GIGGLE Memecoin Crashes After Changpeng Zhao Says ‘Not Ours’

The GIGGLE memecoin has declined since its all-time high.

However, it fell even more sharply today after Binance founder Changpeng Zhao (CZ) tweeted that it is not an official coin of the Giggle Academy and denied any knowledge of who launched it.

The GIGGLE price crashed after the negative news, and the downward movement continues.

Let’s examine the charts and figure out what lies ahead.

GIGGLE Price Breakdown

The GIGGLE price increased alongside an ascending support trend line since Sept. 24.

After bouncing at the trend line in October, the GIGGLE price hit a new all-time high of $285.50 on Oct. 25.

However, that proved to be the highest of the current cycle since the price of the GIGGLE memecoin fell by 80% after it.

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Today, the GIGGLE price fell to the ascending support trend line, reaching it for the first time in over a month.

Even though GIGGLE has not broken down from the trend line, the fact that it returned to it is a bearish sign, and so is the breakdown.

Currently, GIGGLE is in the process of creating an extremely bearish daily candlestick (red icon).

Since momentum indicators are also bearish, the most likely prediction is also bearish.

The Relative Strength Index (RSI) is below 30, and the Moving Average Convergence/Divergence (MACD) is negative.

If GIGGLE breaks down from the trend line, it could fall to a new all-time low, crashing below $25.

Can GIGGLE Bounce?

The short-term chart shows that GIGGLE has created a five-wave downward movement (red) alongside a descending resistance trend line.

Ordinarily, the five-wave downward movement would be followed by a significant bounce.

However, the negative news that led to the GIGGLE price crash makes this less likely.

Rather, the GIGGLE price could continue to fall until it reaches new lows.

Additionally, the lack of a bullish divergence in the two-hour RSI also suggests that the downward trend will continue.

A breakout from the diagonal resistance trend line could invalidate this bearish GIGGLE price prediction, but this is currently unlikely.

Negative News Causes GIGGLE Crash

CZ’s denial of involvement with the GIGGLE memecoin caused a crash today.

The GIGGLE price had already been trending downward, but the negative news exacerbated the crash.

While technical readings suggest a bounce could occur, the downward pressure exerted by the negative news makes this less likely.

As a result, a breakdown from the trend line and a crash to a new all-time low are likely.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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