The chart for MUSD/USDT shows price action consolidating within a descending triangle pattern, with resistance forming along the downward trendline. The Gaussian channel highlights the broader bullish momentum from early September, but the price has recently slipped below the mid-channel support, indicating weakening strength. After briefly breaking down toward $1.70, the price rebounded sharply back above the $2.20 support zone. The stochastic RSI indicates overbought conditions, suggesting short-term exhaustion. If the M price sustains above the Gaussian channel re-entry, it could retest $2.60; failure to hold the $2.20 support may open downside risk toward $1.90. Momentum remains fragile despite the recovery.
The short-term price action indicates a positive outlook, as the token has surged above the resistance-turned-support level between $2.10 and $2.15. However, the token is facing some resistance below the pivotal zone. The long-term price action suggests a bullish continuation, while reaching $3 seems to be a tedious job in the next 24 hours. Meanwhile, if the market sentiments change, the Memecore (M) price may achieve new highs. Besides, the rally could remain short-lived until the bullish sentiments strengthen.
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