BitMEX Founder Backs Smoking Chicken Fish (SCF) Memecoin Despite Price Dip

Smoking Chicken Fish (SCF) memecoin received backing from Arthur Hayes, co-founder of the crypto derivatives trading platform BitMEX. Despite this, the cryptocurrency has dropped 5.33% in the past 24 hours.

According to the data from CoinMarketCap, SCF is trading at $0.05427, with a market capitalization of $53.85 million and a trading volume of $5.68 million. The cryptocurrency’s all-time high occurred 18 days ago, when SCF reached $0.1463. The memecoin is currently down 63.19% from its all-time high.

Hayes expressed his support for the project on X, greeting his followers with “cowabunga.” The cryptocurrency has been bearish in the past 24 hours, but Hayes’ support could push the price higher in the short term.

It is important to note that SCF has fallen 17.75% in the past seven days and 31.74% in the last 30 days. The digital asset is down 4.83% since September and 44.6% in the past 14 days.

SCF Technical Analysis

An analysis of the SCF price trajectory shows that the memecoin is facing resistance around $0.071. To reach a new all-time high, the altcoin needs to break through this price level.

Read also: Arthur Hayes: China’s Quantitative Easing Will Trigger a Bitcoin Price Surge

The Relative Strength Index (RSI) for SCF reads a value of 42.61 which means that the bears are in control of the meme coin’s price action and the chances of higher highs in the near future are considerable if buyers take control following Hayes’ support.