In just one day following its introduction, the memecoin SPQR experienced a remarkable surge, witnessing an 861% spike in its value.
Analysis based on technical indicators indicated that the memecoin might sustain its upward momentum, offering the possibility of further profits in the short term.
A closer look at CryptoCrypto’s insights sheds light on what investors can anticipate from this digital asset.
Elon Musk’s Social Media Post Sparks the Birth of a New Memecoin
Within the recent 24 hours, Elon Musk utilized his X (previously known as Twitter) account to mention “SPQR,” an acronym for “Senatus Populusque Romanus,” translating to “The Senate and the People of Rome” in Latin.
This post generated excitement across the cryptocurrency market, leading to the unveiling of a fresh memecoin, SPQR, with Musk’s likeness serving as its mascot.
At the time of reporting, Solscan data revealed that the SPQR token held a market capitalization of $333,492.91 and a circulating supply of 999,904,298.92, securing 3,953 holders.
Given the prevailing market enthusiasm, SPQR appears poised for further advancement. Technical analyses and market trends uncovered by CryptoCrypto indicate that this positive momentum could persist.
SQPR Crypto: Emergence of a Bullish Triangle Pattern
Observations of SPQR’s price action unveiled the development of a bullish triangle formation, signaling that market participants were positioning themselves for a potential upsurge.
The token’s price has been oscillating within a tightening range defined by a descending resistance line and a horizontal support level.
If SPQR breaks out of this pattern, its price could skyrocket by up to 162.45%, potentially reaching $0.0007963.
Sustained momentum could drive SPQR even higher, potentially revisiting previous peaks, as evidenced by past consolidation phases that triggered sharp rallies.
Indicators for an Upward Trend
At the current moment, the Balance of Power (BoP) indicator, which gauges the market control balance between bulls and bears, indicated a bullish dominance.
With SPQR trading in the positive territory, signaling a momentum towards the upside.
However, an established resistance line at 0.94 on the BoP chart has hindered further advances for SPQR. Overcoming this level would reinforce the positive outlook for the token, with SPQR currently showing a BoP reading of 0.92.
The Chaikin Money Flow (CMF), which tracks liquidity inflows to assess market directions, has exhibited a gradual uptrend. If this trend persists, SPQR stands a chance to realize the projected 162% surge.