The meme coin scene is abuzz once again, with Hawk Tuah (HAWKTUAH) experiencing a meteoric rise of 220% in the last 24 hours. This surge has propelled HAWKTUAH back into the top 1,500 altcoins, boasting a current market cap of $2.38 million and a daily trading volume exceeding $3.37 million.
Can HAWKTUAH Reach Meme Coin Glory?
The recent surge has reignited questions about HAWKTUAH’s long-term potential. Can it replicate the success stories of established meme coins like PEPE and BRETT?
Technical Analysis Hints at Bullish Continuation
Trading at $0.002355, HAWKTUAH’s daily chart reveals a sudden surge, potentially forming a bullish rounding bottom pattern. Additionally, the 1-hour chart suggests a “morning star” pattern emerging, hinting at a potential price increase within the ongoing recovery phase.
In the shorter timeframe, HAWKTUAH’s trend action displays a minor rounding bottom with a neckline at $0.0028. However, a recent 9.61% drop in the last hour has formed a bearish candle, potentially reversing the upward momentum.
This minor rejection hints at the possibility of a “cup and handle” pattern forming, with the same neckline at $0.0028. Notably, a cup and handle pattern is a bullish continuation indicator, often seen during consolidation periods within an uptrend. If this pattern materializes, a breakout rally could be on the horizon in the coming days.
$0.0050: A Psychological Target in Sight?
The resurgent demand for HAWKTUAH suggests potential trend continuation. A successful breakout rally could propel HAWKTUAH towards the psychologically significant price point of $0.0050. This level represents a 31% discount from the meme coin’s all-time high of $0.003196.
The massive volume to market cap ratio of 145.54% further underscores the recent surge in demand and indicates a potentially bullish trend. However, it’s crucial to remember that meme coin markets are notoriously volatile. While HAWKTUAH’s current trajectory is exciting, investors should exercise caution and conduct thorough research before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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