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The Bitcoin price pumped over 3% in the last 24 hours to trade at $57,192.99 as of 7:30 a.m. EST as investors start accumulating the leading crypto following the recent market crash.
While many investors panicked and sold crypto at the beginning of the week, boomers who bought into spot Bitcoin ETF (exchange-traded fund) were unfazed.
Data from Farside shows these investment products recorded zero flows during the market crash on Aug. 6 as ETF holders opted to ride out the storm. That holds out the hope of a less volatile future for major cryptos as institutional adoption increases.
The Bitcoin Price Could Undergo A Strong Move Soon
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price is approaching the major resistance level at $57,737.69. A symmetrical triangle has also formed on the leading crypto’s 4-hour chart, which suggests BTC might undergo a strong move soon.
Should the Bitcoin price breakout towards the upside, it could have the momentum needed to flip the $57,737.69 technical barrier into support. Thereafter, the crypto will have the space needed to potentially rise to as high as $62,372.95 in the following couple of days.
On the other hand, the symmetrical triangle resulting in a price plunge could lead to the Bitcoin price falling to the immediate support level at $52,815.69.
Technicals Suggest The Bitcoin Price Might Keep Rising
From a technical perspective, indicators on BTC’s 4-hour chart suggest the market leader’s price might continue to climb in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing bullish signs.
In the last 48 hours, the MACD line crossed above the MACD Signal line. Traders usually see this technical occurrence as an indication that a crypto has entered a positive trend. What’s more, the growing gap between the two lines suggests BTC’s positive momentum is intensifying.
Throughout the past day of trading, the RSI line also broke above its Simple Moving Average (SMA) line to signal that buyers have gained an upper hand against sellers. With the RSI line positively sloped, it seems bulls are growing their strength against bears as well.
A Promising Alternative Option
While BTC approaches a major resistance level, investors are rushing to buy the new Base meme coin Base Dawgz (DAWGZ), which crypto YouTuber ClayBro says shows expectations of 10x gains on launch.
The Potential To Overtake Brett As The Biggest Base Meme Coin
Base Dawgz (DAWGZ) is a new meme coin project looking to replicate the incredible success of its predecessor Brett, now the undisputed Base chain champion.
Since entering the market, Brett has managed to soar to a market cap of over $939 million, ranking it as the 65th biggest crypto project overall. However, Brett lacks utility and that could hamper its prospects in the long run.
So yesterday was a wild ride huh?
Did you make any gains? 🛩️ pic.twitter.com/RjJ2KZ62kw
— Base Dawgz (@BaseDawgz) August 6, 2024
This is where Base Dawgz has an advantage. Although the meme coin calls the layer-2 Base chain its home, the project’s team plans on expanding the token’s presence to other chains.
The list of additional blockchains include 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 of the project’s supported networks.
An Investor Frenzy Erupts Around DAWGZ’s Presale
More than $2.8 million has been sent to DAWGZ’s ongoing ICO, signaling strong investor confidence in the project’s future.
This bullish momentum is likely to continue as investors not only rush to purchase DAWGZ at ICO prices, but also hurry to get in on the bumper 946% APY on offer to buyers at this early stage.
To become eligible for these rewards, investors can buy the token for $0.007414 via the simple buy widget embedded on the project’s website using either ETH, BASE, SOL, AVAX, or BNB.
Once purchased, the tokens can be locked up via the website’s staking page to unlock the high rewards.
Investors might want to act fast though because DAWGZ’s price is scheduled to increase in less than 6 days.
Purchase and stake DAWGZ for the 946% APY here before its price increases.
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