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The Wen price surged over 20% in the last 24 hours to trade at $0.0003902 as of 8:50 a.m. EST as investors try to ride the altcoin’s positive streak.

The Wen Price Is Challenging Resistance

MEXC:WENUSDT Chart Image by StevenWalgenbach

4-hour chart for WEN/USDT (Source: TradingView)

The Wen price printed a series of higher lows and higher highs on its 4-hour chart in the last 48 hours, resulting in a positive trend line forming. Should this bullish momentum continue in the next 24 hours, the altcoin may be able to flip the $0.00040385 resistance into support. It could then have the necessary foundation to set a new all time high above its previous peak of $0.0004191.

This bullish thesis might be invalidated if the Wen price is rejected by the $0.00040385 resistance level in the coming 24 hours. Traders may then begin to mitigate their risk by selling some of their holdings in the crypto, which might lead to it correcting to the positive trend line. A break below this point could then signal a bearish shift in the crypto’s momentum, and may be followed by WEN falling to the immediate support level at $0.00024545. 

Traders may identify this potential retracement as a good long entry, which may push WEN’s value back to the aforementioned $0.00040385 resistance level. On the other hand, continued sell pressure should WEN hit $0.00024545 may expose the altcoin to the risk of falling to $0.00017465 in the following couple of days.

The Wen Price Might Keep Rising As Technicals Align Bullishly

Technical indicators on WEN’s 4-hour chart suggest the crypto may keep rising in the coming 24 hours. The Moving Average Convergence Divergence (MACD) line is positioned above the MACD Signal line, indicating that the Wen price has entered into a bullish cycle. Meanwhile, the Relative Strength Index (RSI) shows that buyers have the upper hand against sellers, as evident by the RSI that is positioned above its Simple Moving Average (SMA) line.

Traders and investors will want to keep an eye on both of these technical indicators on the 4-hour chart, because bulls seem to be losing some of their momentum. More specifically, the RSI is negatively sloped towards oversold territory, which may be an early sign of an upcoming bearish trend reversal. In addition to this, the negative gradient of the MACD Histogram suggests WEN’s positive cycle has reached a peak. 

While the Wen price tries to reach a new all-time high, Slothana is looking to become the next meme coin sensation.

The Latest Crypto To Enter The SOL Ecosystem 

Slothana (SLOTH) is the latest crypto to enter the highly-active Solana meme coin ecosystem, and is looking to ride the wave of hype surrounding SOL-based meme cryptos.

The token’s launch comes after several Solana cryptos, including Book of Meme (BOME) and Slerf (SLERF), managed to rake in a substantial amount of funding from eager investors.

Its launch also comes shortly after Dogwifhat (WIF), another SOL meme coin, scored a listing on Binance, the leading crypto exchange in terms of daily trading volume.

Since making its way to the platform, WIF’s price has skyrocketed. The crypto community is now scrambling to try and identify which Solana meme coin may be the next to receive the coveted listing.

SLOTH Raises Over $500k Hours After Launching

Many investors are betting big on Slothana’s chances of becoming the next meme coin that will take the crypto world by storm and achieve that coveted Binance listing. More than $500k has already been poured into Slothana’s presale just hours after the crypto went live, which could indicate that traders expect the altcoin to go viral very soon.

Similar to the presales of SLERF, BOME and PUMP, investors interested in acquiring SLOTH will need to send Solana (SOL) to the project’s address.

Once sent, investors will then receive tokens through the project’s airdrop.

For every 1 SOL token sent to the address, investors will receive 1,000 SLOTH.

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