After pumping to $0.3, Tutorial [TUT] faced rejection and fell hard. But now, the memecoin seems to have found a bottom.
After falling to $0.28, market players returned and bought the dip. Since then, the bullish pressure has intensified, closing with three consecutive green daily candles to flip $0.03, hitting a local high of $0.046.
At press time, Tutorial was trading around $0.038, up 27% on the daily charts. Over the same period, however, the memecoins trading volume dropped 24% to $59 million, suggesting a reduction in market activity.
What’s driving Tutorial’s renewed momentum?
On the 15th of August, TUT closed at a higher high after six days of strong declines. This suggested that traders returned to the market and purchased aggressively below $0.03.
In fact, these traders returned largely because TUT has gained notable visibility. PancakeSwap recognized TUT alongside other established assets, thus treating TUT as part of the assets people are actively providing liquidity for.
Another factor is that the coin’s Perps Buy Volume rose to 958 million compared to 935 million in Sell Volume and the market recorded a positive delta of 23 million, a clear sign of strong demand.
On the futures side, Tutorial recorded $54.79 million in inflows, while outflows also rose to $54.4 million.
As a result, the Futures Netflow surged to $1.38 million, suggesting more funds flowed into opening new positions. Often, when both Perps and Futures record increased inflows, it reflects strong speculation, a recipe for a short term price uptick.
Can TUT’s upside momentum hold?
Although TUT made some gains, the memecoin’s upside momentum remains weak. At the time of writing, the Directional Momentum Index’s trajectory signaled a weakening trend.
Additionally, the Relative Strength Index fell and has held below 50, further validating this bearishness.
This weakness seems to be arising from the spot market as profit takers remain extremely active. After falling to the negative zone the previous day, it jumped back to positive.
As of this writing, the Spot Negative was around $399k, a clear sign of aggressive spot burying. Therefore, with these sellers still active, the recovery is likely to hold.
If it falls to hold, we could see another drop below $0.03. However, if bulls active in the market show greater determination, TUT will close above $0.046 and target $0.05.
Final Summary
- Tutorial token surged 27% after successfully holding key support, to a local high of $0.046 before retracing to $0.038 at press time.
- TUT is seeing renewed market attention, after reaching a major visibility milestone, but profit-taking threatens these gains.
