Altcoin
Should other cryptocurrencies be worried?
Cryptocurrency markets are becoming more fascinating every day as memecoins gain more attention than any other cryptocurrency. Despite multiple bullish events such as the launch of the Ethereum spot ETF, the approval of new laws by the FED, Trump’s advocacy in favor of the space, etc., major cryptocurrencies such as Bitcoin and Ethereum maintain a lateral trend after a slight recovery. With weekly gains of over 80% and an increase of over 140% in the last 30 days, Pepe price has slowly entered the top 20 crypto assets, upending Uniswap and Litecoin.
That said, the Price PEPPER seems to still be on the verge of a massive explosion, as trading activity has increased to a large extent, which poses a threat to Polygon (MATIC). The MATIC price is trading within the parallel channel, while the PEPE price maintains a strong upward trend. Memecoin has skyrocketed and printed a new ATH and continues to do so while MATIC price is unable to surpass $0.8.
With another bullish push, Pepe’s price could rise above $0.000018 and overtake Polygon to become the 18th largest token on the market.
PEPE price has been printing huge bullish candles since it broke above the 1 FIB level, which coincided with its previous ATH around $0.00001. Now, after making new highs at $0.00001725, the price may aim to reach the next 2-FIB level objective at $0.00002. However, the path to these levels may not be an easy task. Another 20% rally may take longer, as the bulls may face some exhaustion as they maintain a tight grip on the rally.
The RSI has reached the upper resistance and is trying to stay within those levels. Furthermore, the recent rally appears to be fueled by average volume levels, as the volume oscillator hovers around the middle bands. Previously, when the rally was triggered in the last days of February, the oscillator touched the upper threshold of 51%. Since then the price has fluctuated between -19% and +19%.
Interestingly, the recent rally was triggered when the oscillator dropped from 16.11% to -6.80%, placing it below average levels. These technical readings suggest that the price is undergoing an extreme squeeze where the bulls have held onto a strong uptrend, crushing the bearish pressure. Therefore, in the coming days, PEPE price is expected to demonstrate a nice upward trajectory and mark new ATH at $0.00002, breaking above the crucial resistance at $0.000018.