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The Michi price has pumped 14% in the last 24 hours to trade at $0.2761 as of 7:05 a.m. EST on a 94% surge in trading volume to $23 million.
Michi Price Rebounds Within The Bearish Pennant
The MICHI price is consolidating within a bearish channel, indicating a corrective pattern within the broader uptrend. This consolidation suggests a potential breakout, with a breakout above $0.2864 (the 50-period moving average) likely to trigger further upward movement.
Key support lies at the 200-period moving average, currently at $0.2543, which serves as a crucial level for the price to hold if it retraces before resuming an upward trend. Immediate resistance is at $0.2864, and a breakout above this level could propel the price towards $0.32 and eventually $0.34.
MICHIUSD Analysis Source: Dextools.io
The moving averages also play a significant role in the price action. The 50-period moving average ($0.2864) currently acts as resistance, and a successful breakout above it would provide a positive indication for a potential bullish trend reversal.
Meanwhile, the 200-period moving average ($0.2543) is acting as strong support, and holding above this level would indicate a continuation of bullish sentiment.
Michi Price Signals More Uptrend Ahead
The MACD indicator is displaying a negative histogram, signaling bearish momentum, but the decreasing bearishness suggests a potential change. The convergence of the MACD line towards the signal line could indicate a possible bullish reversal if they cross upwards.
On the other hand, the RSI (Relative Strength Index) is currently at 48.38, indicating a neutral stance in the market, with neither bulls nor bears in control. If the RSI rises above 50, it would suggest increased buying pressure, which would be a bullish signal for the Michi price.
$Michi’s price is consolidating within a bearish channel, with resistance at $0.2864 and support at $0.2543. A breakout above the bearish channel and the 50-period moving average would indicate the resumption of a bullish trend, with targets at $0.32 and $0.34.
Both the MACD and RSI indicators suggest caution, but a confirmed bullish crossover on the MACD and an increase in RSI would support a positive outlook.
Pepe Unchained Presale Charges Towards $18 million
The bullish excitement around the Michi price is more than matched by that surrounding Pepe Unchained (PEPU), a Layer 2 meme coin that has just crashed through $17.8 million in funds raised in its blockbuster presale.
Prominent YouTuber ClayBro, who boasts over 130K subscribers, speculates that the PEPU price could explode 100X after it launches.
Pepe Unchained distinguishes itself as the first PEPE-themed meme coin to launch its own Ethereum Layer 2 blockchain. It provides lower fees, faster transaction speeds, and greate scalability.
PEPU will deliver transaction speeds up to 100 times faster than Ethereum. Its compatibility with Ethereum also ensures seamless integration, allowing users to transition smoothly without losing their existing assets or decentralized applications (dApps).
The frog with the golden brain gearing up for L2 launch.
Join our official telegram to hang with the community!https://t.co/ahmb9L28KX pic.twitter.com/8hJQ7IuvJh
— Pepe Unchained (@pepe_unchained) October 5, 2024
With features like a dedicated block explorer, an Ethereum bridge, and a staking mechanism, Pepe Unchained addresses current market challenges while paving the way for future advancements in the meme coin space.
Investors who stake the tokens can also earn annual staking rewards of 122%.
To participate in the presale, head to the project’s official website and buy $PEPU tokens for $0.00993 each using $ETH, $USDT, $BNB, or bank cards.
You have about 16 hours remaining before the next price hike.
Buy PEPU tokens on the official website here.
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