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The Slerf price soared over 15% in the last 24 hours to trade at $0.1537 as of 7:22 a.m. EST as investors rush to buy the sloth-themed Solana token.
With the recent gain, the SLERF price was able to flip its weekly performance back into the green with a 12% jump. Its monthly performance has also been nudged back into the green.
The Slerf Price Resting On A Recently-Breached Mark
4-hour chart for SLERF/USD (Source: GeckoTerminal)
The Slerf price broke above the major resistance level at $0.1546 in the last couple of hours. It attempted to do the same with the next technical barrier at $0.1634, but failed. This resulted in an immediate pullback. As a result, SLERF is currently resting on the recently-breached $0.1546 mark.
Should the meme coin drop below $0.1546 in the coming 12 hours, the Slerf price could be exposed to the risk of falling to the $0.1458 support. Thereafter, continued sell pressure might then lead to SLERF plunging to as low as $0.1370 in the short term.
This bearish thesis might not play out if the Slerf price closes the next 3 4-hour candles above $0.1546. In this alternative scenario, bulls could decide to re-enter SLERF’s charts to try to push the meme coin’s price above the $0.1634 resistance.
Closing a 4-hour candle above this threshold might then lead to a continued rise for the Slerf price over the following 24 hours.
Technicals Warn That Bulls Are Losing Their Control Of The Slerf Price
From a technical perspective, indicators on SLERF’s 4-hour chart warn that buyers are starting to lose some of their strength. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest the Slerf price’s bullish momentum is losing steam as the meme coin rests on a key support.
In the last couple of hours, the MACD line has started to drop towards the MACD Signal line. Traders generally see the prior falling down to the latter as a sign that a crypto’s positive trend is approaching its end.
RSI readings have also dropped slightly in the last few hours to suggest that bears are starting to chip away at the bulls’ current advantage. The RSI is also in the low 70s to indicate that SLERF is currently overbought.
The latest RSI readings and the overbought signal could be seen as a sell signal by some traders, because both of these metrics are usually seen as an indication that a crypto’s downside potential is greater than its upside potential.
While the Slerf price attempts to keep hold of the $0.1546 support, investors are flocking to the presale for Crypto All-Stars (STARS), which has raised more than $1.3 million.
Uniting Meme Coins Through An Innovative Staking System
Meme coins have been a hot trend in 2024, with several new tokens printing substantial profits for lucky investors. However, the hype around these cryptos is starting to cool down, bringing into question the longevity of these market entrants.
Investors can stake their meme coins for a respectable APY, but finding and keeping track of meme coin staking opportunities can be a daunting task. This is where Crypto All-Stars (STARS) is poised to make an impact.
Through its innovative staking system, the project offers meme coin lovers a single platform to lock up their favorite meme coins for competitive staking rewards. Meme coins including DOGE, SHIB, PEPECOIN, FLOKI, BRETT, MOG, LADYS, TOSHI, COQ, BONK, and TURBO are already support by the platform, with support for more options scheduled for the coming months.
All rewards are paid in STARS, which can also be staked for a staggering 1,133% in annual rewards. Over 649.9 million STARS tokens have already been staked.
The outsized staking rewards are among factors that have attracted analyst attention.
Popular YouTuber Jacob Crypto Bury is among the experts who anticipate great things for the project. In a video to his 42K subscribers, he said STARS has the potential to 10X after launch.
Anyone looking to acquire the meme coin during its presale stage can do so using the simple buy widget embedded on the project’s website.
STARS can be bought using either ETH, USDT, BNB, FLOKI, SHIB, PEPE or DOGE.
Purchase and stake STARS here for the 1,133% APY.
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