The post This Altcoin Is Approaching a New ATH—Could Be the Start of an Altseason? appeared first on Coinpedia Fintech News
The crypto markets have become extremely volatile in the past 24 to 48 hours, raising huge speculation surrounding popular cryptos. For the second consecutive day, Bitcoin price is losing ground during the American trading session and has gained strength with the beginning of the Asian trade. Amid this, the Memecore (M) price maintains a sustained upswing and is trying to breach a pivotal resistance. This level can be considered a pivotal one, as the next pit stop for the M price rally could be the current ATH, close to $3.
The Memecore price rose heavily by over 600% in September from the consolidated zone around $0.5. This move attracted significant attention from the investors, due to which the price has been consolidating above one of the important supports at $1.77. In times when the bearish influence over the markets is rising, technicals suggest that the Memecore price could eventually break above the current highs.
Although the bullish indicators dominate, the token’s extreme volatility warrants caution. This raises the question of whether the Memecore price can make it to $3 or above, or will profit-taking reverse the gains?
The Memecore price is about to begin with the 3rd bullish wave, as the token is showing signs of replicating a previous pattern. The price has rebounded from the ascending trend line for the third consecutive time. The token experienced over a 600% jump previously, and the current market dynamics suggest a similar upswing could be on the horizon. The RSI is displaying a parabolic recovery, and the price is about to breach the Supertrend line, which is currently bearish.
The price crossing the line implies that the token is undergoing a bullish switch that could strengthen the ongoing upswing. With this, the RSI may enter the overbought range, and the bullish momentum could accelerate, pushing the Memecore price to a new ATH. The first target could be $3.68 at 1.2 FIB and later $4.06 at 1.4. If the token secures above this range, then the bulls may trigger a strong upswing to new highs.