SPQR crypto: Elon Musk-inspired memecoin could gain 162% – How?

• 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?

Within 24 hours of its launch, memecoin SPQR saw an explosive rally, recording an 861% increase in value.

Technical analysis and indicators suggested that the memecoin could continue on an upward trajectory, with the potential for additional gains in the near term.

AMBCrypto’s analysis provides more insights on what to expect from the asset.

Elon Musk’s tweet sparks creation of new memecoin

In the past 24 hours, Elon Musk took to his X (formerly Twitter) account to post the term “SPQR,” which is an abbreviation for the Latin phrase “Senatus Populusque Romanus,” meaning “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.

According to data from Solscan, the SPQR token had a market capitalization of $333,492.91 at press time and a circulating supply of 999,904,298.92. At the time of writing, the token has garnered 3,953 holders.

Given the current market enthusiasm, SPQR is set for potential further gains. Technical patterns identified by AMBCrypto, along with market trends, suggested that this momentum could continue.

SQPR crypto: Bullish triangle forms

SPQR’s price action revealed the formation of a bullish triangle pattern, indicating that market participants were positioning themselves for a potential rally.

The token has been fluctuating within a narrowing range, defined by a descending resistance line and a horizontal support level.

If SPQR breaks out of this pattern, the price could surge up to 162.45%, potentially reaching $0.0007963.

Source: Dexscreener

Should momentum persist, SPQR could push higher, possibly revisiting its previous highs, as past consolidation phases have shown similar behavior which led to sharp rallies.

Criteria for a bullish run

At the time of writing, the Balance of Power (BoP) indicator, which reflects the strength of market control between bulls and bears, showed that the bulls were in charge.

SPQR was trading in the positive region, signaling upward momentum.

However, a resistance line at 0.94 on the BoP chart has capped further gains for SPQR. If the token manages to break above this level, it would strengthen the bullish outlook. As of now, SPQR has a BoP reading of 0.92.

Source: Dexscreener

In addition, the Chaikin Money Flow (CMF), which tracks liquidity inflows to gauge market direction, has begun showing a gradual upward trend. If this continues, SPQR could potentially achieve the expected 162% gain.