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The SPX6900 price soared over 16% in the last 24 hours to trade at $0.5981 as of 7:25 a.m. EST as traders go long on the altcoin.
Despite the recent gain, the SPX price was unable to push its weekly performance out of the red. Zooming out to the monthly time frame shows that the crypto is also down more than 21% over the past month.
SPX6900 Price Rises Above A Negative Trend Line
4-hour chart for SPX/USD (Source: GeckoTerminal)
The SPX6900 price managed to rise above a short-term descending trend line and is now attempting to flip the $0.6357 resistance level into support. Overcoming this technical barrier in the next 12 hours could give the crypto the technical platform needed to continue rising and potentially soar to as high as $0.7607 in the short term.
On the other hand, the SPX6900 price failing to establish a position above $0.6357 within the next 12 hours could invalidate the bullish thesis. In this alternative scenario, SPX might stand the risk of testing the support at $0.4356, which also coincides with the recently-breached negative trend line.
Continued sell pressure should the SPX6900 price drop to $0.4356 could push the altcoin’s price down to the next technical crutch at $0.2273.
Technicals Suggest The SPX6900 Price Might Keep Climbing
From a technical perspective, indicators on SPX’s 4-hour chart suggest the crypto might keep breaking away from the descending trend line through the course of the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show bullish signs.
In the last few hours, RSI readings have risen from deep oversold territory below 30 to above 50. Traders usually see increasing RSI readings as a sign of bullish strength. SPX’s price could therefore climb some more in the short term if the indicator’s readings keep going up. The current positive slope of the RSI line suggests this is likely to be the case for SPX now.
The MACD line also crossed above the MACD Signal line in the last couple of hours to trigger a major bullish technical flag. This specific technical event could be followed by a wave of buying activity in the next 24 hours, as it is often seen as a sign that a crypto has entered a short-term bullish cycle.
While the SPX6900 price tries to clear some room between itself and the negative trend line, investors are FOMO buying layer-2 meme coin Pepe Unchained (PEPU) before its listings on multiple top-tier exchange platforms.
A Supercharged Pepe About To Make Waves In The Booming Meme Coin Market
Pepe Unchained (PEPU) is a meme coin projected with unprecedented levels of utility due to its layer 2 capabilities.
On a mission to free the beloved Pepe from the congested and clunky Ethereum mainnet, Pepe Unchained will elevate the Pepe brand to new heights in the Web3 space and unlock a 100-fold increase in transaction speeds while simultaneously slashing network fees.
Additionally, the project’s lightning-quick network will soon play host to the next generation of decentralized applications. This is after the Pepe Unchained team announced the launch of a developer grant program.
With this initiative, approved developers will gain the financial backing to potentially build the next best thing in the crypto space on the Pepe Unchained blockchain.
Pepe Unchained will also compete directly with the Solana meme coin generator Pump.fun following the launch of its own token launchpad.
All of the recent developments combined with the project’s layer 2 capabilities and meme coin appeal have several crypto experts excited.
Among them is an analyst from the 99Bitcoins YouTube channel, which boasts more than 706K subscribers. In a recent video, the analyst said that PEPU is poised for a 100X surge once it officially launches in about 23 days.
Investor Frenzy Erupts Around PEPU As Speculation Of A Binance Or Coinbase Listing Grows
Investors are rushing to buy PEPU during its presale stage while they still can, with Pepe Unchained raising more than $11.89 million in the last week. As a result, Pepe Unchained’s total raise to date stands at more than $40.7 million.
🐸INCREDIBLE!🐸$PEPU just crossed a massive milestone! 40M!!🎉💚
It was only 2 days ago we celebrated 35M and there's no sign of slowing down! 💚🐸
Don't miss out on your chance to get in by grabbing your chunk of the presale here: https://t.co/onpYoXlnyG pic.twitter.com/E2kr5sKxYf
— Pepe Unchained (@pepe_unchained) November 20, 2024
The buying frenzy follows the team’s announcement of the token’s upcoming listings on tier-1 crypto exchange platforms, sparking speculation of a potential listing on Binance or Coinbase, or even both.
If listed on any of the two exchanges, PEPU could undergo a price surge similar to that of PEPE’s parabolic move last week after it made its way onto Coinbase and Robinhood.
Investors still have the opportunity to get in on the meme coin before its launch. Buyers can acquire the token through the widget embedded on the project’s website using either ETH, USDT, BNB or bank card.
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