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The SPX6900 price plunged over 11% in the last 24 hours to trade at $0.6522 as of 5:47 a.m. EST as investors dump their holdings in the crypto on the market.
With the steep drop, the SPX price pushed its weekly performance into the red. As a result, the altcoin is down more than 3% over the last 7 days.
SPX6900 Price Forms A Bearish Channel
4-hour chart for SPX/USD (Source: GeckoTerminal)
The SPX6900 price dropped below the support level at $0.7327 and has since printed a series of lower lows and lower highs on the 4-hour chart, resulting in the formation of a negative price channel. Should this bearish trend continue, the crypto might soon lose the $0.6347 support to potentially plunge to as low as $0.5526 in the short term.
On the other hand, the SPX6900 price rising above the upper barrier of the descending price channel could invalidate the bearish thesis. In this alternative scenario, the altcoin might try to reclaim the $0.7327 support. A 4-hour candle close above this price point could give the SPX6900 price the foundation needed to rise to the subsequent barrier at $0.8361.
Technicals Warn The SPX6900 Price Could Keep Falling
From a technical standpoint, indicators on SPX’s 4-hour chart warn the crypto’s price might keep dropping in the coming 24 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are flashing bearish.
In the last few hours, RSI readings have dropped below the neutral 50 mark, suggesting increasing bearish strength. With the negative slope of the RSI line, it seems sellers are still growing stronger. This could lead to additional bearish pressure on the SPX6900 price.
Meanwhile, the MACD line crossed below the MACD Signal line in the last 24 hours. This specific technical development is often interpreted as an indication that an asset has entered a negative cycle. With the gap between the two lines growing, the crypto’s bearish momentum seems to be picking up steam.
While the SPX6900 price stands the risk of dropping even more in the coming 24 hours, investors are flocking to new Pepe derivative Wall Street Pepe (WEPE) for 100X gains.
A Meme Coin On A Mission To Challenge Crypto Whales
Up until now, the crypto trading scene has been dominated by crypto whales who keep all of their next moves a secret. Wall Street Pepe (WEPE), through its growing WEPE Army of degen traders and analysts, aims to bring an end to whales’ dominance in the market once and for all.
I didn’t choose the meme life. The meme life chooses me. 🐸 ⚔️
Join the army: https://t.co/ZDBhKay9ss pic.twitter.com/tTvIF8j7gT
— Wall Street Pepe (@WEPEToken) December 11, 2024
To accomplish this, the meme coin project will provide smaller retail traders exclusive market insights and alpha trade ideas that will enable them to trade like a pro. Anyone that wants to get access to these signals will simply need to purchase WEPE tokens.
Currently selling for $0.0003634, WEPE tokens can be bought using either crypto or bank card using the simple buy widget embedded on its website.
Once purchased, the tokens can also be put to work from day one through an attractive staking initiative currently on offer. Investors who buy and stake WEPE tokens now will unlock a 66% APY, allowing them to generate passive rewards while they wait for all of the alpha trade signals.
Investors Bet Big On WEPE’s Future
Wall Street Pepe’s ongoing ICO is gaining traction at a rapid pace. In just the last 24 hours, the meme coin has raised over $5.5 million. This has pushed its total raise in little over a week to more than $13.6 million. Recently, a whale also executed a massive $264K purchase.
Several crypto experts have stepped forward to share their bullish predictions for WEPE. Among them is prominent YouTuber Austin Hilton. In a recent video, he told his 295K subscribers that WEPE has the potential to “revolutionize the crypto space.”
Several investors in the crypto space have also predicted that WEPE could be the next Pepe Unchained (PEPU). PEPU posted the best presale performance this year after it managed to raise more than $73 million. It has also recorded multiple all-time highs in the last few days following its open market debut.
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