From $0.0027 to $0.0044 — SNEK’s technical setup and volume spike hint at an explosive upside | Credit: Veronica Cestari
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Key Takeaways
On the 4-hour chart, SNEK’s price broke above a falling wedge with a spike in the MFI.
The volume jumped from under $1 million to $3.56 million, reinforcing market interest.
A bullish crossover and a breakout from a descending channel point toward $0.0037.
SNEK, a meme coin native to the Cardano blockchain, has increased 40% in the last seven days. As a result, the SNEK price is $0.0027 — the highest level in the past 30 days.
With the trading volumes climbing and sentiment flipping bullish, the market appears to be pricing in an extended move. Here is how high SNEK can go if the technical setup holds and the current market condition improves.
Cardano Memecoin SNEK Explodes
On the 4-hour chart, SNEK’s price increased after bulls pushed the memecoin above the upper trendline of a falling wedge. As seen below, the cryptocurrency experienced lower highs and lows between July 3 and 9.
However, due to increased buying pressure today, the momentum has turned bullish, and SNEK has broken out. As of this writing, CCN noticed that the Money Flow Index (MFI)has risen to 97.60, indicating higher volumes of buying activity.
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If this indicator does not retrace, the memecoin’s value will likely break overhead resistance and trade higher. Besides that, SNEK’s price has risen above the Ichimoku Cloud.
Typically, when the price is below the cloud, it indicates resistance. But since it is the other way around, it means that SNEK has enough support to keep climbing.
But this will only be the case if selling pressure does not come into the picture.
Outside the technical outlook, on-chain data shows a notable spike in trading volume. According to Santiment, the volume around SNEK was less than $1 million mid-week.
As of this writing, it has spiked to $3.56 million. The rise in trading volume validates the broader market’s interest in SNEK.
From a trading perspective, rising volume alongside increasing price is a bullish sign. Meanwhile, the upward strength fades if the volume drops when the price increases.
Therefore, if SNEK’s price continues to hold the upswing and trading volume spikes, then the Cardano memecoin’s value might continue to rise.
Looking at the daily chart, SNEK also presented a bullish technical setup. As shown below, SNEK’s price has broken above a descending channel, meaning it has exited a bearish phase.
The Moving Average Convergence Divergence (MACD) has climbed to a positive reading and formed a bullish crossover. If this indicator maintains its position, SNEK’s price might rise toward $0.0037 at the 0.618 golden ratio.
In addition, the Chaikin Money Flow (CMF) is on the verge of breaking above the zero signal line. Should this trend remain the same, SNEK’s price might look to break the resistance at $0.0044.
On the contrary, if volume around the memecoin drops and selling pressure rises, this prediction might be invalidated. In that scenario, SNEK might fall below the $0.0015 support.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
