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The Central African Republic Meme price plummeted 64% in the last 24 hours to trade at $0.2535 as of 03:21 a.m. EST on trading volume that rose 105% to $780 million.
This steep drop in the CAR price comes after at least two deepfake AI detectors flagged the Central African Republic President’s video announcing their newly launched meme coin as suspicious.
The Central African Republic President Faustion-Archange Touadera announced on X the official meme coin for the country to aid national development and put the nation on the international stage.
Today, we are launching $CAR – an experiment designed to show how something as simple as a meme can unite people, support national development, and put the Central African Republic on the world stage in a unique way.
Contract: 7oBYdEhV4GkXC19ZfgAvXpJWp2Rn9pm1Bx2cVNxFpump
— Faustin-Archange Touadéra (@FA_Touadera) February 9, 2025
Central African Republic Meme Price On A Continued Drop
The CAR price on the 5-minute chart has experienced significant volatility within a short time frame.
The Central African Republic Meme price initially saw a strong uptrend, peaking near $1.04, before entering a corrective phase, as data from GeckoTerminal shows.
Meanwhile, the Fibonacci retracement levels show that after reaching its high, the price has gradually retraced downward, struggling to maintain support levels.
Currently, the price of CAR is trading near $0.2535, having already dipped below key retracement levels. A descending price movement suggests bearish pressure, and the asset has been unable to reclaim higher support zones.
According to the FIB level, the price of Central African Republic Meme failed to hold above the 0.382 level ($0.6412) and the 0.5 level ($0.5178), which are critical support zones in an uptrend. CAR is now hovering around the 0.786 level ($0.2188), which is a deep retracement, suggesting a potential test of lower supports or a possible reversal.
The 50-period Simple Moving Average (SMA) on the 5-minute chart is trending above the current price, confirming a short-term bearish trend. Prices trading below this moving average indicate that sellers are in control, and any upward movements may face resistance at this level.
The Relative Strength Index (RSI) is at 40.39, which is in the lower neutral zone, but not yet in the oversold region (below 30). This suggests that while the market is showing weak momentum, it is not yet at extreme oversold conditions where a strong reversal would typically occur.
CAR Price Chart Analysis (GeckoTerminal)
CAR Price Prediction
The CAR price is currently in a bearish consolidation phase, trading near the 0.786 Fibonacci level with weak momentum. The downward trend, combined with RSI near 40, suggests that the market could see further downside before a potential recovery.
If the price of the Central African Republic Meme breaks below $0.2188, there may be further declines toward the $0.20 level or lower.
However, if the asset holds above $0.2188 and gains momentum, there might be a test of the $0.3945 (0.618 Fibonacci level) as a resistance zone.
As the Central African Republic Meme price plunges, investors are piling into a new meme coin called Meme Index (MEMEX). According to crypto analyst and YouTuber Jacob Bury, who has over 55.1k subscribers, MEMEX has the potential to be the next 10x crypto.
Meme Index Presale Garners Over $3.5 Million In Presale
Meme Index is the world’s first decentralized meme coin index that’s currently in its presale phase. The project has already raised $3.5 million and is gaining momentum.
MEMEX token holders can take part in 4 diverse meme coin baskets and stake the MEMEX tokens for maximum profit. The baskets or indexes are different from each other based on the volatility of the meme coins in them.
🚨 Meme Index is live in Upcoming Tokens! 🚨@memecoin_index presents the first-ever diversified meme coin platform, powered by $MEMEX, giving unparalleled access to the $120 billion meme coin market.
Meme Index offers exclusive access to indexes that cater to every risk… pic.twitter.com/GsiBBuZOzX
— Best Wallet (@BestWalletHQ) December 27, 2024
The project’s baskets include the Meme Titan Index, Meme Moonshot Index, Meme Midcap Index, and Meme Frenzy Index.Â
You can purchase MEMEX tokens on the official website for just $0.0160352 to participate in the presale. MEMEX holders can also take part in its presale staking pool, which currently provides a stratospheric annual yield of 651%.
Interested investors should buy MEMEX tokens here before a price hike in less than 1 day.
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