According to analyst Merlijn The Trader, price action showed two failed attempts to push higher before sliding beneath a neckline near $0.27. That setup produced a measured move target around $0.238 — a level the market reached.
Resistance sits at $0.27, and a daily close above $0.28 would weaken the bearish case. For now, traders watching the pattern see the chart as favoring downside while the price stays under the neckline.
Bearish retest locked. Target sits at $0.238.
Don’t confuse noise with signal.
Other analysts have a different read, pointing out a completed retest of a long running descending trendline that had capped rallies for months. The breakout above that line was followed by a pullback into a $0.24–$0.25 zone where support showed up.
If the memecoin holds above that base, momentum could push toward $0.30, with further upside possible to $0.32–$0.35 — levels the token traded at earlier this year.
Martinez points to the brief breakout above $0.27 as a bullish signal, even if it did not hold for long. For many traders, ETF expectations are the catalyst that would turn near-term weakness into renewed rallies.
Featured image from Unsplash, chart from TradingView
