The post Cheyenne crypto rally stalls after 174% gain in 4 days – What’s going on? appeared on BitcoinEthereumNews.com.

CHEYENNE rallied to a record high of $0.0866 after being listed on the MEXC exchange.  Indicators suggest that buyers are becoming disinterested in buying the meme coin at current prices.  The meme coin sector has garnered attention after Dogecoin [DOGE] surged to a three-year high. Small-cap meme coins have also outperformed the broader crypto market as retail traders ramp up buying activity to book profits.  One of the newly launched meme coins making waves across the industry is Cheyenne (CHEYENNE). After hitting an all-time low of $0.00729 on 16th November, CHEYENNE rallied to a record high of $0.0866 one day later after being listed on the MEXC exchange.  At press time, the Solana [SOL] based meme coin traded at $0.0562 with a market capitalization of $57 million.  Is CHEYENNE’s rally losing momentum?  Cheyenne had dropped by more than 30% in 24 hours at press time, an indication that sellers started booking profits after the meme coin reached an ATH. The surge in selling activity can be seen in its 15-minute chart.  The Relative Strength Index (RSI) at 45 showed that a bearish momentum was in play due to rising selling activity. The RSI line had also tipped south and converged with the signal line.  If the RSI line crosses below the signal line, it will flash a sell signal that could see CHEYENNE enter a downtrend. Source: Tradingview The Moving Average Convergence Divergence (MACD), which is currently negative, also confirms the bearish thesis. The fading MACD histogram bars further show that buyers are becoming disinterested in buying the meme coin at current prices.  If this bearish momentum continues, CHEYENNE could drop to test support at $0.049. Breaching this support could pave the way for further dips. Conversely, if traders view the recent drop as a buying opportunity, the meme coin…

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Filed under: News - @ November 18, 2024 2:27 pm