Join our Telegram channel for the latest breaking news coverage. Spike price surged 16% in the past 24 hours and is currently trading at $0.03412, with trading volume increasing to $7.3 million as of 6:15 PM EST, up 5%.
According to the project's website, Spike is the first recorded drawing of Pepe, created by Matt Furie. "In the cryptocurrency space, original artwork is often the most valuable," the site adds, "Like Cryptopunks, Ethereum, Bitcoin, the first artwork always gets the highest reward... and everything after that is considered derivative."
Spike Price Outlook: SPIKE May Break Out of Descending Wedge Pattern
According to GeckoTerminal, SPIKE price declined slightly after hitting the $0.04354 resistance point. After this peak, bulls and bears fought for control, forming a descending wedge pattern, which is often seen by traders as a potential bullish reversal signal.
SPIKEUSDT analysis. Source: Tradingview.com
Although SPIKE is below its 50-day simple moving average (SMA), it is still above its 200-day SMA, showing some positive momentum. The relative strength index (RSI) has corrected from the overbought area of 70 and is slightly below the midline at 46. Meanwhile, the MACD indicator, although declining, supports the bearish trend with the reduction of green bars and the recent crossover above the signal line, strengthening the bears' confidence.
However, as the MACD remains above neutral levels, there are high possibilities of a rebound in favor of buyers and shifting the momentum towards the bulls.
Spike Price Prediction: Bull rally likely to continue
SPIKE price is poised for a major bull rally. The falling wedge pattern strengthened the bullish momentum and pushed the price towards its previous high of $0.04354. The strengthened momentum could propel the price to a new high of $0.05372 in the coming weeks.
However, if the bears take control, the price could drop to the $0.03286 support level, which is in line with the 200-day SMA. Sustained downward pressure could result in further declines, potentially reaching the upper trendline of the wedge pattern at $0.02919.
Pepe Unchained ($PEPU) pre-sale exceeds $2.4 million
Another memecoin that has surged along with SPIKE is the new memecoin presale Pepe Unchained ($PEPU), which has surpassed $2.4 million in funding.
Pepe Unchained stands out with its native Layer 2 network, which provides significant speed, scalability and lower fees. More importantly, it frees PEPE from its original, cumbersome and restrictive blockchain.
Pepe Unchained has transaction speeds 100 times faster than most Ethereum-based memecoins and includes its own blockchain explorer, significantly improving its transaction capabilities.
Pepe is working hard! His Layer 2 blockchain is coming soon. Stay tuned! ⚒️
Pepe Unchained generously rewards early buyers. Participants of the current pre-sale can purchase meme tokens and take advantage of attractive lock-up opportunities with an annualized yield of up to 783%.
Crypto YouTuber Jacob Bury said Pepe Unchained could become the next 10x PEPE derivative.
Interested investors can purchase PEPU tokens for $0.0082927. However, be quick as there will be a price increase within two days.
Buy PEPU using ETH, USDT, BNB or bank card.
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