Following the rising speculations of the approval of the spot Ethereum ETF by the Securities And Exchange Commission (SEC), ETH–based tokens have recorded a significant surge in their respective value since the week’s start, highlighting a bullish outlook for these altcoins.
Moreover, Ethereum chain memecoins have recorded the highest gains with Pepe, Floki, and MEMEAI prices outperforming other altcoins in the cryptocurrency market.
With the approval of the spot Ether ETF, will Ethereum-based memecoins outperform the crypto market during the upcoming Bullrun?
Meme Ai Price On The Verge Of A Major Breakout:
Amid a cross-border market surge, the MEMEAI price has recorded a jump of 31.58% in its portfolio with a surge of 760% in its trading volume within the past 24 hours. Moreover, its intraday returns stand at 28.73%, highlighting an increased positive sentiment in the crypto space.
Moreover, the memecoin has added 107.85% within the past day and 26.12% over the past 30 days. With a market cap of $4.51 Million, the Meme Ai price has secured 1,366th place in the crypto space by market cap.
The Cross EMA 50/200-day displays a high possibility of a Golden Cross in the 1D time frame, suggesting the MEMEAI price will undergo significant price action this month.
On the other hand, the RSI continues to trade above the over-bought range, highlighting a massive increase in the buying-over-selling pressure for this Ethereum-based memecoin in the crypto space.
Will MEMEAI Price Go Back Up?
If the market regains momentum, the Meme Ai price will experience a bullish reversal in its chart and prepare to retest its resistance level of $0.007347 this week.
Moreover, if the Securities And Exchange Commission (SEC) rules in favor of the spot ETH ETF, this Ethereum-based memecoin will break out of its upper resistance level of $0.008015 and prepare to test its $0.01 mark this month.
However, if this memecoin continues trading under a bearish influence, Meme Ai will prepare to test its support level of $0.006450. Moreover, if the market experiences a bearish reversal following the delay in the ETF approval, this could result in the price testing its low of $0.005650.
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