PEPE, Polkadot, ImmutableX, and Bittensor stand out amid a heightened focus on the Federal Reserve meeting and persistent fear within the crypto fear and greed index.
A detailed look into individual cryptocurrencies reveals intriguing trends and future price predictions.
PEPE price paints a bullish setup
Currently trading at $0.0000074, PEPE has seen a 4% increase in the last 24 hours.
This recent uptick comes after a significant drop from its all-time high of $0.0000167, marking a -55.86 % decline. Despite this, PEPE remains over 450% above its yearly open, highlighting its past strength.
The current price action has formed a bullish setup within a descending wedge pattern, a technical formation indicating potential upward movement.
The price has validated key support levels, including a double-bottom pattern that reinforces bullish sentiment.
Additionally, technical indicators, such as RSI and MACD, are showing growing bullish divergence, suggesting an imminent breakout could be on the horizon.
However, this potential breakout might only result in a short-term rally rather than a new all-time high.
The wave count theory indicates that the upcoming breakout could be part of a larger A-B-C correction, with a possible decline following the initial surge.
In the short term, PEPE is predicted to reach $0.0000079 within the next 10 days, with a broader 2024 range forecasted between $0.0000052 and $0.0000119.
Polkadot testing support levels amid bearish sentiments
Polkadot (DOT) is currently priced at $4.19, reflecting a minor 0.48% drop in the last 24 hours.
This decline is part of a broader bearish trend that has seen DOT’s price fall significantly from its all-time high of $53.31, down by -92.14%.
Polkadot recently bounced from the $4 support zone but is struggling to maintain the bullish momentum.
The current trend shows resistance around $4.556 and support near $4.224.
The short-term technical outlook is largely bearish, with 13 out of 17 indicators suggesting sell signals.
The token’s price has formed lower highs and lows since June and the Directional Movement Index (DMI) indicates a downtrend.
However, the Chaikin Money Flow (CMF) indicates significant capital inflow, providing some bullish divergence.
The price is expected to fluctuate between $4 and $4.7 in the near term, with potential resistance at $9.97 if it manages to rally beyond current resistance levels.
For the long term, predictions suggest that Polkadot could see prices ranging from $16.67 to $38.56 by the end of 2024.
ImmutableX rally amid NFT trends
ImmutableX (IMX) has recently emerged as a strong performer, with a 17% increase in the last 24 hours, bringing its current price to $1.43.
This rise comes as a result of a significant 125% surge in NFT sales within its ecosystem, driven largely by the Guild of Guardians Heroes.
Despite this, ImmutableX’s NFT sales have experienced a long-term downward trend, with a 33% drop in the last 30 days.
Short-term technical indicators for IMX are bullish, with 9 buy calls and 6 sell calls from a total of 17 indicators.
The price is currently above the 10, 20, and 50-day EMAs but still below the 100 and 200-day EMAs.
The immediate resistance level for IMX is at $1.57, and if the price breaks above this, it could rise towards $1.80.
Long-term predictions suggest that IMX could hit a range between $1.11 and $2.56 by the end of 2024.
Bittensor signals a strong uptrend amid AI focus
Bittensor (TAO) has experienced a notable 10% increase in the last 24 hours, bringing its price to $315.18.
This recent surge reflects growing interest in AI-focused cryptocurrencies and stocks.
Bittensor’s price is currently down by -56.49% from its all-time high of $724.33.
Technical indicators show a bullish sentiment for TAO, with 10 buy calls and 5 sell calls.
The price is above the 50 and 100-day EMAs but below the 200-day EMA.
Key resistance is at $357.30, with the next level at $414.61.
If TAO manages to maintain its current momentum, it is expected to hit $342.21 in the next 10 days.
Long-term predictions for Bittensor suggest a price range between $225.98 and $522.79 by the end of 2024.
The post PEPE, ImmutableX and Bittensor price surge as Polkadot faces bearish pressure appeared first on Invezz
