KEY TAKEAWAYS
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.
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.
On the bearish one, the RSI has generated a bearish divergence (orange) and is falling.
Hence, the daily time frame price action is insufficient to determine if the trend is bullish or bearish.
The six-hour chart suggests a breakdown is more likely. The JELLYJELLY price completed an A-B-C correction (red) before its most recent rally.
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.
