With Bitcoin's price dipping back to $65K, investors are focusing on meme coins as an alternative. Despite a general market sell-off causing a decline in many top meme coins, suggesting a bearish sentiment for the week.

Among the numerous community-driven coins, the MEME price movement on the daily chart indicates a possible trend reversal. The breakout rally hinting at a significant uptrend, raising speculation on whether buyers will push past the key level of $0.050.

The MEME price surged by 139% in just 25 days, reaching $0.05319 by March 4th. However, this bullish momentum quickly faded, leading to a steep drop of 37% to $0.03329 for the rest of the month.

During this downward movement, the altcoin displayed a bearish pattern on the daily chart, squeezing the trend momentum. Yet, the recent recovery from $0.03329 resulted in a bullish breakout from the bearish pattern.

After a recent 18% increase over three days, the MEME price sits at $0.04365, indicated by a long-tail intraday candle. Traders on the sidelines might view this as an attractive entry point as the trend momentum suggests a continuation of the bull run.

Potential Challenges for MEME Price to Exceed $0.050

Based on trend-based Fibonacci levels, the recent recovery of MEME price could potentially challenge the psychological resistance level of $0.050. This threshold could be a critical juncture for MEME token.

Given the current upward trend momentum and breakout scenario, there is a higher probability of buyers achieving a successful breakout at $0.050. Additionally, with the bullish breakout, the uptrend may target the 1.618% Fib level at $0.08445, though it could face resistance at $0.06491.