Cheyenne crypto rally stalls after 174% gain in 4 days – What’s going on?

CHEYENNE rallied to a record high of $0.0866 after being listed on the MEXC exchange.
Indicators suggest that buyers are becoming disinterested in buying the meme coin at current prices.

As a seasoned analyst with years of experience in the crypto market, I have seen my fair share of meme coin rallies and crashes. The recent surge in Cheyenne (CHEYENNE) caught my attention when it hit an all-time high after being listed on MEXC exchange. However, looking at the current technical indicators, it seems that the rally might be losing momentum.

The meme coin sector has garnered attention after Dogecoin [DOGE] surged to a three-year high. Small-cap meme coins have also outperformed the broader crypto market as retail traders ramp up buying activity to book profits.

Among the freshly introduced meme cryptocurrencies causing a stir in the market is Cheyenne (CHEYENNE). On November 16th, CHEYENNE reached an all-time low of $0.00729, but swiftly surged to a new peak of $0.0866 the very next day following its listing on the MEXC exchange.

Currently, as we speak, the meme token built on the Solana platform was trading at approximately $0.0562, and it had a total market value of around $57 million.

Is CHEYENNE’s rally losing momentum?

At the time of reporting, Cheyenne saw a significant decrease of over 30% within 24 hours, suggesting that sellers were cashing in their profits following the meme coin’s all-time high (ATH). This increased selling activity is evident when examining its 15-minute chart.

In simpler terms, when the Relative Strength Index (RSI) dropped to 45, it indicated a strong downward trend (bearish momentum) because there was increased selling rather than buying. Moreover, the RSI line itself fell below the signal line, suggesting the same bearish trend.

If the Relative Strength Index (RSI) line dips beneath the signal line, it might indicate a sell signal, potentially signaling that the stock of CHEYENNE could be heading for a downward trend.

The Moving Average Convergence Divergence (MACD), which is currently negative, also confirms the bearish thesis. The fading MACD histogram bars further show that buyers are becoming disinterested in buying the meme coin at current prices.

If the downward trend persists, it’s possible that the price of CHEYENNE may fall to retest its support level at $0.049. Should this support be breached, there might be room for additional decreases.

If traders consider the current decline as a chance to buy, the meme coin might surge to challenge the resistance level at $0.062. Historically, when Cheyenne overcomes this resistance, its price often experiences a robust recovery.

Hype around SOL-based meme coins could revive momentum

According to data from CoinGecko, the total value of meme coins built on the Solana platform has seen a rise of over 5% within the past 24 hours, currently standing at approximately $22.9 billion.

dogwifhat (WIF) is the largest meme coin on Solana and has rallied by more than 20% in seven days. The other top gainers in the Solana meme ecosystem are BONK (BONK) and Peanut the Squirrel (PNUT).

According to DappRadar’s data, the meme coin platform pump.fun has experienced an increase in activity following a significant surge in trading volumes, reaching an all-time high of $144 million.

On our platform, both the number of transactions and user wallets have reached new peaks – an impressive 2.72 million transactions and 153,000 user wallets!

Considering the current excitement surrounding Solana-related meme coins, it’s possible that CHEYENNE may experience additional growth. But keep in mind to stay vigilant as well, since a lack of new buying interest might lead to potential corrections.

2024-11-18 17:11

Is CHEYENNE’s rally losing momentum?

Hype around SOL-based meme coins could revive momentum

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