World Of Charts provides a detailed analysis of the Meme token's price action against USDT, focusing on a bullish reversal pattern known as the falling wedge.
A popular crypto analyst known as World Of Charts has shared their latest technical analysis on the Meme token’s (MEME) price action against USDT, highlighting a bullish breakout pattern.
According to the analysis, the Meme token has been forming a falling wedge pattern since early 2024, with multiple lower highs and lower lows. This pattern is characterized by two downward-sloping trendlines that converge as the price moves.
The analysis points out that the price has now broken out of the wedge’s upper trendline, indicating the end of a prolonged consolidation phase. This breakout typically signals a shift in market dynamics, with buyers gaining strength over sellers.
The analysis also notes that such a breakout from a falling wedge often precedes a significant upward price movement, reversing the prevailing downtrend.
Based on the technicals, the analysis projects a potential price target marked on the chart, indicating a potential increase of about 192.56% following the breakout. This aligns with the expectation of a midterm gain ranging from 150% to 200%, with the target area set around the $0.04 level.
This suggests a possible rise from the current price of $0.016 to that range.
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