POWSCHE up 740% in a week, but how far will memecoin mania take it now?

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  • At the time of writing, POWSCHE had a bullish outlook
  • Social media hype and engagement will be critical for sustained gains and demand

As a seasoned researcher with years of experience in the dynamic and unpredictable world of cryptocurrencies, I have learned to never underestimate the power of hype and community engagement in driving the price action of a token. The recent rally of POWSCHE, a memecoin based on Solana, has been nothing short of impressive, with a 740% surge in just over a week, followed by a minor retracement.

POWSCHE experienced a significant surge of approximately 740% from November 11th to the 19th. However, it has since decreased by nearly 8.6%. Despite this decline, there’s a possibility that its current upward trend may continue, as smaller market cap coins often see further and greater rallies.

At the current moment, the meme coin POWSCHE, built on Solana [SOL], boasted a market capitalization of approximately $9.03 million. To put this in perspective, during the same day, the total trading volume of Solana across various exchanges amounted to a staggering $7.14 billion. While it’s possible that POWSCHE could surge even higher, it’s crucial for its success that it rides the wave of market hype and actively builds a supportive community. This is especially important for memecoins in general, and particularly those that are newly created, as they rely on sustained bullish prospects generated by both market sentiment and a strong community backing.

POWSCHE short-term support levels

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The Capital Movement Factor (CMF) for the token stood at +0.25, indicating substantial investment into the market. The increased trading activity observed in recent days has driven up the price, suggesting a high demand.

The Awesome Oscillator showed an upward trend, mirroring the market’s momentum. At this point, it hadn’t given any indication of a reversal. Important support levels at $0.0518 and $0.0721 might trigger a bullish response if breached.

In simpler terms, the average price over the past 50 and 100 days was around $0.03, significantly lower than current market prices. A drop this significant to these averages might not typically occur, but it could potentially happen.

Is your portfolio green? Check the POWSCHE Profit Calculator

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The roadmap for POWSCHE memecoin marks some eye-catching milestones, including the destruction of a Tesla once the token’s market capitalization reaches $50 million. Such daring moves help generate buzz within the market and attract more attention. Increased exposure is particularly beneficial for smaller tokens, especially during a bull run.

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2024-11-20 09:11