- At the time of writing, POWSCHE had a bullish outlook
- Social media hype and engagement will be critical for sustained gains and demand
POWSCHE saw a 740% rally from 11 November to 19 November. Since then, however, it has retraced by close to 8.6%. And yet, its current move might not have ended, as small market cap coins tend to rally further and higher.
The Solana-based [SOL] memecoin POWSCHE had a $9.03 million market cap at press time. For comparison, the trading volume of Solana across exchanges for the day was $7.14 billion, at the time of writing. POWSCHE can likely run much higher, but like all memecoins, and especially the newly created ones, market hype and building a community is vital for sustained bullish prospects.
POWSCHE short-term support levels
Source: POWSCHE/USD on CoinMarketCap
The CMF of the token was at +0.25, which was a sign of heavy capital inflows to the market. The higher trading volume over the past few days propelled the price higher and seemed to be indicative of demand.
The Awesome Oscillator was also trending higher to reflect the said momentum. In fact, it did not yet signal a pullback. The $0.0518 and $0.0721 levels were support levels that could yield a bullish reaction if tested.
The 50 and 100-period moving averages were near $0.03, well below market prices. A retracement as deep as these MAs may be unlikely, but possible.
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POWSCHE memecoin’s roadmap outlined certain sensational milestones, such as the burning of a Tesla once the market capitalization of the token hits $50 million. Such stunts can garner greater traction in the market and capture attention. More visibility is better for small tokens, especially in a bull run.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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