A tweet from Musk pumped VINE coin — then the selloff hit | Credit: Veronica Cestari
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Key Takeaways
VINE spiked 100% after Elon Musk teased a Vine AI relaunch, but quickly retraced to $0.055.
Despite breaking out, VINE failed to hold above $0.065 — exposing it to a potential drop.
Reclaiming momentum will require demand; otherwise, the memecoin risks sliding further.
Vine Coin (VINE) went vertical — then tripped. The memecoin tied to the iconic short-video app Vine surged 100% in hours yesterday, riding a wave of hype after Elon Musk hinted he might relaunch the platform under X’s umbrella.
But today, the surge wore off. VINE dropped from $0.067 to $0.055, shedding a chunk of its gains as the market cooled.
In this analysis, CCN reveals how it all happened, whether Musk’s Vine revival plans are real, and what it could all mean for VINE’s price.
Vine Coin Goes From Hype to Hesitation
During the early trading hours on July 24, VINE’s price was $0.037. Later, Must posted that X is bringing the app back, but in Artificial Intelligence (AI) form.
“We’re bringing back Vine, but in AI form,” He wrote on X.
In line with that, Rus Yusupov, one of the founders of the Vine app, posted in support. As soon as that happened, the Vine Coin price printed a bullish engulfing candle, sending it to $0.067.
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However, as of this, the 4-hour chart shows that VINE’s price has dropped, creating a bearish divergence. This divergence happened because the Chaikin Money Flow (CMF) has declined below the zero signal, indicating fading buying pressure.
Amid the move, the Awesome Oscillator (AO) has also flashed a red histogram bar, indicating that momentum is moving from bullish to bearish. If this continues, VINE’s price could fall to the underlying support at $0.042 and $0.032.
On the daily chart, VINE’s price has risen above the upper trendline of a symmetrical triangle but has failed to break above $0.065 resistance.
Failure to break above this point ensured that Vine Coin could not reach $0.091, near the highest point of the wick of the bullish candlestick.
As it stands, VINE’s price is likely to drop below the $0.049 support. If that happens, the next move for the cryptocurrency might be a decline to $0.39.
However, if buying pressure increases, this prediction might not pass. In that case, the memecoin might bounce above $0.076.
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.
