MUSE crypto surges 45% in 24 hours: Bullish momentum builds?

• MUSE crypto gained 45% in 24 hours with trading volumes spiking 294%, signaling investor interest.
• Key resistance was at $20, while MACD and RSI hinted at bullish momentum.

Muse DAO [MUSE] has seen a dramatic rise in its price over the past 24 hours, increasing by 46.62% to reach $14.20. 

Meanwhile, this rally has also resulted in a substantial seven-day growth of 91.11%, outperforming both the broader crypto market, and similar Ethereum-based cryptocurrencies, which have risen by 12.70%.

MUSE’s trading volume in the last 24 hours was $9,616,594, reflecting a 270.80% increase in the past 24 hours.

With a circulating supply of 950,000 tokens, Muse DAO held a market capitalization of $13,502,478, signaling its growing prominence.

Historical price levels and market trends

MUSE’s price performance has been volatile yet rewarding for investors. Over the past day, the token traded in the range of $8.92 to $15.21, indicating strong intraday fluctuations.

Also, in the past seven days, its price ranged between $6.81 and $14.86, showcasing a steady upward trajectory.

Despite its current rally, MUSE remained far below its all-time high of $124.14, which it reached on March 14, 2021. This represented a decrease of 88.4% from its peak. 

However, the token was significantly above its all-time low of $0.1243, recorded over three years ago, marking an extraordinary 11,434.5% increase from that point.

Consolidation and breakouts

The price chart for MUSE illustrated a strong consolidation-breakout pattern. The token recently broke out of two consolidation phases, pushing prices higher and establishing bullish momentum. 

Current resistance is positioned near $20.00, while support rests around $14.00, the lower boundary of its latest consolidation zone.

Source: TradingView

Momentum indicators such as the MACD showed a positive trend, with the MACD line above the signal line.

However, the histogram suggested decreasing buying pressure, signaling a possible pullback or continued consolidation before the next move.

RSI and market sentiment

The Relative Strength Index (RSI) for MUSE was 63.76 at press time, suggesting that the token has strong upward momentum but has not yet entered overbought territory.

This leaves room for additional growth, though caution is advised if RSI rises above 70.

Market sentiment appears bullish as trading activity surges, supported by strong price movements.