The cryptocurrency industry has embarked on a fresh, bullish run. The prices of digital tokens, including Bitcoin and Ethereum, continue to face upward pressure after Republican Donald Trump emerged as the winner of the 2024 Presidential US elections. Trump is set to become the 47th President of the United States and will take office next year. The billionaire is the only President reelected after facing convictions and multiple assassination attempts within a short span.
Cryptocurrencies and blockchain technology are receiving global approval from individual investors and financial institutions as the US Securities and Exchange Commission officially approved BTC exchange-traded funds earlier this year. Evolving regulatory frameworks and stringent rules for investors and crypto exchanges after the FTX blowout in 2022 played a crucial role in Bitcoin's surge to record highs this year. Trump's reelection is a catalyst for the industry as he has publicly highlighted the benefits of digital tokens in decentralised systems this election cycle. However, persistent fraudulent activities keep many investors from the crypto asset class, especially due to pump-and-dump activity among meme coins. However, some digital tokens are witnessing record support that could be hard to ignore.
First Neiro On Ethereum (NEIRO) Price Reach New Highs
According to an analysis by Inside Bitcoins, First Neiro On Ethereum (NEIRO) is showcasing strong bullish signals. The NEIRO/USD chart revealed that the 50-period moving average recently crossed above the 200-period moving average to create a Golden Cross as the token price soared over 28% in the past week to reach a record high of $0.002134 on November 8 on the back of a boost in trading volume to over $900 million. The analysis highlighted that NEIRO had found support at $0.0014, and a bullish reversal was observed after consolidation around these levels. Furthermore, the MACD (Moving Average Convergence Divergence) indicator, which investors use to determine trade entry and exit points, showed bullish signs after crossing above the signal line. The Golden Cross and intense upward price pressures amid increasing histogram bars could suggest bullish momentum and an impending rise in the token's price. However, note that the Relative Strength Index (RSI) momentum indicator, which investors use to determine overbought or oversold conditions, was 73.41 when the analysis was published. The reading exceeded the overbought threshold of 70, indicating that NEIRO could be overbought in the short term. While this situation could trigger a minor correction before climbing further, the token has surpassed a significant resistance level of $0.0018.
PEPE Unchained Presales Exceed $25 Million
Elsewhere, the new version of the PEPE meme coin, Pepe Unchained (PEPU), witnessed $25 million in presales as top crypto exchanges continued to show interest in listing the new coin. PEPU was founded on a layer-2 solution over Ethereum to facilitate faster transactions at lower fees than the primary Ethereum network, with provisions for scalability. PEPU also offers investors an option to stake their holdings for passive income at up to 153% APY (annual percentage yield). Strong PEPU presales have led experts like 99Bitcoins to forecast that the token could make a $1,000 investment into $10,000 when it launches. PEPU's potential uses and ability to bypass Ethereum's limitations with a higher volume capacity also fuel expectations that it could surpass PEPE as the top frog-theme meme crypto. The bullish sentiment is also evidenced by huge investments as high as $86,000 in one go, according to Etherscan. Investors have just over a day to buy the token for a price of $0.01239 before it increases again. The token will launch soon after the presales end.
Disclaimer: Our digital media content is for informational purposes only and not investment advice. Please conduct your own analysis or seek professional advice before investing. Remember, investments are subject to market risks and past performance doesn't indicate future returns.
