Crow with knife crypto [CAW] up 98% in 24 hours – Should you invest now?

• Crow with knife up by 140% from October lows.
• The vertical rally could face rejection at the August highs.

Crow with knife [CAW] crypto is a hot topic after rallying 118% in just over three days. At press time, the memecoin was trading beneath a resistance level that marked the August highs.

The Cronos blockchain-based token had only a market capitalization of $47 million. The memecoin sector attracted attention with its massive price gains, and CAW could benefit from this.

Crow with knife crypto to retrace?

Source: CAW/USD on TradingView

In September, CAW consolidated within a short-term range and appeared to have stalled the downtrend the token has been on since May. This downtrend was interrupted by heavy volatility in August, but the bulls were unable to sustain the upward momentum.

The recent bullishness across the market has aided crow with knife crypto. The CMF was at +0.48, a reading CAW has not registered ever before on the 6-hour chart. The MACD also surged higher alongside prices.

The indicators suggested that the price could be overextended and a correction could arrive.

Market cap has struggled at $50 million in the past

Source: DEXTools

Crow with knife crypto reached its all-time high on the 30th of April six months ago. At its peak, the market cap was $118.2 million. But in the months since then, the asset has hovered around the $40 million market cap before dropping toward $20 million recently.

Realistic or not, here’s CAW’s market cap in BTC’s

Like the price action, this was another clue that there is some resistance immediately overhead. Hence, high volatility is expected. Buyers should rein in FOMO and wait for a break above the nearby resistance before buying.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion