The cryptocurrency market has lost its excitement as Bitcoin (BTC), the largest digital asset in the world in terms of market value, has entered a period of stability, with its price staying within a narrow range for several months. Despite concerns about the stability of regional banks in the United States and the country’s debt ceiling, the price of BTC has remained stagnant. Binance Coin (BNB) indicates a bearish scenario as well. This lack of movement can be attributed to various conflicting factors in the market. Eventually, certain narratives will take a backseat, leading to a sudden surge in volatility. While Bitcoin and Binance Coin follow a downtrend, the new meme coin Caged Beasts ($BEASTS) is creating much-needed ripples amongst crypto investors and enthusiasts alike.
Bitcoin Remains Stagnant
Bitcoin (BTC) has remained below $27,000 as Jerome Powell, the Chair of the U.S. Federal Reserve, mentioned the possibility of the central bank easing back on interest rate hikes due to stress in the banking sector and the need to control high inflation. The leading cryptocurrency by market capitalization has recently been trading at approximately $26,800, experiencing a modest increase of around 0.3% within the last 24 hours, according to data from CoinDesk.
BTC’s price briefly reached nearly $27,200 on Friday morning when Powell, along with former Fed Chair Ben Bernanke, made remarks at the Thomas Laubach Research Conference, suggesting that interest rates may not need to rise as high as initially anticipated due to credit stress.
Binance Coin Anticipating Bearish Trend
The price of Binance Coin has displayed an upward trend, which may appear bullish at first glance. However, upon closer examination, a bearish pattern is emerging. If this setup breaks down, it could trigger a significant correction for the exchange token. This technical formation, indicating a bearish scenario, predicts a 25% decline upon breaking the lower trend line. The target price of $236 is calculated by measuring the distance between the first peak and trough to the breakout point at $300.
As of now, Binance Coin is trading at $310, very near the psychological level of $300. Should there be a clear and definitive daily candlestick closure that converts the current support level into a resistance level, it would serve as confirmation of a bearish breakout. In such a situation, it is highly probable that the price of Binance Coin will undergo substantial declines, aligning with the prevailing negative sentiment in the market.
Caged Beasts Roaring Its Way To Success
Meme coins have become an intriguing phenomenon in the cryptocurrency world. They typically offer their tokens at low initial prices, and their widespread appeal often leads to a surge in purchases. Caged Beasts (BEASTS) is an emerging meme coin that is generating significant interest in the cryptocurrency market.
Caged Beasts (BEASTS) is currently in the early stages of its roadmap, preparing for a potentially prosperous presale. This phase presents an enticing opportunity for investment. Although the BEASTS token may currently be “caged,” once it gains momentum, this new meme coin has the potential to quickly establish itself in the mainstream market, roaring its way to success.
In order to maintain liquidity, Caged Beasts Coin has implemented a strategy where 75% of the funds raised are locked until the release date. This ensures a stable financial foundation for the project. Additionally, 25% of the funds are allocated to the marketing wallet, allowing for effective promotion and outreach.
Caged Beasts Coin places great emphasis on community engagement, fostering an interactive and vibrant ecosystem. The project offers a range of exciting opportunities for community members, including competitions, bonuses, events, voting mechanisms, and exclusive NFT releases. By actively participating in these activities, community members can be part of the thrilling journey and enjoy unique benefits.
To further strengthen the community bond, Caged Beasts coin prioritizes its community by providing them with early access to all announcements and updates. This ensures that community members are at the forefront of the project’s progress and have the opportunity to actively shape its development.
To stay ahead of other investors and participate in this promising project, the best course of action is to sign up with your email address to receive regular updates and stay informed about upcoming developments.
Caged Beasts
Website: https://cagedbeasts.com
Twitter: https://twitter.com/CAGED_BEASTS
Telegram: https://t.me/CAGEDBEASTS
