With cat coin crypto meta racing on with Mog up 50% and Popcat up 80%, respectively, in the last 4 days. We may have identified the next cat meme coin to pump in Michi! The price of MICHI is up 130% in the past four days, prompting online speculation.
Let’s dive into Michi and see what information we can gather to determine if this is a viable investment.
A Community Takeover: What Does It Mean?
Michi is another cat meme coin and is what’s called a CTO – Community Takeover. A community takeover is when the dev rugs the project by selling all the token supply that he allocated for himself, which will usually kill the project. A group of people then take over and try to raid telegram groups and X posts to make it go back up.
If successful, these coins can go on to make huge rallies. A good example is dogwifhat, which is currently sitting at a $2.2B market cap!
Michi Price Analysis
When we take a look at a chart, the first thing we do is always add some levels where we can see that it has previously been acting as support or resistance.
For Michi, we can clearly see that $0.091 supported the price on multiple occasions. This is also where it bounced from this time and is currently up over 130% in the past 4 days. While this may seem like a lot, Michi is still only around $130 million market cap and will have plenty to go if it catches on.
We can also gather that $0.31 has been acting as both support and resistance on 7 different occasions on the 1-day chart, making it an important level to watch. Successfully reclaiming this would definitely send Michi towards $0.51, which is the highest daily close ever or over 100% profit from here!
Ansem is buying $michi this morning 👀 pic.twitter.com/13oWZWOIha
— Diego (@DiegoAlamir) July 14, 2024
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Using the Relative Strength Index to try to gain some insight, we know that if the index reaches 30, it is considered oversold, and above 70, it is considered overbought. The further and longer a coin is able to reach above or below these levels can indicate strength or weakness.
You can see that when Michi was newly launched, RSI was able to go well above 70 and stay there for long, which is a bullish sign. Since then, it has not been able to hit either overbought or oversold, but we will know that if it reaches overbought and manages to stay there, it might be a signal of frenzy from buyers.
Experts Are Buying Michi
the initial reason I bought $popcat was because I saw $wif out preforming everything, and it only made sense for other memes to gain traction
this will be the same when $popcat hits 1B
the sector takes off, more eyes on cat coins like $michi and $sc
it’s only pvp if u make it…
— satsdats (@satsdats) July 16, 2024
One of the things we are noting with Michi is that few people are actively speaking or sharing it on X. This is a sign that we can be earlier than the majority. As @satsdats is mentioning, the more the cat coin crypto frenzy takes off, the more we want to look for undervalued and under-mentioned meme coins such as Michi.
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To conclude our analysis of Michi, we can gather that the chart shows that strength and volume have been growing in the past few days. The price might be up a lot, but we are seeing no signs of price topping in the short term.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
