- Crow with Knife up 140% from October low.
- The vertical rally could face rejection at August highs.
Crow with knife [CAW] crypto is a hot topic after rising 118% in just over three days. At the time of writing, the memecoin was trading below a resistance level that marked the August highs.
The Cronos blockchain-based token only had a market cap of $47 million. The memecoin sector attracted attention with its massive price increases, and CAW could benefit from this.
Crow with knife crypto to find out?
Source: CAW/USD on TradingView
In September, CAW consolidated within a short-term range and appeared to have halted the downward trend the token has been experiencing since May. This downward trend was interrupted by high volatility in August, but the bulls were unable to maintain the upward momentum.
The recent bullishness in the market has helped crow with knife crypto. The CMF stood at +0.48, a CAW value never before recorded on the 6-hour chart. In addition to prices, the MACD also rose.
The indicators suggested that the price could be overextended and a correction could occur.
Its market cap has historically hovered around $50 million
Source: DEXTools
Crow with knife crypto reached its all-time high on April 30, six months ago. At its peak, its market capitalization was $118.2 million. But in the months since, the asset has hovered around the $40 million market cap before recently falling towards $20 million.
Realistic or not, here is CAW’s market cap in BTC terms
Like the price action, this was another indication that there is some resistance directly overhead. High volatility is therefore expected. Buyers should rein in FOMO and wait for a break above nearby resistance before buying.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer