Wall Street Memes Price Heads For A Major Breakout
Wall Street Memes price has surged more than 70% since last Wednesday. Currently, the meme coin is heading for a major breakout which can change the bearish market structure. Before discussing this outlook, let’s analyze the current price action.
On Wednesday, Bitcoin price is having a minor pullback. At press time, the cryptocurrency is trading at $33,780 after a correction from the daily high of $34,343. However, the WSM crypto still managed to stay green and showed a modest gain of 0.35%.
A few weeks ago, I predicted a major downside in the Wall Street Memes price after a breakdown below the presale price of $0.0337. The popular memecoin tanked more than 40% after that analysis and plunged to new lows.
Despite a strong rebound from the lows, the WSM coin still remains below its presale price. Due to this reason, it might be too risky to enter into a long trade. Another factor affecting the price action is Bitcoin’s ability to hold the $32,000 level. If this level fails to hold, altcoins may suffer once again.
Wall Street Memes Coin Price Prediction
WSM might be apparently looking very bullish after a strong rebound from the all-time lows but it is yet to break above any significant resistance. The following chart shows that the $0.0337 remains the most critical level for the price. Just above this level, there also lies a previous support level of $0.034 which may now act as a resistance.
Only a breakout above these levels can make Wall Street Memes coin price prediction bullish again. It might be foolish to buy this altcoin before a reclaim of its presale price. In any case, the next few days are going to be very critical.
As is the case with altcoins, the Bitcoin price action must remain positive in order for the WSM coin to thrive in the near term.