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The EigenLayer price pumped over 9% in the last 24 hours to trade at $3.72 as of 11:29 p.m. EST as investors go long on the altcoin.
Despite the good 24-hour performance, the EIGEN price is still in the red by more than 7% on the weekly time frame.
The EigenLayer Price Challenging A Major Resistance
4-hour chart for EIGEN/USD (Source: GeckoTerminal)
The EigenLayer price is attempting to flip the resistance level at $3.7215 into support after it printed a series of higher highs and higher lows in the last 48 hours. Should the crypto establish a position above this major price point, EIGEN could continue climbing through the course of the following trading day to potentially reach as high as $4.6730.
However, sellers succeeding in keeping the EigenLayer price below $3.7215 for the next 12 hours might prevent the bullish move from happening. In this alternative scenario, EIGEN could stand the risk of dropping to the $3.0454 support.
Technicals Warn The EigenLayer Price Might Pull Back Soon
From a technical standpoint, indicators warn that EIGEN’s bullish momentum is cooling off. Along with the Moving Average Convergence Divergence (MACD), the Relative Strength Index (RSI) is also showing negative signs.
With the MACD line currently positioned above the MACD Signal line, it seems that the EigenLayer price is in a bullish cycle. However, the shrinking gap between these two technical indicators warns that EIGEN’s trend could soon undergo a bearish reversal.
Meanwhile, the RSI is valued in the high 50s, which suggests buyers have the upper hand against sellers. This might not be the case for long, however, given the negative slope of the RSI line. If bears continue to push the EigenLayer price down, the RSI might break below the 50 benchmark to indicate that sellers have stolen the advantage.
As technicals warn of an impending correction for the EigenLayer price, investors are flocking to a new meme coin project by the name of Pepe Unchained (PEPU) for potential parabolic gains.
Lighthearted Meme Coin Space About To Get A Serious Upgrade
Meme coins have been among the best performers in the crypto market this year, printing exponential gains for many early investors. This resulted in a surge in hype around these tokens that placed overwhelming demand on several blockchains’ computational resources. Some of these instances led to temporary outages.
In order to prevent any outages in the future, the meme coin space will need to do something drastic. This is where Pepe Unchained (PEPU), with its layer-2 capabilities comes in. By taking over the meme coin sector’s transaction processing workload, the project provides some much-needed relief to legacy blockchains.
Pepe Unchained will initially focus all of its attention on the popular PEPE token, which has climbed the crypto ranks to become one of the largest cryptos by market cap in the meme coin space. Backers of the crypto will soon enjoy a 100-fold increase in transaction speeds and much lower network fees when they transact with Pepe Unchained’s PEPU token.
Once the project has successfully migrated the PEPE ecosystem to an upgraded framework, Pepe Unchained will open up its network to the rest of the lighthearted sector. This will be the catalyst that transitions meme coins into a more scalable era.
In addition to the increased scalability, decentralized applications (dApps) will also be making their way to the Pepe Unchained ecosystem following the launch of the project’s developer grant initiative.
With all of these factors combined, it is easy to see why YouTuber Austin Hilton told his 275K subscribers that he is accumulating more PEPU. He also revealed that he has doubled his initial $10K investment.
PEPU’s Presale Goes Parabolic
After raking in more than $1 million in less than a week, Pepe Unchained has managed to raise over $18.2 million through its ongoing presale. As if its speculative potential was not enough, early investors are also given a 119% Annual Percentage Yield (APY) if they purchase and stake PEPU now.
WOAH!
$18M raised! Pepe Unchained is FLYING. Big things on the horizon. pic.twitter.com/U1C41xkuqD
— Pepe Unchained (@pepe_unchained) October 8, 2024
Anyone can become eligible for these rewards. To get started, investors simply need to purchase PEPU through the buy widget embedded on the project’s website.
Selling for $0.00994, the meme coin can be bought with either ETH, USDT, BNB or bank card. Once purchased, the last step before investors start earning passive rewards will be to lock up the tokens via the website’s staking page.
Buy before a price hike in less than 22 hours to lock in the best deal.
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