Cryptocurrency Outperforms Gold and S&P 500 Over Past Week
- Market Recovery: Over the past week, the total cryptocurrency market capitalization rose by 4.61% to $2.15 trillion, recovering from a low of $2.05 trillion at the end of June, indicating improved market sentiment and restored investor confidence.
- Leading Asset Returns: Solana led with a weekly gain of 15.86% to $83.25, followed by Ethereum and XRP with increases of 11.46% and 8.05%, respectively, while Bitcoin also climbed 3.99% to around $62,500, showcasing a strong rebound in crypto assets.
- Inflow Signals: On July 2, U.S. spot Bitcoin funds attracted $221.7 million in inflows, ending a 10-day redemption streak, reflecting renewed interest from institutional investors in the crypto market, although year-to-date net outflows still stand near $5.5 billion.
- Macroeconomic Impact: The weak June jobs report lowered market expectations for a Fed rate hike, leading to a broad rise in risk assets, suggesting that investors are more inclined to shift towards cryptocurrencies when macroeconomic pressures ease, potentially setting the stage for future inflows.
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Technical Analysis for MEME
Technical Sentiment Analysis for Memecoin (MEME). As of , Memecoin (MEME) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 3 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for MEME stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, MEME is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Memecoin (MEME) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.000298 | 0.000386 | 0.00049 | 0.000578 | 0.000682 | 0.00077 | 0.000874 |
| Fibonacci | 0.000386 | 0.000459 | 0.000504 | 0.000578 | 0.000651 | 0.000696 | 0.00077 |
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