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The crypto markets are becoming more fascinating every day as memecoins gain more attention than any other crypto. Despite multiple bullish events like the launch of the spot Ethereum ETF, the FED passing new bills, Trump advocating in favour of the space, etc., the top cryptos like Bitcoin & Ethereum maintain a sideways trend after a slight upswing. With more than 80% weekly gains and an over 140% surge in the past 30 days, Pepe’s price slowly entered the top 20 crypto assets, flipping Uniswap & Litecoin.
Having said that, the PEPE price still appears to be at the foothill of a massive explosion, as trading activity soared to a large extent, which is posing a threat to Polygon (MATIC). The MATIC price is trading within the parallel channel, while the PEPE price is maintaining a steep ascending trend. The memecoin has soared and printed a new ATH and continues to do so while MATIC’s price is unable to surpass $0.8.
With one more bullish push, the Pepe price could rise beyond $0.000018 and surpass Polygon to become the 18th largest token in the market.
The PEPE price has been printing massive bullish candles ever since it pierced above the 1 FIB level, which coincided with its previous ATH around $0.00001. Now after achieving new highs at $0.00001725, the price may aim to reach the next target at 2 FIB levels at $0.00002. However, the path towards these levels may not be an easy task. Another 20% upswing may consume some more time, as the bulls may face some exhaustion while holding a tight grip over the rally.
The RSI has reached the upper resistance and is trying hard to sustain itself within the levels. Besides, the recent upswing appears to be fueled by average volume levels, as the volume oscillator is ranging around the middle bands. Previously, when the rally was triggered in the last few days of February, the oscillator hit the upper threshold of 51%. Since then, the price has oscillated between -19% and +19%.
Interestingly, the recent upswing was triggered when the oscillator dropped from 16.11% to -6.80%, ranging below the average levels. These technical readings suggest the price is undergoing an extreme squeeze where the bulls have been sticking 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.
