1. Formation of an Ascending Channel
2. Technicals Warn of Seller Control
3. Investors Bet Big on PEPU's Future

Covalent X (CXT) token price surged over 10% in the last 24 hours, reaching $0.06933. This recent spike has added to the altcoin’s positive weekly streak, growing over 27% in the last 7 days.

Formation of an Ascending Channel

The 4-hour chart shows the formation of an ascending price channel for the CXT/USD pair. Multiple higher highs and higher lows over the past days have led to overcoming significant resistance at $0.06793. CXT is now attempting to break the next technical barrier at $0.07391. If the token price closes a 4-hour candle above $0.07391 in the next 24 hours, the crypto might have the room to flip the $0.07989 resistance level into support. However, a rejection from the $0.07391 level might invalidate the bullish thesis. In a more bearish scenario, traders might realize profits from the altcoin’s rally, potentially pushing the price down to the mentioned $0.06793 mark. Continued sell pressure could then result in a drop to as low as $0.05985.

Technicals Warn of Seller Control

Technical indicators on the 4-hour CXT chart warn that the bullish momentum is starting to cool off. Both MACD and RSI indicators show signs of diminishing buyer activity. RSI readings dipped from 65 to 62, with the RSI line leveling off in the low 60s. Since an RSI value above 50 is generally seen as a sign that a crypto is overbought, traders might soon enter short positions for CXT. Meanwhile, the MACD line has collapsed towards the MACD Signal line, suggesting that CXT’s positive trend might be nearing its end. An intersection between these two lines in the next 24 hours could indicate that the Covalent X token price has entered a new bearish cycle. While technicals suggest buyers are losing interest in Covalent X, investors continue to flock to layer-2 meme coin Pepe Unchained (PEPU) as its presale raises over $12 million.

Investors Bet Big on PEPU's Future

Pepe Unchained (PEPU) aims to elevate the popular frog-themed meme coin PEPE. To do this, the project will shift transaction processing off the congested main Ethereum mainnet. Due to Ethereum’s popularity, current PEPE holders face high fees and slow processing times, issues set to be resolved once Pepe Unchained goes live. The project won’t abandon Ethereum completely and will instead operate in parallel with the leading blockchain in terms of Total Value Locked. By acting parallel to Ethereum, Pepe Unchained offers a dual benefit to PEPU holders. Investors can seamlessly bridge their assets between the layer-1 Ethereum mainnet and the layer-2 Pepe Unchained network. Investors can transact with the security of Ethereum while enjoying up to 100 times faster transaction speeds and low costs. Pepe Unchained’s layer-2 side chain and meme coin appeal have analysts excited. Popular YouTuber ClayBro told his 130K subscribers that Pepe Unchained could soon lead the meme coin sector.

The rising Covalent X token price and interest in Pepe Unchained highlight increased investor interest. Time will tell if these projects continue to attract attention.