Wormhole Price Prediction: W Soars 9% As This Layer-2 PEPE ICO Zooms Past $17 Million
Release: 2024/10/03 16:09 Reading: 972
The Wormhole price rallied over 9% in the last 24 hours to trade at $0.3457 as of 11:31 p.m. EST.
Wormhole Price Analysis
The recent surge in W's price has also pushed it into positive territory on longer time frames, with a 35% pump over the last 7 days and a 64% jump over the past month.
Technical Analysis
However, the Wormhole price is currently facing resistance from a negative trend line on its 4-hour chart. This comes after the altcoin lost support at $0.3760 after briefly breaking above this mark in the last 24 hours. W now 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.
From a technical perspective, sellers seem to have control of the Wormhole price. The Moving Average Convergence Divergence (MACD) is flashing bearish, and the Relative Strength Index (RSI) is on the verge of triggering a bearish technical flag as well.
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 also plunged throughout the past 24 hours. 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.
Pepe Unchained (PEPU)
While Wormhole's positive streak might come to an end soon, the same is unlikely for the layer-2 meme coin Pepe Unchained (PEPU). The project's presale has recently surpassed $17 million.
Pepe Unchained aims to scale the popular PEPE token by creating a layer-2 sidechain on top of the Ethereum network. This will free the frog-themed token from Ethereum's high fees and slow processing times, enabling a 100-fold increase in transaction speeds and allowing investors to 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 lead to a more scalable era for the lighthearted sector.
Pepe Unchained has also announced the launch of its developer grant initiative, which will provide support to developers building decentralized applications on top of the Pepe Unchained network.
Investors Flock to PEPU
Investors have already sent more than $17.1 million to Pepe Unchained's ongoing presale. This support has been fueled by the 126% Annual Percentage Yield (APY) that's offered to ICO buyers who stake PEPU tokens.
How to Purchase PEPU
Investors can purchase PEPU through the project's website using ETH, USDT, BNB, or a bank card. The meme coin is currently selling for $0.00991.
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