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The Coinbase Wrapped BTC price posted a 1% gain over the past 24 hours to trade at $58,374.41 as of 7:32 a.m. EST as investors start to buy into the Bitcoin alternative.
Throughout the past trading session, the CBBTC price rose from an intraday low of $57,559.21 to currently trade at its 24-hour high.
The Coinbase Wrapped BTC Price Trades Sideways
4-hour chart for CBBTC/USD (Source: GeckoTerminal)
The Coinbase Wrapped BTC price plunged from a high of $85,424.35 to within a consolidation channel between $57,951.70 and $59,545.15 in the last 24 hours. Should the crypto drop below $57,951.70 through the course of the next trading day, it could be at risk of falling to the key support level at $55,452.80 in the short term.
On the other hand, CBBTC overcoming the $59,545.15 barrier in the next 24 hours could invalidate the bearish thesis. In this alternative scenario, the Coinbase Wrapped BTC price could attempt to flip the $61,390.20 mark into support before potentially re-visiting its earlier high.
Technicals Show The Coinbase Wrapped BTC Price Is Under Bearish Pressure
From a technical perspective, indicators on the crypto’s 1-hour chart show that the Coinbase Wrapped BTC price is currently under severe bearish pressure. More specifically, the 9 Exponential Moving Average (EMA) and the Relative Strength Index (RSI) suggest the crypto has some work to do before it can begin to climb.
The 9 EMA is currently acting as a technical barrier for the Coinbase Wrapped BTC price, with the crypto trading below the indicator. What’s more, the current RSI reading is below 10. This indicates that CBBTC is extremely oversold.
Traders generally see low RSI readings as a buy signal because they suggest that a crypto’s upside potential is greater than its downside potential. However, it is not unusual for the RSI to remain low when a crypto is dumping, which might be the case for Coinbase Wrapped BTC.
One thing to keep in mind is that CBBTC is a new entrant to the market, looking at the lack of price data for the crypto. As such, technical indicators might not tell the full story at this early stage.
While CBBTC tries to find its footing in the market, investors are flocking to new meme coin Crypto All-Stars (STARS), which offers annual staking rewards that are estimated at a stratospheric 1,195%.
The Future Of Crypto Staking
Crypto All-Stars (STARS) is an innovative meme coin project that aims to consolidate staking rewards in a single decentralized platform.
Once launched, investors will be able to earn passive rewards by locking up a variety of popular meme coins including DOGE, SHIB, PEPECOIN, FLOKI, BRETT, MOG, LADYS, TOSHI, COQ, BONK, and TURBO.
Once staked, meme coin lovers will start accumulating rewards that are paid out in STARS. This gives meme coin investors the opportunity to essentially earn compounded rewards on one platform.
This unified staking approach has excited analysts and experts, including popular YouTuber ClayBro. In a video to his 130K subscribers, he said that Crypto All-Stars could shake up the entire meme coin ecosystem.
Investors Rush To Buy STARS Befores Its Price Increases
Crypto All-Stars has raised over $1.2 million through its ongoing ICO so far, signaling strong investor confidence in the project’s future.
With the project’s appeal to meme coin investors, the unified staking system it aims to introduce to the light-hearted sector of the crypto space, as well as the bullish predictions by analysts such as ClayBro, it’s easy to see why investors are betting big on STARS at this early stage.
Anyone looking to buy the token during its ICO phase can do so using the simple buy widget embedded on the project’s website.
Selling for $0.0014419, STARS can be bought using either ETH, USDT, BNB, FLOKI, SHIB, PEPE or DOGE.
Potential investors will want to act fast to lock in the token at the best rate because its price is set to increase in less than 3 days.
Purchase and stake STARS for an APY of more than 1,195% here.
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