- The launch of MELANIA got here alongside a pointy market-wide sell-off.
- MELANIA appeared to soak up altcoins’ liquidity, however the meme has been in a downtrend since then.
The Official Melania Meme [MELANIA] was launched on the nineteenth of January, on the eve of Donald Trump’s Presidential Inauguration, a day after the launch of the Official Trump [TRUMP] memecoin.
The launch of MELANIA got here alongside excessive volatility for the remainder of the market.
Supply: TOTAL3 on TradingView
The altcoin market cap excluding Ethereum’s [ETH] was proven above. It had been inside a spread since late November, and broke under it throughout Monday’s promoting.
The 6.11% altcoin market cap drop on the nineteenth of January additionally noticed a Bitcoin [BTC] rejection from $106k, with BTC reaching as little as $99.7k earlier than bounding increased to $109.5k the very subsequent day.
MELANIA meme continues to crater-is there hope for restoration?
Supply: MELANIA/USDC on CoinMarketCap
Since reaching the dizzying heights of $13.63 on the twentieth of January, MELANIA is down 87.6%.
The 1-hour chart confirmed a spread formation over the previous three days (purple) that reached from $1.395 to $1.73, at press time.
The meme was buying and selling throughout the higher half of this vary, and its short-term technical indicators confirmed some bullish promise. The OBV has trended increased and shaped increased lows over the previous 24 hours.
Reasonable or not, right here’s MELANIA’s market cap in BTC’s phrases
The RSI additionally recovered and pushed above impartial 50 on the hourly chart. Collectively, they confirmed upward momentum was sturdy within the close to time period.
This might be sufficient to interrupt the vary highs and drive costs to the following provide zone at $2-$2.1, which was a psychological in addition to technical resistance.
Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion
