As the entire market witnesses a bearish phase, meme coins like Milady are under pressure extreme selling pressure. With the LADY token price down by 50% in just 21 days, the overall sentiment surrounding the token is bearish.
With a bearish trend in motion, the potential reversal in the overall market trend could pump Milady back. Will the LADY price surge back for a breakout rally? Let’s take a closer look at the price action analysis for a better approach.
Milady Teases Reversal For A Breakout
Despite the ongoing correction, the LADY price shows an increment of 65% in the last 30 days. The bull run prior to the correction led to a peak formation at $0.00000039304.
As the sellers overtook trend control just before the psychological mark of $0.00000040, the meme coin entered a pullback phase. In the 4H chart, the pullback phase led to a resistance trendline formation, and the LADY price dropped to the $0.00000020 mark.
Currently, the Milady price retests the critical demand zone at $0.00000020 and the dynamic support of 50D EMA. Further, with the ongoing pullback, the meme coin forms a descending triangle in the 4H chart.
However, the 50 and 200 EMA in the 4H chart teases a death cross as the pullback grows intense.
Will LADY Price Breach $0.00000040?
In the 4H chart, with the prevailing uptrend under consideration, the pullback is an entry opportunity. The LADY price forms a bullish flag pattern, and the retest of the crucial support zone provides high chances of reversal.
Hence, sideline traders can find an entry opportunity at the $0.00000020 mark. In case of a bounce back, the uptrend could break the resistance trendline to challenge the $0.00000040 mark. Optimistically, the uptrend can reach the $0.00000054 mark.
Conversely, a downfall below the support zone can test the $0.0000001066 mark or the 200D EMA.
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