- MELANIA has emerged as the top gainer, surging over 16%.
- The asset’s trading volume has increased by 83.54%.
The bears continue to challenge the crypto market, forcing a 2.65% pullback in market cap that sent assets retesting their former lows. Yet, amid the downturn, the Official Melania Meme (MELANIA) has bucked the trend, surging 16.83% and emerging as the top gainer of the day.
MELANIA, launched on January 20, 2025, a day before Donald Trump’s inauguration, quickly gained traction, reaching a market cap of $2 billion within hours. However, the coin faced immense volatility, dropping over 60% just after one day of its launch.
The all-time high was hit at $13.73, and the asset reached its all-time low 2 days ago at $1.35. In the early hours, MELANIA traded at a low of $1.39 and eventually mounted to the $1.76 mark.
At the time of writing, MELANIA trades at $1.64 with the daily trading volume reaching $202 million. Besides, the asset has witnessed a 24-hour liquidation of $1.87 million as per Coinglass.
While zooming out over the last seven days, MELANIA has recorded a loss of over 29.80%. This triggered the asset to plummet from $2.36 to the $1.39 mark.
Where is MELANIA Headed Next?
The four-hour trading slot of MELANIA exposed the comprehensive bearish outlook. If the downside trend accelerates, a death cross might form, and the nearby support might be tested at $1.57. Should this level not be sustained, the price could slide down toward $1.20, serving as a crucial backbone.
However, if the current momentum weakens, MELANIA bulls could have enough room for an upside correction, with the immediate target at $1.71. Once the bulls gain a firm hold and propel the asset to cross this barrier, the price might eye a potential $2 range. It signals a resurgence in momentum.
MELANIA’s Moving Average Convergence Divergence (MACD) line has crossed over the signal line, but both are found below the zero line. This crossover indicates a bullish reversal of the asset within the bearish zone.
Additionally, the Chaikin Money Flow (CMF) indicator is at 0.07, suggesting a positive money flow and the buying pressure is stronger than the selling pressure. Meanwhile, the trading volume of MELANIA has increased by 83.54%.
Moreover, the asset is in neutral to slightly bearish momentum in the market with the daily relative strength index (RSI) stationed at 47.18. The daily trading window of MELANIA reveals the short-term 9-day MA above the long-term 21-day MA.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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