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The EigenLayer price soared over 8% in the last 24 hours to trade at $4.04 as of 11:34 p.m. EST as investors rush to buy the crypto.
With the recent surge in the EIGEN price, the project has managed to break into the top 100 list of the biggest cryptocurrencies. Boasting a market cap of $753.6 million, EigenLayer is currently ranked at number 84, according to CoinMarketCap.
The EigenLayer Price Might Be Gearing Up For A Strong Move
1-hour chart for EIGEN/USDT (Source: TradingView)
The EigenLayer price has entered into a consolidation channel between $3.655 and $4.195 in the last few hours. Traders and investors will want to take note of the symmetrical triangle that has emerged on the altcoin’s hourly chart. This specific chart pattern suggests a strong move might be on the horizon for EIGEN, but does not indicate in what direction this move could be in.
If the EigenLayer price breaks out towards the upside, it will likely try to overcome the closest resistance level at $4.195. Climbing to above this point might then lead to EIGEN rising towards the next mark at $4.587 before potentially soaring to as high as $4.978 if the bullish pressure persists.
On the other hand, a breakdown in the EigenLayer price could result in the altcoin dropping out of the current consolidation zone and losing the $3.655 support. Should this happen, the crypto stands the risk of entering into a price discovery phase towards the downside.
Technicals Suggest Bulls Have A Bit More Control Over The EigenLayer Price
From a technical perspective, indicators on EIGEN’s 1-hour chart suggest bulls have a slight upper hand over their bearish counterparts. More specifically, the Relative Strength Index (RSI) and the 9 Exponential Moving Average (EMA) both show positive signs.
Firstly, the EigenLayer price is currently trading above the 9 EMA. Traders generally see this as an indication of bullish momentum, and could subsequently identify the crypto’s current levels as a buy opportunity.
Meanwhile, the RSIon the 1-hour chart is valued at just above the 50 benchmark to signal that buyers have a minor advantage over sellers. However, the negative slope of the technical indicator warns that this might not be the case for much longer.
Nevertheless, the 9 EMA support coupled with symmetrical triangle chart pattern and the RSI reading above 50 suggests that a bullish scenario might be more likely to play out in the coming hours.
As traders wait for a confirmation of which direction EIGEN’s strong move will be in, investors continue to flock to the presale for layer-2 meme coin Pepe Unchained (PEPU).
Bringing Much Needed Scalability To The Booming Meme Coin Space
The meme coin sector has been one of the best performing markets in the Web3 space this year. Investors have poured millions of dollars into the lighthearted subset of the crypto space.
This surge in demand has placed a substantial computational burden on some of the biggest public blockchain networks, including Ethereum, Solana and the TON chain.
Both TON and Solana have experienced outages this year due to the meme coin hype. With its lower transaction processing rate, Ethereum could be the next network to come to a standstill.
This is exactly what Pepe Unchained (PEPU), with its layer-2 network, is trying to prevent. The project aims to ease the transaction processing workload on these public blockchains by offering up additional technical resources dedicated to meme coins.
To start off, Pepe Unchained will focus on the popular PEPE token, which is currently the third largest meme coin by market cap. Thereafter, it will open up its network to any current and future tokens.
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What we're building is not just a new chain, but an entire ecosystem.
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🐸Builder GrantsPepe Unchained is coming. And it's going to shake up the crypto space. pic.twitter.com/ZVnvgO6MGF
— Pepe Unchained (@pepe_unchained) September 26, 2024
Meme coin lovers stand to benefit the most because any meme coin that is deployed or transferred to the Pepe Unchained network will unlock a 100-fold increase in transaction speeds. Additionally, investors will be able to send and receive crypto at much lower costs.
Pepe Unchained is also set to be a utility-centric meme coin blockchain. The project’s team recently launched a developer grant program to incentivize Web3 developers to build decentralized applications on the Pepe Unchained network.
PEPU Presale Goes Parabolic
Pepe Unchained has raised over $16.9 million through its ongoing ICO, as investors bet big on the meme coin’s future. A whale even recently scooped up a substantial amount of the token as well.
Popular YouTuber ClayBro shared his PEPU price predictions in a video to his 130K subscribers, and said that PEPU could undergo a price rally “never seen before” in the crypto market.
To buy PEPU, investors can use the widget embedded on the project’s website. The token is selling for $0.0099 and can be bought using either ETH, USDT, BNB or bank card. Buy before a price hike in a little more than 1 day for the best deal.
Purchase PEPU from its official website here.
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