Jelly-My-Jelly (JELLYJELLY) price hit an all-time high today.
There are concerns about market manipulation surrounding the rally.
How will the JELLYJELLY price fare the rest of the year?
Jelly-My-Jelly (JELLYJELLY) has defied the crypto market downturn by smashing through its all-time high.
The memecoin’s recent rally has caught traders’ attention with its volatile price action, but concerns have arisen that the rally is being manipulated.
Let’s examine the data and determine what lies ahead.
JELLYJELLY Hits All-Time High
The daily time frame price action shows that JELLYJELLY increased gradually inside an ascending parallel channel since April 5.
After bouncing at the channel’s support trend line, JELLYJELLY accelerated its increase, breaking out from the channel and reaching a new all-time high of $0.589.
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Today, the memecoin has declined by more than 50 percent, but it still trades outside the channel’s confines, indicating an impulsive movement.
The channel’s resistance trend line, currently at $0.15, will likely provide support if a short-term decline occurs.
Momentum indicators give mixed signs. On the positive side, the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are above their bullish thresholds.
Using an external Fibonacci retracement on the correction shows that the rally ended at the 4.61 Fibonacci level, which often marks the end of the upward movement.
As a result, the price of JELLYJELLY could decline toward the channel’s resistance near $0.150.
JELLYJELLY’s Sentiment
Social mentions for JELLYJELLY surged in tandem with its price, as expected with such a significant increase.
Most mentions come from regular accounts rather than Key Opinion Leaders (KOL), a sign of organic interest.
However, skepticism surrounds the rally, with some believing it results from coordinated trading and extreme supply concentration.
More specifically, three wallets hold 60% of the total supply, and the top holder has 44%.
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Furthermore, there was a coordinated withdrawal of JELLYJELLY from centralized exchanges (CEX) in the past four days, preceding the massive pump.
A well-known memecoin trader who has previously made over $40 million trading TRUMP, MELANIA, and PNUT has just sold its JELLYJELLY holdings of over nine months for a $1 million profit.
These actions have raised concerns of potential market manipulation in the recent JELLYJELLY price increase.
Unclear Trend Ahead
While JELLYJELLY’s explosive growth has thrilled memecoin traders, its future remains uncertain.
Mixed technical signals and concerns over concentrated supply suggest a possible correction on the horizon.
Whether this is a short-term pullback or the beginning of a bigger trend will depend on how the market reacts in the coming days.
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.
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.
