Covalent X Token Price Prediction: CXT Surges 10% As This New Presale Goes Ballistic With $12 Million Raised

The Covalent X Token price surged more than 10% in the last 24 hours to trade at $0.06933 as of 7:26 a.m. EST.

This recent spike in the CXT price has added to the altcoin’s positive weekly streak. As a result, the crypto is in the green by more than 27% over the last 7 days. 

The Covalent X Token Price Forms An Ascending Channel

4-hour chart for CXT/USD (Source: GeckoTerminal)

The Covalent X Token price printed multiple higher highs and higher lows on the 4-hour chart over the past few days, resulting in the formation of an ascending price channel. This positive momentum has led to the crypto overcoming the major resistance level at $0.06793. CXT is now attempting to break above the next technical barrier at $0.07391.

Should the Covalent X Token price close a 4-hour candle above $0.07391 within the next 24 hours, the crypto could have the room needed to flip the $0.07989 resistance level into support. However, a rejection from the $0.07391 mark might invalidate the bullish thesis.

In a more bearish scenario, traders could look to realize their profits from the altcoin’s rally. This might push CXT down to the aforementioned $0.06793 mark. Continued sell pressure should the Covalent X Token price drop to this point could then result in the crypto plunging to as low as $0.05985 in the short term.

Technicals Warns Sellers Might Soon Take Control Of The Covalent X Token Price

Technical indicators on CXT’s 4-hour chart warn that the crypto’s bullish momentum is starting to cool off. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators show signs of diminishing buyer activity.

RSI readings dipped from 65 to 62, with the RSI line starting to level off in the low 60s. Since an RSI value above 50 is generally seen as a sign that a crypto is overbought, traders might enter into a short position for CXT soon.

Meanwhile, the MACD line has collapsed towards the MACD Signal line in the last few hours. The prior dropping down to the latter suggests that CXT’s positive trend might be nearing its end. An intersection between these two lines in the coming 24 hours could indicate that the Covalent X Token price has entered a new bearish cycle.

While technicals suggest buyers are losing interest in the Covalent X Token, investors continue to flock to layer-2 meme coin Pepe Unchained (PEPU) as the project’s presale zooms past the $12 million fundraising mark.

Taking PEPE To The Next Level

Pepe Unchained (PEPU) is on a mission to elevate the popular frog-themed meme coin PEPE to the next level. To achieve this, the project will shift the beloved project’s transaction processing off of the main Ethereum mainnet, which is currently congested. 

Ethereum’s popularity has left current PEPE holders with no choice but to deal with high fees and slow processing times, issues that will soon be a thing of the past once Pepe Unchained goes live. The project won’t leave Ethereum completely in the dust, and will instead operate in parallel with the leading blockchain in terms of Total Value Locked.

By opting to act in parallel to Ethereum, Pepe Unchained unlocks a dual benefit for PEPU holders. Investors will be able to seamlessly bridge their assets between the layer-1 Ethereum mainnet and the layer-2 Pepe Unchained network. 

Investors are subsequently able to transact with the peace of mind afforded by Ethereum’s robust security framework, while also enjoying up to 100 times faster transaction speeds. What’s more, token holders will be able to send and receive PEPU at a very low cost.

Pepe Unchained’s meme coin appeal and layer-2 side chain has analysts and experts excited about the project. One such individual is popular YouTuber ClayBro, who told his 130K subscribers in a recent video that Pepe Unchained has the potential to lead the meme coin sector in the near future.

Investors Bet Big On PEPU’s Future

Investors are rushing to buy PEPU during its ongoing presale phase, with the project already raising over $12.1 million at this early stage. Beyond its mission to upgrade PEPE, there is also a 167% APY being offered to presale buyers who stake PEPU that could be a reason behind the investor frenzy.

Pepe never sleeps..

But when he does, the L2 tech takes over. Big things coming! pic.twitter.com/Kq14BaoVlp

— Pepe Unchained (@pepe_unchained) September 6, 2024

Anyone can gain access to these passive rewards. The first step investors will need to take to become eligible for the high APY is purchase the meme coin using the simple buy widget embedded on the project’s website. Once purchased, the tokens can be locked up through the staking page to start earning.

Investors interested to join the project should do so before a price increase in less than 24 hours.

Buy PEPU tokens on the official website here.

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