Can SNEK Break Out Above Resistance? | Credit: Veronica Cestari
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Key Takeaways
SNEK is the top memecoin on the Cardano blockchain.
The SNEK price has increased by more than 200% since June.
Can SNEK sustain its momentum and reach a new all-time high?
SNEK, the leading memecoin on the Cardano blockchain, has taken the spotlight with an explosive rebound.
The main question is whether SNEK can sustain its momentum and break out, reaching new highs.
SNEK Price Analysis
After hitting its all-time high in December 2024, SNEK entered a steep correction, dropping 84% as it slid beneath a descending resistance trend line.
The decline bottomed out at $0.0015 in late June, but from there, the token staged a strong comeback.
Once it broke through resistance, SNEK rallied more than 200%, climbing to $0.0059 by mid-August.
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That rally, however, ran into a wall. The price was rejected at $0.0055, leaving a long upper wick and confirming the level as a critical barrier.
The zone aligns with both horizontal resistance and the 0.5 Fibonacci retracement level.
A clean breakout above this area would likely validate the bullish reversal and open the door to new all-time highs.
For now, even though SNEK has cooled off since the rejection, it’s still hovering near this key resistance—keeping traders on edge about its next move.
The Relative Strength Index (RSI) created a bearish divergence before the decline, legitimizing it, though the indicator is still above 50.
Based on these readings, the daily time frame SNEK prediction leans bullish, but a look at a lower time frame is needed to determine where the price will bottom.
SNEK Correction Ongoing?
The short-term technical analysis suggests SNEK will fall in the short-term, since it has begun its correction.
SNEK completed a five-wave upward movement from June 22 to Aug. 14 and is now correcting due to the increase.
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.
