VINE rides memecoin wave, but can its price hold on now?
The 30-minute price chart of VINE showed bulls have been gaining dominance once again.
- VINE has a bullish short-term structure after defending $0.109
- Lack of heavy buying pressure put further price gains in jeopardy
Vine [VINE] hit a market cap of $400 million earlier this week, but it saw a quick price retracement that took the memecoin’s mcap to $120 million. Since this retracement on Thursday, it has performed very bullishly, standing with a $363 million market cap at press time.
The 24-hour trading volume was an impressive $394.7 million, indicating strong interest in the token. This could fuel VINE’s next leg higher after its latest retracement.
Bitcoin [BTC] could also have a noticeable short-term impact on VINE price trends. The upcoming FOMC meeting on 28-29 January could potentially spring a hawkish surprise on BTC. A drop below $100k could impact market-wide sentiment.
Price action revealed short-term bullish promise
The 30-minute price chart of VINE showed that bulls have been gaining dominance once again. The rally to $0.506 was halted on Thursday, and the price fell to the 78.6% Fibonacci retracement level at $0.109. It was quick to recover in the last 6 hours too.
The DMI showed a strong bullish trend underway, which was also evident from the price action making new local highs. The MACD also formed a bullish crossover and was back above the zero level.
However, the CMF remained below 0. Its reading of -0.08 underlined significant capital flows out of the market, despite the elevated buying volume in recent hours. This suggested that the buying pressure might be insufficient for a sustained uptrend.
Read Vine’s [VINE] Price Prediction 2025-26
The market’s reaction to President Trump’s executive order on cryptocurrency generated elation as well as caution. There was immediate volatility, but the promised regulatory clarity through the task force has not seen BTC’s price appreciate – yet. In the coming weeks, a bullish surge could encourage VINE prices to rise.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
