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Despite dropping beneath a major consolidation pattern, traders remain positive on the future outlook of Bitcoin - especially with the block halving quickly approaching.
The number-one-ranked cryptocurrency fell beneath the lower angle of a triangle yesterday, allowing it to dip beneath $60,000 during the fall briefly.
Bitcoin has since recovered as it looks to establish support above $60,000 before the halving on Saturday.
While Bitcoin dips, traders want to buy new meme coins on the pullback.
In particular, Dogeverse ($DOGEVERSE) is turning heads after raising $6.5 million last week, while Slothana also attracts eyeballs with its unique send-to-wallet presale, raising over $10 million.
Bitcoin Struggles After Breaking Consolidation Pattern - Where is the Support?
Bitcoin has been trapped in a consolidation pattern since mid-March when it set a new all-time high price of $73,750.
$BTC has been stuck inside this triangle pattern for the past month but recently collapsed below the lower angle today, hinting that further declines are potentially ahead.
The breakdown of the consolidation pattern was fuelled mainly by instability in the Middle East, causing risky asset sell-offs across all markets.
Looking ahead, if the sellers continue to push prices lower, the first level of support lies at $60,000.
This is followed by $58,355 (Feb 2021 highs), $55,400, $42,145 (late December 2021 highs), $50,750, and $50,000.
On the other side, resistance lies at $61,780, $64,900, $67,500, and $70,000.
What Meme Coins Present Good Buying Opportunities During the Market Crash?
While Bitcoin heads lower, traders are using the dips as profitable buying opportunities moving forward.
However, alternative projects have continued to rise during the market wipeout.
In particular, Dogeverse ($DOGEVERSE) managed to raise over $6.5 million during the market wipeout as traders flocked to its multi-chain meme coin.
In addition, the Solana-based Slothana ($SLOTH) meme coin also shows promise after raising over $10 million this week.
Dogeverse Sees $6.5 Million Raised In 10 Days
A newly emerging multi-chain meme coin is gathering significant momentum after raising an astonishing $6.5 million in just ten days.
Better yet, the rise in fundraising was generated through the market wipeout, demonstrating the extraordinary appeal behind this chain-hopping meme coin.
Dogeverse is the world’s first chain-traveling Doge-related meme coin that’s launching simultaneously on the six biggest blockchain networks after Bitcoin;
- Ethereum
- Binance Chain
- Polygon
- Solana
- Avalanche
- Base
The meme coin represents a leap forward in blockchain interoperability, providing a wide range of choices for users to enhance their trading in terms of speed and transaction costs.
The platform will leverage Wormhole and Portal Bridge technology, allowing $DOGEVERSE holders to easily navigate the different chains effectively.
The multi-chain feature is designed to enhance the Doge-related meme culture and increase liquidity and utility across the industry.
Overall, with $6.5 million already raised, $DOGEVERSE is setting a new standard for crypto ICOs, allowing it to gather support from multiple audiences.
Those looking to purchase $DOGEVERSE can buy it on the project’s website, utilizing Ethereum, Binance Chain, Avalanche, or Polygon.
The token is being sold at $0.000297 during the current presale stage, but the rising pricing strategy means it will increase during subsequent presale stages.
Therefore, those positioning themselves earlier benefit the most from buying early.
Slothana Crosses $10 Million In Unique Presale Offering.
Another meme coin generating momentum this week is Slothana ($SLOTH), a unique Solana-based ICO utilizing a novel “send to wallet” presale strategy.
Pioneered by Book of Memes ($BOME) - which saw extraordinary success after being listed on Binance and reaching a multi-billion dollar market cap - the Slothana presale requires investors to send $SOL to a wallet address to be airdropped $SLOTH when the token launches.
The presale has already raised a sensational $10 million and continues rising with just eleven days remaining to get positioned.
Furthermore, the meme behind the project is highly relatable, depicting an office sloth dreaming of quitting and trading crypto for riches.
With an exceptional marketing team, unique presale mechanism, and relatable meme design, Slothana sets the stage for a fantastic rise during May 2024.
Dan Burgin
Alex Dovbnya
Vladislav Sopov