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The Gas price has experienced a 20% surge over the past 24 hours to trade at $9.18 as of 9:50 p.m. EST as trading volume jumped 714% to $200 million.
The upward trend in price occurs concurrently with a rise in Bitcoin transaction fees, reflecting the same upward trajectory as the Bitcoin price this month.
The excitement surrounding Bitcoin ETFs drove miner fees up to $18.69 in mid-November from a low of $1.125 per BTC transaction on October 27.
GAS Price: Bulls Aim To Reclaim Their Previous High
The recent resurgence of GAS from the $2.05 support level underscores its market strength. However, the primary challenge lies at the $29.4 resistance point.
GAS shows strength by rebounding from the $2.05 support level after a prolonged consolidation, indicating the start of a robust recovery. The price encountered significant resistance at $29.4, allowing the bears to drive the price to the $7.45 support zone. However, the bulls’ resilience suggests a potential bounce from this support level.
The price is trading above the 50-day and 200-day simple moving averages, with the 50 SMA serving as immediate support. This confirms an overall bullish momentum for the GAS price. Additionally, the moving averages signal a crossover at $2.99, indicating the potential for a bullish rally in the weeks ahead.
The Relative Strength Index (RSI) is crucial in assessing the GAS position. Following a rejection at 78, the RSI is bouncing back and trading at 53, above the neutral level of 50. This suggests the need for continued momentum for a sustained upward trend.
Bulls are targeting a breakthrough of the previous high at the $29.3 resistance, potentially paving the way for a new high in 2023 at $0.45. This marks a substantial 65% increase from the current price.
While the bullish outlook is promising, caution is recommended for buyers. A market downturn is possible, especially if bearish pressure persists below the $7.46 support zone. In such a scenario, bulls face additional losses, with the potential for the price to drop to $2.05.
Investors might consider the Bitcoin ETF Token (BTCETF) presale as an alternative to traditional GAS investments.
This coin presents a compelling opportunity to acquire tokens in a project that stands out for its innovation. The BTCETF is designed to reward its holders following the approval of Bitcoin ETFs, with the potential promise of 100X returns.
BTCETF: 3 Hours Left Before Price Hikes, Buy Now
BTCETF is an ERC-20 token that serves as the native currency for the Bitcoin ETF Token presale. As it enters Stage 4, the project has successfully amassed over $1.5 million, closing in on its $1.75 million goal.
You can acquire BTCETF tokens at a current discounted rate of $0.0056. However, it’s crucial to note that this price will increase within the next 3 hours as the presale advances to the next stage.
🚀 Embracing the future of #Crypto with #BTCETF!
As an ERC-20 token on #Ethereum, #BitcoinETF anticipates the imminent #Bitcoin ETFs.
Positioned to leverage their approval, this visionary project offers a gateway to the evolving crypto world. 💡 pic.twitter.com/eiMUbIfXeD
— BTCETF_Token (@BTCETF_Token) November 23, 2023
Stake BTCETF, Enjoy High APY
If you choose to invest in BTCETF tokens, you also have the option to stake them and earn passive income. The team has allocated 25% of the total supply for staking, and currently, 158 million BTCETF tokens have already been staked.
By purchasing and staking your tokens now, you can enjoy an impressive 168% annual percentage yield (APY), surpassing the industry’s average yields. Staking more tokens will reduce the current APY rate, underscoring the advantage of staking early.
The Bitcoin ETF token has garnered substantial interest, with YouTuber Jacob Bury highlighting its potential.
In his recent video, he explores BTCETF and predicts a possible surge in value ranging from 10X to 100X upon launch, mainly if the SEC approves spot Bitcoin ETFs, as it is widely expected to do.
You can easily acquire BTCETF tokens on the Bitcoin ETF Token website by connecting your Web3 wallet and swapping cryptocurrencies such as ETH, USDT, and MATIC. You can also buy using your bank card.
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