EigenLayer Price Prediction: EIGEN Soars 9%, But Experts Say This PEPE Upgrade Might Be The Best Crypto To Buy Now
Release: 2024/10/09 16:33 Reading: 351
EigenLayer Price Surges Over 9%, Bulls Eye $4.6730
The EigenLayer price has experienced a significant surge of over 9% within the past 24 hours, reaching a value of $3.72 as of 11:29 p.m. EST. This upward momentum is driven by increasing investor confidence in the altcoin.
Despite the positive 24-hour performance, EigenLayer's weekly price remains in the red, with a loss of over 7%.
EigenLayer Price Tests Key Resistance
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4-hour chart for EIGEN/USD (Source: GeckoTerminal)
EigenLayer is attempting to establish the $3.7215 resistance level as a new support. The formation of higher highs and higher lows within the past 48 hours suggests a potential bullish breakout. If EIGEN manages to close above this resistance, it could extend its rally to as high as $4.6730.
However, failure to break above $3.7215 within the next 12 hours could result in a pullback to the support level of $3.0454.
Technical Indicators Suggest Potential Correction
Technical indicators point towards a potential cooling-off in EIGEN's bullish momentum. Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are showing signs of a slowdown.
While the MACD line remains above the MACD Signal line, the narrowing gap between them indicates a potential reversal to bearishness. The RSI, hovering in the high 50s, suggests that buyers still have the upper hand. However, the negative slope of the RSI line indicates a potential shift in momentum.
Lighthearted Meme Coin Space Prepares for Upgrade
As technicals hint at a possible correction for EIGEN, investors are flocking to a new meme coin project called Pepe Unchained (PEPU) with the anticipation of substantial gains.
Meme coins have emerged as a strong force in the crypto market, generating exponential returns for early adopters. However, the surge in popularity has led to network congestion issues on certain blockchains.
Pepe Unchained aims to address these issues with its layer-2 capabilities. By assuming the transaction processing workload for the meme coin sector, the project provides relief to legacy blockchains.
Initially, Pepe Unchained will focus on migrating the PEPE token to its upgraded framework. This move will bring faster transaction speeds and significantly lower network fees to PEPE users. Subsequently, the project plans to open its network to the broader meme coin sector.
In addition to enhanced scalability, Pepe Unchained's developer grant initiative will encourage the creation of decentralized applications (dApps) within its ecosystem.
Pepe Unchained Presale Exceeds Expectations
Pepe Unchained has raised over $18.2 million through its ongoing presale. Early investors who purchase and stake PEPU during this period will receive an impressive 119% Annual Percentage Yield (APY).
To participate in the presale, investors can visit the project's website and purchase PEPU using ETH, USDT, BNB, or bank cards.
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