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The Kaspa price jumped over 2% in the past 24 hours to trade at $0.2049 as of 7:45 a.m. EST as investors go long on the altcoin.
Not only has this recent gain pushed the KAS price deeper into the green, the uptick also comes amid a broader market downturn.
Data from CoinMarketCap shows the crypto market cap slid more than 2% in the last 24 hours. With the recent increase in the KAS price, the crypto has emerged as the top 24-hour performer among the biggest cryptos by market cap.
The Kaspa Price Trying To Flip A Major Resistance Into Support
4-hour chart for KAS/USD (Source: GeckoTerminal)
The Kaspa price has recorded a series of higher lows and higher highs over the past few days, resulting in the formation of an ascending price channel. Now, the crypto is attempting to overcome the resistance level at $0.2039. A 4-hour candle close above this threshold within the next 12 hours could lead to KAS rising to the next barrier at $0.2144.
However, the Kaspa price getting rejected by the $0.2039 mark could prevent the bullish thesis from playing out. In this alternative scenario, traders might short the crypto. This potential sell volume could then lead to the altcoin falling out of the positive price channel that has formed on its charts. KAS might subsequently fall below $0.1955 to potentially drop to $0.1861.
Mixed Technical Signals Suggest The Kaspa Price Could Go Either Way
Technical indicators on the crypto’s 4-hour chart are sending mixed signals. On one hand, the Moving Average Convergence Divergence (MACD) indicator warns the altcoin’s positive trend is coming to an end. Meanwhile, the Relative Strength Index (RSI) indicator shows that buyers recently started accumulating strength against sellers.
Over the past 24-hours, the MACD line has collapsed towards the MACD Signal line. Although the current orientation of the two technical indicators is seen as bullish, the narrowing gap warns of a potential bearish reversal of KAS’s positive trend.
The two lines tried to cross each other in the last couple of hours, but buyers were able to prevent this from happening. Despite this, the minor margin between the MACD and MACD Signal lines warns that an intersection in the short term could still happen.
RSI readings dropped from 68 to 62 throughout the past day of trading to signal diminishing buyer strength. However, the indicator still stands above the crucial 50 mark to suggest bulls are still stronger than bears. What’s more, the slope of the RSI has turned positive, which could be an early sign of KAS’s positive trend continuing through the course of the next 24 hours.
Given the contradicting signals from the MACD and RSI indicators on KAS’s 4-hour chart, investors might want to see how the Kaspa price acts around the $0.2039 resistance before determining their next position.
A 4-hour candle close above this barrier in the next 12 hours might signal the continuation of the bullish trend. The opposite is true if the crypto fails to close a 4-hour candle above this mark during this period.
While traders wait to see if KAS will continue its bullish trend, investors are rushing to get in on Pepe Unchained (PEPU) during its bumper ICO.
A Hyper-Charged PEPE Set To Join The Meme Coin Space
Pepe Unchained (PEPU) will introduce the next and greatest iteration of the popular frog-themed PEPE token. The outdated version of the meme coin is currently housed on the congested Ethereum chain, which can lead to high network fees and very slow transaction times.
To unlock PEPE’s full potential, Pepe Unchained will launch its own layer-2 network to take PEPE’s transaction processing workload off of the Ethereum mainnet. By doing this, Pepe Unchained will unlock transaction speeds 100 times faster than that of Ethereum’s, which will also lead to significantly lower transaction costs.
What’s more, investors will still be able to seamlessly move assets between the Ethereum and the Pepe Unchained blockchains. As a result, investors can benefit from Pepe Unchained’s unparalleled transaction speed while simultaneously enjoying the robust security provided by Ethereum.
YouTuber Austin Hilton recently analyzed PEPU’s potential to generate substantial returns for investors in a video to his 272,000 subscribers.
Investors Rush To Buy PEPU At ICO Prices
More than $6.7 million has been raised through Pepe Unchained’s presale. This is after a crypto whale scooped up $200K worth of the meme coin in the past few days.
That feeling when you are in the Pepe Unchained Presale 🐸🙃 pic.twitter.com/2yzu5NnMJd
— Pepe Unchained (@pepe_unchained) July 30, 2024
The investor frenzy around the meme coin could also have something to do with the 288% APY on offer to presale buyers.
To get in on these rewards, investors can acquire the PEPU token via the buy widget embedded on the project’s website. With a price hike due in less than 14 hours, buy soon for the best deal.
Purchase PEPU tokens here using ETH, BNB, USDT or bank card.
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