The Cheems Token price has surged 5,401% in month and by more than 49% in the last 24 hours to trade at $0.000000366 as of 7:06 a.m. EST as investors FOMO buy the meme coin .
CHEEMS has also soared 161%in the last week to hit a market capitalization of almost $78 million.
The Cheems Token Price Supported By A Positive Trendline
4-hour chart for CHEEMS/USD (Source: GeckoTerminal )
The Cheems token price has been in a positive sequence throughout the last 48 hours, resulting in the emergence of a positive trend line. Now, CHEEMS is attempting to establish a position above the $0.0000003625 resistance. Should the crypto succeed in flipping this barrier into support, it could continue to climb to the next major mark at $0.0000004284.
However, traders opting to take profit in the next 12 hours might bring an end to the meme coin’s positive momentum. In this alternative scenario, the Cheems token price could end up falling down to the $0.0000002820 support.
The $0.0000002820 price point will be a key level to watch, because it also coincides with the positive trendline. Therefore, a break below this point might confirm a bearish change in the meme coin’s trend. Sellers could then capitalize on this momentum shift to push the Cheems token price down to $0.0000002124.
Cheems Token Price Starting To Lose Some Of Its Bullish Strength
Indicators on the crypto’s 4-hour chart warn of an upcoming pullback by the Cheems price. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show early signs of waning bullish pressure and momentum.
RSI readings have started to level off in the low 80s. This not only suggests CHEEMS is currently overbought, which is a classic sell signal, but that buyers are slowly starting to exit the crypto’s charts as well.
Similarly, MACD Histogram values have also stopped climbing. With the current alignment of the MACD line above the MACD Signal line, CHEEMS seems to still be in a positive trend. However, the neutral slope of the MACD Histogram bars warns that the meme coin’s bullish cycle might be nearing its end.
