- The origins of SPQR crypto can be traced back to a tweet from Elon Musk.
- Since its launch, SPQR has experienced two notable rallies followed by declines — is a third surge coming?
As a seasoned analyst with over a decade of experience in the crypto market, I have witnessed countless trends and fads come and go. However, the rapid rise of SPQR, fueled by Elon Musk’s tweet, has certainly piqued my interest.
In just a day after being introduced, the meme coin SPQR experienced an astonishing surge, with its worth skyrocketing by an impressive 861%.
Based on technical analysis and some indicators, it seems the memecoin might carry on rising, offering possible profits within the short-term span.
AMBCrypto’s analysis provides more insights on what to expect from the asset.
Elon Musk’s tweet sparks creation of new memecoin
Over the last day, Elon Musk shared the term “SPQR” on his social media platform (previously known as Twitter), which stands for “Senatus Populusque Romanus” in Latin. This phrase translates to “The Senate and the People of Rome.
The post fueled excitement in the crypto market, leading to the launch of a new memecoin, SPQR, with Musk’s image as its mascot.
As per Solscan’s latest reports, the SPQR token currently boasts a market cap of approximately $333,493 and a circulating supply of about 999,904,298.92 tokens at this moment. Notably, there are around 3,953 individuals who hold the SPQR token as of now.
Based on the current market excitement, it seems that SPQR may experience additional growth opportunities. The technical indications observed by AMBCrypto, coupled with broader market tendencies, imply that this positive trajectory might persist.
SQPR crypto: Bullish triangle forms
The behavior of SPQR in the market suggests the emergence of a bullish triangle structure, hinting at an upcoming surge as traders prepare to invest aggressively.
The value of the token is moving between a tight band, which is limited above by a decreasing resistance boundary and below by a flat support point.
If SPQR deviates from its current trend, there’s a possibility that its price might skyrocket by approximately 162.45%, which could take it as high as $0.0007963.
As an analyst, I believe that if the current momentum continues, SPQR may continue climbing and potentially reach its former highs once more. Historically, periods of consolidation for SPQR have been followed by significant upward surges, much like what we’ve seen in the past.
Criteria for a bullish run
Currently, as I’m typing this, the Balance of Power (BoP) index, which signifies the dominance in market control between buyers (bulls) and sellers (bears), indicates that the bulls are leading the pack.
SPQR was trading in the positive region, signaling upward momentum.
On the Breakout Point (BoP) chart, a resistance line at 0.94 is currently limiting SPQR’s price increase. If this level is breached, it would reinforce a bullish perspective for SPQR. As things stand, the BoP reading for SPQR stands at 0.92.
Furthermore, the Chaikin Money Flow (CMF) – a tool that measures market direction by tracking liquidity inflows – is displaying a progressive uptrend. Should this pattern persist, it might lead to SPQR realizing its projected 162% increase.
Read More
- GBP EUR PREDICTION
- SEI PREDICTION. SEI cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- CNY RUB PREDICTION
- HOOK PREDICTION. HOOK cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- Rumoured The Elder Scrolls 4: Oblivion Remake Dev is Working on an “Unannounced Unreal Engine 5 Remake”
- Nosferatu Director Explains Orlok’s Impressive Mustache (And It Makes Sense)
2024-11-25 17:43