Brian Armstrong Sees Potential in Memecoins Beyond Speculation

• Coinbase CEO Brian Armstrong sees potential in memecoins beyond speculation, likening them to early internet innovations.
• M87’s price breakout above a key trendline signals bullish momentum, supported by rising volume and strong technical indicators.
• Despite the controversy, memecoins are shaping the digital economy, with some evolving into assets that support artists and track trends.

Memecoins continue to gain traction in cryptocurrency. Coinbase CEO Brian Armstrong recently shared his thoughts on their evolving role on X. He emphasized that while some are scams, others have potential. Armstrong noted that memecoins, including Dogecoin and Bitcoin, have been part of the industry from the start. 

He compared them to early internet innovations that seemed trivial but evolved into something significant. According to Armstrong, memecoins might eventually support artists, track trends, and serve other purposes beyond speculation.

M87 Price Rally and Technical Analysis

M87, a trending memecoin, has been showing bullish momentum. The token has a price of $0.00001347, up by 5.58%. Price action indicates the shift in the sentiment of the market after breaking above a falling trendline. This break above the trendline with high volumes ensures increased confidence in buying.

Moreover, key signals validate the prevailing uptrend. The 9-day EMA has moved over the 26-day EMA, confirming the bullishness. Moreover, the Relative Strength Index (RSI) is 73.50, which suggests overbought levels. In case the RSI remains elevated, a correction may occur prior to further advances.

Key Support and Resistance Levels

The nearest resistance is at $0.00001492. If the price breaks above this, it could trigger another rally, pushing M87 to new highs. Alternatively, a failure to break above resistance could result in consolidation or a pullback to the support level at $0.00004675.

This area has previously witnessed aggressive buying interest, thus a key level to watch. The token’s recent breakout is a sign of continued bullishness. Increasing volume on the breakout supports further upside, but resistance levels should be closely watched.

Market Outlook

Memecoins remain controversial, but their growing influence is undeniable. Armstrong’s perspective highlights the broader trend of tokenization in the digital economy. While some tokens are speculative, others may evolve into valuable assets. M87’s recent rally reflects strong community support and technical strength.