Altcoins
Should other cryptos be worried?
Crypto markets are becoming more fascinating every day as memecoins attract more attention than any other crypto. Despite multiple bullish events like the launch of the Ethereum spot ETF, the FED passing new bills, Trump advocating for the space, etc., major cryptos like Bitcoin and Ethereum maintain sideways trend after slight recovery. With over 80% weekly gains and a surge of over 140% in the past 30 days, Pepe price has slowly entered the top 20 crypto assets, toppling Uniswap and Litecoin.
That said, the PEPE Price still appears to be on the cusp of a massive explosion, as trading activity has exploded to a large extent, posing a threat to Polygon (MATIC). MATIC price is trading in the parallel channel, while PEPE price maintains a strong upward trend. The memecoin soared and printed a new ATH and continues to do so as MATIC price is unable to surpass $0.8.
With further bullish push, Pepe price could surpass $0.000018 and overtake Polygon to become the 18th largest token in the market.
PEPE price has been printing huge bullish candles since surpassing the 1 FIB level, which coincided with its previous ATH around $0.00001. Now, after hitting new highs at $0.00001725, the price could aim to reach the next 2-level FIB target at $0.00002. However, the path to these levels may not be an easy task. Another 20% rise could take a little longer, as the bulls could face some exhaustion while keeping a firm grip on the rally.
The RSI has reached the upper resistance and is trying to hold within these levels. Furthermore, the recent rise appears to be fueled by average volume levels, with the volume oscillator located around the mid-bands. Previously, when the rally was triggered in the last days of February, the oscillator reached the upper threshold of 51%. Since then, the price has oscillated between -19% and +19%.
Interestingly, the recent rally was triggered when the oscillator moved from 16.11% to -6.80%, below average levels. These technical readings suggest that the price is undergoing extreme compression where the bulls are sticking to a strong uptrend, crushing the downside pressure. Therefore, in the coming days, PEPE price is expected to follow a nice upward trajectory and mark the new ATH at $0.00002, surpassing the crucial resistance at $0.000018.