Crow with knife crypto [CAW] up 98% in 24 hours – Should you invest now?

by
  • Crow with knife up by 140% from October lows.
  • The vertical rally could face rejection at the August highs.

As a seasoned crypto investor with over a decade of experience under my wing, I’ve seen more than a few memecoins soar and plummet like a seagull chasing after a shiny object. The recent rally of Crow with Knife (CAW) has indeed caught my attention, especially considering its 140% surge from October lows.

Discussing cryptocurrencies, particularly the meme-based coin, there’s been quite a buzz recently as it surged by approximately 118% within less than four days. Currently, it’s trading below a significant resistance point, which coincides with the peak levels reached in August.

The cryptocurrency token on the Cronos blockchain boasted a modest market value of approximately $47 million. With the memecoin market captivating interest due to substantial price surges, there’s potential for CAW to reap benefits from this trend.

Crow with knife crypto to retrace?

By the end of September, the CAW token seemed to have temporarily halted its downward trend that had started back in May. The descent was momentarily disrupted by high market turbulence in August, yet the positive forces (bulls) couldn’t maintain the uptrend’s momentum.

As a crypto investor, I’ve been thrilled to see the recent market bullishness boosting Crow with Knife cryptocurrency. Interestingly, the Chaikin Money Flow (CMF) has reached an unprecedented +0.48 on the 6-hour chart – a reading we haven’t seen before. Moreover, the Moving Average Convergence Divergence (MACD) has also soared in tandem with prices, suggesting strong momentum behind this crypto’s rise.

The indicators suggested that the price could be overextended and a correction could arrive.

Market cap has struggled at $50 million in the past

6 months back, on the 30th of April, Crow with knife crypto reached its maximum historical value. At that point, the total market value was approximately $118.2 million. However, since then, the asset has fluctuated around a $40 million market cap until it recently dipped toward around $20 million.

Realistic or not, here’s CAW’s market cap in BTC’s terms

Similarly to the market movements, this is another hint that there’s some resistance just above current levels. Consequently, we might experience increased price fluctuations. Investors should try to control their fear of missing out (FOMO) and hold off on purchasing until a breach above the immediate resistance occurs.

Read More

2024-10-17 18:15