With a new ATH, Pepe aims to surpass this popular altcoin: Should the other cryptos be concerned?
The crypto markets are becoming more exciting by the day, with memecoins attracting more attention than any other cryptocurrency.
Despite many optimistic events such as the introduction of the spot Ethereum ETF, the FED enacting new measures, Trump advocating for the space, and so on, the top cryptos such as Bitcoin and Ethereum remain in a sideways trend following a brief increase. With more than 80% weekly increases and a 140% increase in the last 30 days, Pepe’s price has gradually joined the top 20 crypto assets, replacing Uniswap and Litecoin.
However, the PEPE price still appears to be at the foothills of a massive explosion, as trading activity soared to a Polygon (MATIC) is under risk due of the huge magnitude of the hazard. The MATIC price is trading in a parallel channel, while the PEPE price is continuing its fast upward trajectory. The memecoin has surged and printed a new ATH, and it continues to do so, while MATIC’s price remains below $0.8.
With one more strong push, the Pepe price might soar above $0.000018, passing Polygon to become the market’s 18th largest cryptocurrency.
The PEPE price has been printing gigantic bullish candles since it broke over the 1 FIB level, which coincided with its previous ATH of $0.00001. Now that the price has reached new highs at $0.00001725, it may seek to hit the next FIB level at $0.00002. Nevertheless, the route towards these levels may not be an easy task. Another 20% rise may take some time, as the bulls may become exhausted while maintaining a tight grip on the surge.
The RSI has reached the upper resistance level and is struggling to stay within the range. Furthermore, the recent upsurge appears to be driven by average volume levels, since the volume oscillator is ranging in the middle bands. Previously, when the rally began in the latter days of February, the oscillator reached an upper level of 51%. Since then, the price has fluctuated between -19 and +19%.
Interestingly, the recent rise occurred when the oscillator fell from 16.11% to -6.80%, much below typical values. These technical readings indicate that the price is suffering an acute squeeze the bulls have beensticking to a strong ascending trend, squashing the bearish pressure. Therefore, in the upcoming days, the PEPE price is expected to demonstrate a fine upward trajectory and mark the new ATH at $0.00002, surpassing crucial resistance at $0.000018.