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The Wormhole price rallied over 9% in the last 24 hours to trade at $0.3457 as of 11:31 p.m. EST as an investor frenzy erupts around the altcoin.
Along with the recent surge, the W price is also in the green on the longer time frames with a 35% pump over the last 7 days a 64% jump over the past month.
The Wormhole Price Up Against A Tough Barrier
4-hour chart for W/USDT (Source: TradingView)
The Wormhole price is being held back by a negative trend line on its 4-hour chart. This comes after the altcoin lost the support at $0.3760 after briefly breaking above this mark in the last 24 hours. Now, W stands the risk of testing the $0.3205 price point within the next few hours. A break below this level could lead to the crypto dropping to as low as $0.28.
On the other hand, buyers identifying the altcoin’s current levels as a buy opportunity might invalidate the bearish thesis. In this alternative scenario, the Wormhole price could attempt a challenge at the aforementioned descending trend line. Overcoming this obstacle could then give W the room needed to break above $0.3760 and potentially rise to $0.4168.
Wormhole Price Under Bearish Pressure
Sellers seem to have control of the Wormhole price from a technical perspective. In addition to the Moving Average Convergence Divergence (MACD) flashing bearish, the Relative Strength Index (RSI) is on the verge of triggering a bearish technical flag as well.
During the last couple of hours, the gap between the MACD and MACD Signal line has started to shrink, with the prior positioned above the latter. Traders often see this narrowing margin as an indication of a positive trend coming to an end. The MACD line crossing below the MACD Signal line could therefore suggest that W has entered a new bearish cycle.
RSI readings have plunged throughout the past 24 hours as well. As a result, the RSI is about to cross below its Simple Moving Average (SMA) line if buyers do not step in soon. An intersection between these two technical indicators might be seen as a sign that bears have gained an upper hand against bulls.
Wormhole’s positive streak might come to an end soon, but the same is unlikely for the layer-2 meme coin Pepe Unchained (PEPU) as its presale races past $17 million.
Unchaining A Supercharged PEPE That Promises A New Era For Meme Coins
Pepe Unchained (PEPU) is on a mission to scale the popular PEPE token. Up until now, the meme coin has been housed on the congested Ethereum network. This has left the altcoin’s backers with no choice but to put up with high fees and slow processing times.
Through its layer-2 sidechain, Pepe Unchained will free the frog-themed token from Ethereum’s clutches. By shifting PEPE off of its old, clunky blockchain, Pepe Unchained will enable a 100-fold increase in transaction speeds as well as let investors send and receive crypto at a fraction of the cost using PEPU.
Once the project has enhanced PEPE, it will broaden its scope and welcome both current and future meme coins to its network. This will ultimately lead to a more scalable era for the lighthearted sector, which has stood out in the crypto market this year.
Some much-needed utility will also make its way to the meme coin sector, as Pepe Unchained recently announced the launch of its developer grant initiative. Web3 software developers can now submit applications to build decentralized applications on top of the Pepe Unchained network.
YouTuber Claybro told his 130K subscribers in a recent video that Pepe Unchained is “one of the most incredible presales” that he has seen “in a very long time.” He also highlighted the high investor demand for the token, which could have a positive impact on PEPU’s price.
Investors Flock To PEPU At This Early Stage
Investors have already sent more than $17.1 million to Pepe Unchained’s ongoing presale. This positive momentum has been helped by the 126% Annual Percentage Yield (APY) that’s on offer to ICO buyers who stake PEPU tokens.
The Breaker of Chains strikes again!
$17M raised 🏗️ pic.twitter.com/dTpGIkooRO
— Pepe Unchained (@pepe_unchained) October 2, 2024
Anyone can get in on the high staking rewards. To get started, investors will simply need to purchase PEPU via the simple buy widget embedded on the project’s website.
Selling for $0.00991, the meme coin can be bought with either ETH, USDT, BNB or bank card. Once purchased the tokens can then be staked for investors to start earning passive rewards.
Potential buyers who want to lock in the best rate will want to hurry because PEPU’s price will increase with every new stage of its presale. The next hike will come in less than 2 days.
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