ENS traders cautious as shorts outpace longs: Is a downside ahead?
- Huzz coin tanked after a 100X rally amid heavy profit-taking.
- Will HUZZ front a recovery and reverse recent losses?
TikTok meme coins have seen massive market shifts, especially amongst top contenders like Just A Chill Guy [CHILLGUY] and Huzz coin[HUZZ].
On the 20th of November, CHILLGUY led with a market cap of $240M, while HUZZ had $27M. On the 21st of November, CHILLGUY’s market size was slightly down to $400M after tapping $500M.
But HUZZ saw a massive drop to $4M from $27M. That’s an 85% decline for HUZZ in a few hours.
Source: MemeRadar
Huzz coin dump after 100X rally
Like CHILLGUY, HUZZ saw a wild rally on the 20th of November amid wild social traction on TikTok and X (formerly Twitter).
Both tokens fronted a 100X (+10,000%) rally, with HUZZ rallying from $0.0001 to $0.03.
Source: HUZZUSD, TradingView
A few hours later, the HUZZ coin erased all the gains, an unnerving scenario for holders who didn’t liquidate their holdings early enough.
However, there were still 38K holders of the token, but the top 10 holders controlled nearly 20% of the overall supply. This meant top holders could massively influence the token’s price, and it is worth tracking their actions in case you plan on scooping HUZZ.
Potential levels for HUZZ coin
Source: HUZZUSD, TradingView
On the price charts, the OBV dropped and moved sideways, suggesting the demand and buying pressure fizzled after the 100X run.
Although the Stochastic RSI showed signs of price reversal, the lukewarm OBV could complicate matters for late bulls.
If the reversal gains momentum, $0.0140 and $0.0183 could be key upside targets in the short term.
However, an extended weakening could drag the memecoin to $0.0001. HUZZ’s massive profit-taking after a 100X was similar to the Peanut the Squirrel [PNUT] scenario, which struggled to hold above $1.5 after its election upswing.
