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The Wen price jumped 26% in the last 24 hours to trade at $0.0002899 as of 4:00 a.m. EST on trading volume that skyrocketed by 35% to $77 million.
The token’s also skyrocketed 240% in the past month, when it hit an all-time high at $0.0004191 on March 9.
Wen is a project revolving around a cute cat that has attracted plenty of users thanks to its style and energy. In addition to that, it was also recently welcomed to DRIP, a platform for limited edition art, music, videos, comics, games, and more.
Already 90k+ subscribers in 1 day.
If you haven't already subscribed, head over to @drip_haus right now ❤️ https://t.co/G7jIedsUpU pic.twitter.com/Hr1dWMbOFQ
— Wen (@wenwencoin) March 21, 2024
Wen noted that there have already been over 92k subscribers after joining DRIP.
Wen Price Prognosis
Despite the fact that the bull run led by Bitcoin over the last few weeks stalled, the Wen price continues to increase, especially in the last three days. The question now is whether its growth will continue, or if the token is about to see a correction of its own.
With the hype decreasing, the fundamental reasons for buying and/or selling have been significantly reduced. It is at this time that traders and investors turn to technical indicators, and use them to guide their next move.
Looking at WEN’s chart, a pattern is immediately noticeable when it comes to its Bollinger bands, which have seen major widening followed by a strong narrowing once every 12 hours.
This has lasted for several days now, and the price behavior has closely followed this trend with surges right as the bands get extremely narrow, and drops after the widening reached its peak. Right now, the widening seems to be at its highest again, so a new correction might be what comes next.
A similar pattern has been observed when it comes to the token’s Relative Strength Index (RSI) value, which would go from the neutral state into the overbought zone, only to return to neutral, and repeat the process.
Right now, the RSI is about halfway between the two, but if the pattern holds, it will continue to drop toward the neutral zone. In other words, both signal at the upcoming correction.
Whether or not the price might grow again after that depends on whether the pattern gets broken. While it is difficult to accurately predict what will happen, indicators like these can be useful to traders in the short term, so keep an eye on them.
If the pattern holds, the WEN price might next try to breach the resistance at $0.00030 and head up to $0.00035. Alternatively, if the pattern does get broken, the price could correct all the way down to $0.00020, or potentially even break this support and head even lower down.
Promising Alternatives to Wen
While Wen did become a very attractive option for traders and investors looking for a new opportunity, something even better might be available in the form of a popular young crypto called Smog (SMOG).
This dragon-inspired meme coin blew up for several reasons, including the fact that 2024 is the Year of the Dragon for Chinese communities.
The project is also gearing up for what it calls the “Greatest airdrop in history,” so anyone who buys its tokens before the airdrop could end up receiving major rewards once the airdrop actually happens.
Season 1 of the airdrop ends early next month, with rewards decided mainly by quests completed on Zealy that earn participants valuable airdrop points.
In the meantime, users can just stake SMOG tokens and earn an annual yield of 42%.
🐉 Soar
🔥 Burn
👑 Rule— SMOG (@SMOGToken) March 5, 2024
SMOG can be purchased with your credit or debit card, or you can get it in exchange for ETH or USDT.
The best place to buy SMOG tokens is on the official website here, where you can get a 10% discount. But act soon before it ends.
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