Covalent X Token Price Surges But Technicals Suggest Cooling Momentum
The Covalent X Token (CXT) price has been on a roll, surging more than 10% in the last 24 hours. This has added to the altcoin’s positive weekly streak, with CXT up over 27% in the last 7 days.
CXT Forms Ascending Channel
The 4-hour chart for CXT/USD shows the formation of an ascending price channel, with multiple higher highs and higher lows. CXT has overcome the major resistance level at $0.06793 and is attempting to break through the next barrier at $0.07391.
A successful breakout above $0.07391 could propel CXT towards $0.07989. However, a rejection at this level could invalidate the bullish thesis.
On the downside, traders might take profits from the rally, pushing CXT back to $0.06793. Further selling pressure could lead to a decline towards $0.05985.
Technical Indicators Suggest Shift in Momentum
Technical indicators on the 4-hour chart point to a potential cooling off of the bullish momentum. The MACD and RSI are showing signs of diminishing buyer activity.
The RSI has dipped from 65 to 62, suggesting potential overbought conditions. A move below 50 could signal a shift in sentiment. The MACD line is also collapsing towards the MACD signal line, which could indicate the end of the positive trend.
While the technical picture suggests a potential shift in momentum for CXT, other projects like Pepe Unchained (PEPU) are attracting attention.
Pepe Unchained Aims To Upgrade PEPE
Pepe Unchained is a layer-2 meme coin project aiming to elevate the popular PEPE meme coin. It aims to move PEPE transactions off the congested Ethereum mainnet, offering faster and cheaper transactions.
Pepe Unchained will operate in parallel with Ethereum, allowing seamless bridging of assets between the two networks. This provides PEPU holders with the security of Ethereum and faster transaction speeds.
You can find more information about Pepe Unchained on their website: [https://pepeunchained.com/](https://pepeunchained.com/)
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