Limewire Price Prediction: LMWR Soars 17% To Defy The Crypto Crash As The New Pepe Unchained ICO Goes Parabolic
Release: 2024/06/24 22:51 Reading: 886
The Limewire price surged 17% in the last 24 hours to trade at $0.411 as of 03:50 a.m. EST on trading volume that skyrocketed 90% to $9.2 million.
This comes as the token secured its second new listing in just one week, with LMWR being available on Bitvavo, a leading European exchange with over 1.5 million users.
Limewire Price Bound For A Bullish Rally Over The Falling Wedge
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The Limewire price was in a tear at the beginning of this year, registering new highs every month, soaring to its all-time high (ATH) of $1.79 in April, according to data from GeckoTerminal.
However, the bears took control at this level, driving the token through a retrace within a falling wedge pattern. The bulls have found support around $0.27, which is now pushing the token towards a bullish stance to target prices above the upper boundary of the wedge.
The bearish trend from the ATH is further supported by the token trading below both the 50-day and 200-day Simple Moving Averages (SMAs).
Moreover, the Relative Strength Index (RSI) is rebounding from the 30-oversold level and trading up, currently at 45, a sign of intense buying pressure. If the bulls sustain this momentum, the RSI could soar to the 70-overbought region, an indication of sustained bullish momentum.
The Moving Average Convergence Divergence (MACD) is also bullish, with the MACD line (blue) crossing above the signal line (orange). The bullish crossover the MACD forms encourages the bulls to add to their positions, which could push the price of Limewire up.
Limewire Price Prediction
The Limewire price analysis on the 1-day chart indicates that LMWR bulls are pushing the token above the upper boundary of the wedge, as they target a new ATH at $2.0.
Both the RSI and MACD offer investors positions to add to their investments, which could further propel the token to a new ATH.
However, in a converse scenario, the bears could still exert more pressure at this level, and the token may further retrace to the next support zone at $0.17. The retrace may be supported by the 50-day crossing below the 200-day SMA, forming a death cross at $0.692.
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