SLERF Bounces Back Over 50% This Week: Will The Momentum Last

SLERF, a Solana-based memecoin, encountered a sharp bounce and surged over 50% from its weekly low of $0.200. The surge comes after yesterday’s SLERF listing on OKX a major crypto exchange. DEGEN was the other memecoin listed with OKX.

The reason behind this quick rally is the listing on the major crypto exchange OKX platform, which fueled a sharp rise of over 30% in the last few hours.

After a long retracement in the past, the buyers defied the downtrend and breached multiple clusters in a single go. A sharp bullish marubozu candlestick was formed in yesterday’s session, and the memecoin retested the 200-day EMA mark.

Buyers failed to attain follow-on gains, as the memecoin hovered around the make-or-break zone of $0.3000. Once SLERF goes beyond that zone, the next bullish leg would shift towards $0.5000.

Interestingly, the memecoin gave signs of a potential trend reversal and was set for a notable recovery in the upcoming sessions. A fresh higher high was noted, and the buyers had accumulated from the bottom and anticipated a rise ahead.

SLERF at Press Time: Comeback Imminent?

At press time, SLERF traded at $0.2905 with an intraday surge of 0.36%, reflecting neutrality on the charts. It has a monthly return ratio of 27.30% and -74.30% yearly, reflecting a short-term reversal.

The pair of SLERF/BTC was at 0.00000438 BTC, and the market cap was $145.48 Million. Analysts were neutral and suggested that SLERF might breakout and exceed the gains beyond the $0.3500 mark.

SLERF emerged from the downtrend following in a market rebound and soared over 50% this week. However, the monthly recovery was noted at 80%, and the memecoin is on the brink of a breakout.

@ForCasper, in his tweet, mentioned an un-leveraged move by the SLERF of over 54% this week.

Trading above the 20-day and 50-day EMAs, SLERF faced the barrier of the 200-day EMA. A sharp rise would be unlocked once the mighty bulls cross this significant hurdle. 

Per the price action, the downside was capped till $0.2300, and the memecoin was set to chase the upside. Meanwhile, if the 200-day EMA zone is untouched, a consolidation price move could be seen ahead.

Notably, the RSI curve saw a sharp vertical spike, had a reading of 70, and noted a positive crossover. In contrast, the MACD indicator plotted the green bars on the histogram, revealing a bullish outlook.

Social Dominance Data Shows Spike

The price surge set off a flurry of tweets and threads on social platforms. The buzz on social media was reflected in a 30% spike in the social dominance curve.

Meanwhile, the NFT trades count stayed around the bottom mark of 3, signifying weak growth in the NFT segment and lower demand.

The immediate support levels for SLERF at press time were $1.80 and $1.30, whereas the key upside hurdles could be around $2.40, followed by $3.

SLERF climbed above the 20-day EMA mark and reached the 200-day EMA mark hurdle. Until the barrier remains is broken, range-bound moves can be seen. However, the bears looked trapped, and the memecoin would stretch its gains beyond the $0.3000 ahead.

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