The cryptocurrency market has been in a state of flux, with Bitcoin hitting new all-time highs and Ethereum surging to a seven-month high. As Bitcoin corrected to $118,000, Ethereum continued to gain, outperforming Bitcoin by a significant margin. This shift in investor interest from Bitcoin to Ethereum is seen as a sign of weakening Bitcoin dominance, potentially signaling the start of an altcoin season.
One sector that has been drawing attention is the memecoin sector, with coins like SPX6900, Floki, and Fartcoin showing signs of bullish reversals. SPX6900 has seen a 20% gain over the past week, reaching a key resistance level at $1.81. The token is currently testing a cup and handle pattern, a bullish formation that could signal further upside if the resistance is broken with strong volume.
Floki, on the other hand, has surged 44.5% over the past week, breaking out of a long-term descending trendline on the daily chart. The token is now facing resistance at the 61.8% Fibonacci retracement level, with a potential upside of 52% if it closes above this level. On-chain data and speculation around a possible Robinhood listing have added to the bullish sentiment surrounding Floki.
Fartcoin has also seen a significant rally, gaining 21.3% over the past week and testing the upper boundary of an ascending channel. The token is currently trading above its 50-day moving average, with momentum indicators pointing to further upside potential. A breakout above the immediate resistance at $1.46 could trigger the next leg up, with a major target at $2.7, its year-to-date high.
Overall, the memecoin sector is showing signs of bullish momentum, with SPX6900, Floki, and Fartcoin leading the way. As the market continues to evolve, investors will be keeping a close eye on these tokens for potential trading opportunities. Please note that this article is for educational purposes only and does not constitute investment advice.