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The Ondo price dropped 3% in the last 24 hours to trade at $0.6995 as of 00:44 a.m. EST on trading volume that dropped 19% to $83.5 million.
This comes as the meme coin space dropped by about 1.8% to a $44.7 billion market capitalization. Throughout the past 24 hours, meme coin leaders DOGE, SHIB, and PEPE dropped 3%, 1.7%, and 5%, according to CoinGecko data.
Ondo Price Bearish, Aims For A Rebound
The Ondo price went on a correction from Aug. 12, dropping from the $0.78 resistance and finding support at $0.66, according to data from GeckoTerminal.
ONDO bulls used the support zone to push the price on a markup phase back to the resistance zone, forming a bullish rounding bottom pattern. However, Ondo’s price invalidated the pattern’s bullish prospects as it went through a falling channel.
The downtrend has pushed Ondo to trade below the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, suggesting the asset is currently in a short-term bearish trend.
Moreover, the Relative Strength Index (RSI) is dropping as it hurtles towards the oversold region, currently at 38, indicating that ONDO is under intense selling pressure.
If the selling continues, the price of Ondo could plunge further below as the bulls retreat to the $0.66 support.
However, the bulls may take this as a buying signal, with the token now being oversold and undervalued. If the buying begins at this level, ONDO could rebound and breach both the $0.7161 and $0.78 resistance levels to target $0.82.
As the Ondo bulls aim for a rebound, investors are also buying the new PEPE alternative Pepe Unchained (PEPE).
99Bitcoins, a crypto YouTube channel with over 706,000 subscribers, says PEPU has the potential to surge 100X after its launch.
Pepe Unchained Presale Surges Close To $11 Million Mark – Best Meme Coin To Buy Now?
Pepe’s latest and most cutting-edge version, complete with its own layer-2 chain on Ethereum, has now amassed over $10.7 million in its presale.
From its launch, Pepe has maintained positive growth, as it continues to be among the top three biggest meme coins in terms of market capitalization.
However, Pepe is not without shortcomings. The token was originally built on the Ethereum blockchain and has long been confined by its layer-1 technology, which is highly characterized by network delays and rising gas fees.
Pepe Unchained is a token that is based on PEPE devising a plan to break free from his Ethereum chains and embrace the future with Pepe Unchained. Pepe Unchained leverages layer-2 blockchain technology to offer double-stock rewards through its ongoing ICO.
The Way of Pepe: Breaking chains, making gains! pic.twitter.com/j8w3C2HfE6
— Pepe Unchained (@pepe_unchained) August 21, 2024
The project is also set to tackle the scalability, speed, and efficiency issues that often plague meme coins built on layer-1 blockchains like Ethereum. As a result, Pepe Unchained enables investors to seize market opportunities with greater efficiency.
Token holders can also earn passively through the platform’s staking system, which offers 186% annual rewards.
You can buy PEPU tokens for $0.0093105 each. A price hike is happening in about five hours, but you can lock in the best deal now.
Purchase PEPU from the official website here using ETH, USDT, or a bank card.
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