🟠 Potential to break the downtrend on #MEME
Memecoin is one of the first memes in the wave of hype on them. It owes its success primarily to its connection to Binance 🔶 On the fundamentals, it is clear that this asset can be considered purely speculative.
On the 1-day timeframe, the coin is moving within the "descending price channel" formation. This pattern is fully consistent with the entire correction of the last months.
From the mentioned formation. There was only one exit downward, which can be qualified as a "false breakout". On it and on the last extremum we can draw a support level of ~$0.0083, from which a bullish pattern "double bottom" can be formed.
The price has not touched the upper boundary of the channel for a long time, so the upward movement is directed with this target. There are chances to work out the bullish formation when holding the mentioned support 🔼