The cryptocurrency market has seen a notable rise today, following President Donald Trump's announcement of a complete ceasefire between Iran and Israel, leading to a general market recovery as global tensions appear to ease.
Oil prices fell by 2.92%, with Brent crude dropping to $69.39 as tensions in the Middle East recede and analysts dismiss supply shortage scenarios. Meanwhile, S&P 500 futures rose by 0.58% to 6,112, and the dollar index fell by 0.32% to 98.10. Gold price volatility decreased as demand for safe-haven assets waned. Gold prices dropped by 2% to $3,315.8 per ounce, as investors shifted from defensive positions to high-beta cryptocurrency investments and riskier assets like stocks and ETFs.
The market capitalization of cryptocurrencies rose by 2.9% to reach $3.23 trillion, with Bitcoin increasing by 3.6% to $105,471, and Ethereum $ETH
up 6.5% to $2,422. The broader recovery saw altcoins outperform, with $XRP gaining 8.1%, while nearly 30 of the top 100 cryptocurrencies saw double-digit increases, and $SEI was the best performer, rising 46.5% to $0.2855.
Of course, meme coin prices have risen even more with the increase in traditional altcoin prices.
SPX6900: Technical breakout indicates further upside.
Trading data for the SPX6900 meme coin.
dM,eme coins tend to be volatile and unpredictable, but according to charts, the massive 28% rise of the SPX6900 to $1.3476 comes with strong technical confirmation. The Average Directional Index (ADX) at 35 indicates strong trend conditions - readings above 25 confirm established trends, suggesting that current momentum has strength. Traders may interpret this as particularly bullish as it shows that the upward movement is not just a short-term spike, but part of a sustainable trend.
The Relative Strength Index (RSI) (a measure that gauges how overbought or oversold an asset is) is settling at 56, placing the currency in the "strength zone" where momentum is strong but has not yet reached overbought levels. Historical data shows that #Meme currencies often rally until the RSI reaches 75-80, indicating potential additional gains of approximately 20% before exhaustion. The 50-day exponential moving average (the average price over the last 50 days) at $1.07 provides dynamic support, having flipped from a resistance level during today's breakout.
Notably, the momentum pressure index shows an "on" state in a downward movement, indicating volatility pressure that typically precedes explosive moves. When this indicator activates after a period of consolidation, traders often observe moves of 30-50% in either direction. With today's trading volume increasing by 96.8%, this indicates a continuation of the trend towards the resistance level of $1.51, which was tested in mid-June.
Key Levels:
Immediate Support: $1.24 (Today's breakout point)
Strong Support: $1.07 (50-day exponential moving average)
Immediate Resistance: $1.51 (Fibonacci 23.6%)
Strong Resistance: $1.73-$1.77 (All-time high area)
Dogwifhat (#WIF ): Short selling pressure enhances recovery
Dogwifhat (WIF) trading data.
The Dogwifhat (WIF) currency, traded today, rose by 23% to reach $0.8740. This is a victory for WIF traders analyzing the charts, as the currency reclaimed the $0.79 level, a previous support level that defined prices since early June. Furthermore, this move led to a short squeeze worth $3.71 million. Such a shift from resistance to support often indicates the beginning of sustainable upward trends. In other words, this is a good indicator of the currency's immediate price returning above the average price over the past two hundred days. While this may not be a full-on rally, it still represents a recovery from the sharp price decline.
The Relative Strength Index (RSI) at 52 is an interesting indicator, as it is almost a neutral zone, providing maximum flexibility for the next move. Unlike overbought conditions that limit upside, this balanced reading means that WIF has room to rise if buying pressure continues. The ADX at 17 indicates weakness in the downward trend, allowing room for a short to medium-term recovery if the currency maintains its momentum, and this is not just a wave of speculation.
For traders, the EMA may be the only concerning signal, as the 50-day average has been below the 200-day average in a "death cross" pattern since January. Nevertheless, today's rise brings price action close to confronting the 50-day average at around $0.91. A critical breakout above this level would shift medium-term trading momentum to bullish and could trigger algorithmic buying from trend-following systems.
Key Levels:
Immediate Support: $0.79 (critical level flip)
Strong Support: $0.69-$0.70 (Major demand area)
Immediate Resistance: $0.91 (50-day average)
Strong Resistance: $1.05 (200-day average and psychological level)