BITCOIN Outperforms Crypto Market with 17% Gain
The cryptocurrency BITCOIN has experienced a 17% gain in the past 24 hours, surpassing the performance of the broader crypto market. Additionally, BITCOIN’s trading volume of $1.54 million suggests increased interest from traders.
This uptrend in BITCOIN comes as the overall cryptocurrency market shows signs of recovery. BTC’s rally to a monthly high above $27K has resulted in gains for most altcoins, including meme coins like BITCOIN, which have benefited from the shifting investor sentiment.
Compared to other meme coins, BITCOIN has outperformed by achieving double-digit gains. If traders continue to take advantage of this rally, it is likely that the recent upward trend will be sustained.
Will BITCOIN Reach a New All-Time High?
In the past 24 hours, BITCOIN has traded between $0.0576 and $0.0676, indicating mild volatility. Its seven-day gains now stand at 26% following the recent uptrend.
The last time BITCOIN reached an all-time high was on August 20 when it rallied to $0.196. Since then, it has experienced a 65% decrease from those record highs.
Bulls are currently pushing for the price to surpass $0.070, with the coin currently testing a resistance level of $0.068. If another uptrend occurs and successfully breaks past $0.070, the price could reach $0.086.
A new all-time high is possible if there is a breakout past $0.1. As long as the current market support holds and buyer support continues for BITCOIN, there is a likelihood of an upward trend beyond $0.1 in the near future.
Buyers Show Interest in Accumulating BITCOIN
BITCOIN has a Relative Strength Index (RSI) of 68, indicating increasing buying support. However, the RSI has not yet reached overbought levels, allowing for more potential gains for the meme coin.
The RSI line shows a sharp movement north, suggesting an influx of buyers to the market and supporting the bullish thesis.
The Moving Average Convergence Divergence (MACD) also indicates a bullish momentum, with its histograms turning green.
With these indicators pointing towards a bullish momentum, traders should be prepared for another price swing. The critical short-term level to watch out for is $0.070.
Wall Street Memes Presale Nears End with Over $25M Raised
The Wall Street Memes presale is closing in just six days. Investors have a limited time to purchase WSM at the price of only $0.0337 before the token’s listing on Tier-1 exchanges.
The presale for Wall Street Memes began at the end of May and has already raised over $25 million, making it one of the largest and most successful presales of the year.
Unlike most meme coin projects, Wall Street Memes was not solely created as a crypto project. It originated from the famous Wall Street Bets subreddit in 2019 and has since grown into a community with over one million members. Its strong presence on social media positions it for significant growth in the future.
Hot Take: BITCOIN’s Rally Indicates Positive Momentum for Meme Coins
The recent rally in BITCOIN showcases its outperformance compared to other meme coins and the broader crypto market. With double-digit gains and increased trading volume, BITCOIN is attracting the interest of traders.
If traders continue to leverage this rally, it is likely that the upward trend will be sustained. Furthermore, indicators such as the RSI and MACD suggest a bullish momentum for BITCOIN.
As for Wall Street Memes, its presale has been highly successful, raising over $25 million in just a few months. This project stands out from other meme coin projects due to its origins in the Wall Street Bets subreddit and its growing community.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.