- 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
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
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