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The Bitcoin price plunged 4% in the last 24 hours to trade at $56,582 as of 00:34 a.m. EST, despite a 21% surge in trading volume to $31 billion.
BTC fell briefly to $55,000 on September 4, its lowest since August 8, which reversed nearly all gains in the last month. This comes after steep losses were experienced in U.S. and Asian equity markets on Wednesday morning, with major stocks tumbling almost 10%.
Bitcoin Price Bearish – Bulls Aim For A Rebound
The Bitcoin price has been on a downtrend in the last week, dropping from the $64,000 resistance zone, according to data from GeckoTerminal.
According to yesterday’s analysis, the Bitcoin price tumbled below the $56,000 support zone as BTC touched the lower boundary of the falling channel pattern.
The price of Bitcoin now trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which coincides with the current downtrend.
Moreover, the Relative Strength Index (RSI) is moving towards the 30-oversold region at 34 as selling intensifies.
If the selling continues, the price of Bitcoin could further plunge back to the $54,534 support zone.
However, the RSI now shows that BTC is highly undervalued, which may prompt buyers to start buying at this level. In this scenario, BTC could soar to the $64,000 resistance zone, bulls current target.
Amid tough times for the BTC price, some investors are shifting to the new meme coin project Crypto All-Stars (STARS), which has already amassed over $955K in its presale.
According to Jacob Bury, a prominent crypto YouTuber, $STARS has the potential to soar 10X after its launch.
Crypto All-Stars Closes On $1 Million
Cry͏pto All͏-St͏ars is an i͏nnova͏tive new projec͏t that aims to ͏rev͏o͏lut͏ion͏iz͏e the meme ͏coin s͏pace with ͏its groun͏dbreaking MemeVault ͏ecosystem.
Th͏e M͏e͏me͏Va͏ult Ecosyste͏m re͏pre͏s͏en͏ts a paradi͏gm shift in h͏ow ͏we in͏tera͏ct wi͏th m͏eme co͏ins͏ on the b͏lockc͏ha͏in.͏ It’s not ͏just another s͏taki͏ng platfo͏rm but ͏a revolu͏tion͏ary eco͏system͏ integrating multi-tok͏en,͏ mu͏lti-chain ada͏ptation͏ ͏for meme c͏oins͏.
Crypto All-Stars plans to integrate with big names like $Pepe, #Dogecoin, and #ShibaInu . 🔗
This cross-pollination could skyrocket the platform's visibility and adoption!
— web3telepath (@web3telepath) August 15, 2024
MemeVault allows investors to stake popular meme coins to earn substantial rewards in $STARS, the platform’s native token.
Currently, you can stake meme coins such as Pepe, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. More meme coins will be added in the coming months.
In addition to staking other meme coins, users can also stake their $STARS tokens directly, enjoying an impressive annual percentage yield (APY) of 1,497%.
You can buy $STARS tokens currently for $0.0014191 each. But with a price increase coming in less than 2 hours, act fast to get the meme coin at the best possible price.
Purchase $STARS from the official website here using BNB, USDT, or a bank card.
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