, the price was in a consolidation zone with low volatility, indicating liquidity buildup before a major move.

The breakout led to a rapid price surge, reaching a high of approximately $0.25, before quickly falling, likely due to mass liquidations and heavy sell-offs, possibly by large investors (whales). This price action indicates the initial surge may have been driven by hype and speculation rather than sustained buying interest.

MUSKITUSD Analysis Source: Dextools.io

The price has found support around $0.016–$0.017, forming a double-bottom pattern, a potential bullish reversal signal. If this support holds, the price could attempt a recovery toward $0.05–$0.06. However, it remains well below the 50-period simple moving average (SMA 50) of $0.0428, indicating it is still in a short-term downtrend. A breakout above this level would be necessary to confirm a bullish reversal.

Momentum indicators show mixed signals. The MACD line is at -0.0012, while the signal line is at -0.0035, indicating that the bearish trend is losing strength. The histogram is contracting, hinting that selling pressure may be weakening. Additionally, the RSI (Relative Strength Index) is at 32.89, close to the oversold region. This shows that the price may be nearing a potential rebound zone as selling momentum diminishes.

If the price maintains support at $0.016–$0.017, a bullish breakout could push it toward $0.05–$0.06, with a further target at $0.10 if momentum strengthens. Conversely, if it breaks below $0.016, the next major support level could be around $0.010, potentially triggering another wave of selling pressure. Traders should watch for a price movement above the MA 50 and an RSI recovery above 40 as confirmation of a bullish reversal.

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