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The cryptocurrency powering the X community’s multi-chain decentralized NFT marketplace, X, is enjoying a positive market today. While some crypto expert predicts a dipping outlook, X is still shimmering with significant surges in the last 24 hours.
A notable development that could be fueling this surge is Twitter’s rebranding to X and its intentions to implement an in-app trading dashboard.
Following Twitter’s updates, many meme coins, especially Dogecoin and X, have recorded tremendous growth. However, can the X crypto uphold its bullish momentum for long?
X Spikes 65% Up – Will The Bullish Momentum Prevail?
Over the past 30 days, X gained 670.4%, and 1093% in the last 14 days. During the past week, the coin lost 14.6% of its price.
However, within 24 hours, it has increased by 80%. This price movement shows that X’s bullish momentum is stronger than the bears’ pressure on its value.
Today, X is trading at $0.00026 as of 6:46 am EST, with the potential for more significant surges. Further technical analysis could help determine if the bullish momentum will continue or halt.
X/USD Daily Chart
In the chart above, the cryptocurrency trades below the 200-Day Simple Moving Average (SMA) but above the 50-Day SMA. It shows that the overall trend may be bearish, despite the short-term support from the 50-Day SMA.
Correspondingly, the Moving Average Convergence Divergence (MACD) is shifting to bearish momentum, a few pips below the signal line with emergent red histogram bars. This slightly bearish MACD could cause caution as potential downward pressure on X’s price is within reach.
Conversely, the asset’s Relative Strength Index (RSI) is at 59.45, approaching the overbought region, showing increasing buying interest. Despite the bearish trend, the RSI suggests that X may be oversold in the coming weeks, attracting buyers and potentially leading to a price bounce.
Nevertheless, traders and investors should carefully monitor these indicators while considering the factors that could influence these predictions.
X Faces Resistance at $0.000347 – What’s Next?
X is facing resistance at $0.000347, suggesting a potential price pullback as traders may take profit at this level, causing the price rally to struggle.
On the other hand, the coin has support at $0.000172, suggesting a potential price bounce or reversal as this level may attract buyers, preventing further downward movement.
A break above the resistance at $0.000347 could empower the bulls, triggering more rallies in the coming days. Otherwise, X may fall below the support at $0.000172, empowering the bears for further price depreciation.
Meanwhile, moving the regions between the support and resistance levels would allow X to consolidate its current price until a breakout or breakdown occurs. While X’s outlook seems promising, $WSM Presale is projecting high-growth potential for those looking for alternatives to the X coin.
Hottest Presale in 2023, $WSM, Nears Initial Valuation of $21.9 Million
Wall Street Memes token presale has raised over $20.7 million today, selling at $0.0328. The project is a few inches away from achieving its hard cap of $21.9 million since it has raised over $20 million.
WSM is scheduled to grace decentralized exchanges at $0.0331 in three days after the Presale ends. However, investors still stand a chance to get in before the presale ends.
WSM boasts a huge community that would contribute to its success after the Presale. This project could revolutionize the financial system with its meme-driven approach in the cryptocurrency market.
Interested in the soon-to-end $WSM presale? Ape in now with ETH, BNB, USDT, or bank card before it lists on several exchanges.
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