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$1000CHEEMS /USDT Technical Analysis: Bottom Found?
The meme coin 1000CHEEMS is showing signs of a potential relief rally after a prolonged downtrend. Here’s what the technical indicators are telling us:
1. Price Action & Moving Averages (MA)
Current Price: 0.000522, up +12.26% today.
The Trend: The price is currently trading below the MA(25) (pink line - 0.000583) and MA(99) (purple line - 0.000927). This confirms that the long-term trend remains bearish.
Immediate Support: The recent low at 0.000453 has held twice, forming a potential Double Bottom pattern. This is a classic bullish reversal signal.
2. Volume & Momentum
Volume Spike: We are seeing a healthy green volume bar today. When price increases on rising volume, it suggests genuine buying interest rather than a "dead cat bounce."
Order Book: The bid/ask ratio shows 53.45% Buy vs 46.55% Sell, indicating that bulls currently have a slight edge in the order flow.
3. Key Levels to Watch
Resistance 1: 0.000583 (MA-25). A daily close above this level is crucial for the momentum to continue.
Resistance 2: 0.000730. This was a previous breakdown point; reaching it would represent a ~40% gain from current levels.
Support: 0.000453. A break below this would invalidate the current bullish structure and likely lead to new lows.
💡 Trading Strategy
Bullish Scenario: Look for a confirmed breakout above the MA(25) (0.000583) with high volume. This could target the 0.000730 zone.
Bearish Scenario: If the price fails to break the immediate resistance, it may consolidate between 0.000450 and 0.000550.
Note: Since 1000CHEEMS is a "Meme" category token, it is highly volatile. Always use a stop-loss to protect your capital!
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