Solana-based meme coin HOUSE has broken above a descending trend line that had capped its price since April 30. The breakout comes amid a crypto market rally, with the HOUSE token surging over 10% in the past 24 hours.
However, key technical indicators point to lingering bearish pressure despite the bullish breakout.
HOUSE Rebounds, But Bearish Signals Still Dominate
HOUSE’s double-digit rally over the past day has pushed its price above the descending trend line that has kept it suppressed since April 30. For context, between April 30 and May 20, the meme coin’s value plunged by 71%.
With the bullish resurgence in the broader crypto market over the past day, HOUSE has rebounded amid surging demand. In the past 24 hours, it has emerged as the third most bought small-cap token among smart money investors, signaling renewed institutional interest in the meme coin.
However, despite these, technical indicators suggest that bearish pressure remains in its spot markets. For example, as of this writing, HOUSE’s Super Trend Line forms a dynamic resistance level above its price at $0.087.
This indicator helps traders identify the market’s direction by placing a line above or below the price chart based on the asset’s volatility. When an asset’s price trades below the Super Trend line, it signals a bearish trend, indicating that selling pressure is dominant.
As the meme coin attempts to break above this level, the trend line reinforces bearish sentiment and indicates that pushing the token higher in the short term will be difficult.
In addition, HOUSE’s Aroon Down Line remains near 100%, signaling that despite its recent price breakout, the market remains under bearish pressure.
The Aroon indicator measures the strength and direction of a trend by tracking the time since the highest high (Aroon Up) and lowest low (Aroon Down) over a set period. When the Aroon Down line is near 100%, it signals bearish momentum and a potential downtrend continuation.
HOUSE Struggles to Hold Gains as Bears Circle
HOUSE currently trades at $0.044. The strengthening bearish pressure could erase HOUSE’s recent gains and push it to retest its breakout line at $0.043. If this support line fails to hold, the meme coin’s value could dip to $0.026.
However, this bearish outlook is invalidated if demand for the HOUSE token increases. In that case, the altcoin could surge to $0.051.
eToro
eToro
eToro
eToro
YouHodler
Arkham
Wirex
NEXO
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
