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The price of bitcoin bitcoin/”>pumped more than 3% in the past 24 hours to trade at $57,192.99 at 7:30 a.m. EST as investors begin to accumulate the leading cryptocurrency following the recent market crash.
While many investors panicked and sold cryptocurrencies earlier in the week, baby boomers who bought bitcoin in cash ETF (exchange-traded funds) were unfazed.
Data of Far Side Data shows that these investment products saw zero inflows during the August 6 market crash as ETF holders chose to ride out the storm. This offers hope for a less volatile future for major cryptocurrencies as institutional adoption increases.
bitcoin price could experience a strong move soon
<img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="Graphic image of BINANCE:BTCUSDT by Steven Walgenbach" data-lazy-src="https://s3.tradingview.com/snapshots/x/X4vSEGGm.png”/><img decoding="async" src="https://s3.tradingview.com/snapshots/x/X4vSEGGm.png” alt=”Graphic image of BINANCE:BTCUSDT by Steven Walgenbach”/>
btc/USDT 4-hour chart (Source: x/X4vSEGGm/”>TradingView)
He bitcoin The price is approaching the main resistance level at $57,737.69. A symmetrical triangle has also formed on the 4-hour chart of the leading cryptocurrency, suggesting that btc could see a strong move soon.
If bitcoin price breaks out, it could have the momentum needed to flip the $57,737.69 technical barrier into support. From then on, the cryptocurrency will have the necessary room to potentially rally as high as $62,372.95 in the coming days.
On the other hand, the symmetrical triangle resulting in a price drop could lead to bitcoin price falling to the immediate support level at $52,815.69.
Technical data suggests that bitcoin price could continue to rise
From a technical perspective, indicators on the btc 4-hour chart suggest that the market leader’s price could continue to rise in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) indicator and the Relative Strength Index (RSI) indicator are showing bullish signals.
Over the past 48 hours, the MACD line crossed above the MACD signal line. Traders often view this technical event as an indication that a cryptocurrency has entered a positive trend. Moreover, the growing gap between the two lines suggests that btc’s positive momentum is intensifying.
During the last trading day, the RSI line also broke above its simple moving average (SMA) line to indicate that buyers have gained the upper hand over sellers. With the RSI line sloping upward, it seems that the bulls are also increasing their strength over the bears.
A promising alternative option
As btc approaches a major resistance level, investors rush to buy the new meme coin Base Dawgz Base (DAWGZ), which according to cryptocurrency YouTuber ClayBro shows expectations of 10x profits at launch.
The potential to overtake Brett as the meme coin with the largest following
Base Dawgz (DAWGZ) is a new meme coin project that seeks to replicate the incredible success of its predecessor Brett, now the undisputed champion of the Base chain.
Since entering the market, Brett has managed to reach a market capitalization of over $939 million, which places it as the 65th largest cryptocurrency project overall. However, Brett lacks utility and that could hamper its long-term prospects.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”7.037037037037″>
So yesterday was a wild ride huh?
Have you made any progress? image.twitter.com/RjJ2KZ62kw
—Base Dawgz (@BaseDawgz) twitter.com/BaseDawgz/status/1820750081819087224?ref_src=twsrc%5Etfw”>August 6, 2024
This is where Base Dawgz has an advantage. Although the meme coin considers the layer-2 Base chain as its home, the project team plans to expand the token’s presence to other chains.
The list of additional blockchains includes some of the most active and liquid networks in the space, including Avalanche, Solana, Binance Smart Chain, and ethereum.
Powered by Wormhole and Portal Bridge technology, Base Dawgz gives token holders the ability to seamlessly transfer value across all networks supported by the project.
Investor frenzy breaks out around DAWGZ pre-sale
Over $2.8 million has been sent to DAWGZ’s ongoing ICO, indicating strong investor confidence in the project’s future.
This bullish momentum is likely to continue as investors not only rush to buy DAWGZ at ICO prices but also rush to take advantage of the excellent 946% APY on offer to buyers at this early stage.
To be eligible for these rewards, investors can purchase the token for $0.007414 via the simple purchase widget integrated into the project website using eth, BASE, SOL, AVAX or BNB.
Once purchased, tokens can be locked through the website's staking page to unlock high rewards.
However, investors should act quickly as the DAWGZ price is expected to rise in less than six days.
Buy and stake DAWGZ for 946% APY here before its price increases.
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