Bitcoin Today: //: BTC struggles with resistance and memecoin shoots

2024: BTC struggles with resistance and memecoin shoots up 215%

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September 24, 2024

Stephen Douglas

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Bitcoin Today: 09/24/2024: BTC struggles with resistance and memecoin shoots up 215%
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The price of Bitcoin (BTC) has seen a slight increase in the past 24 hours. According to CoinGecko, one BTC is worth $63,500, up 0.2% in the past 24 hours.

After the strong rise seen after the interest rate cut in the United States, Bitcoin started to face not just one graphical resistance, but two. According to Fernando Pereira, an analyst at Bitget, the first is an upper resistance of a gigantic bearish channel.

“This resistance also targets the first Fibonacci target of the last downward movement. The highest probability is for the price to retreat, potentially falling to $60,000 again,” said Pereira.

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On Tuesday (24), much of the market opened higher. In the Top 10, BNB and Solana (SOL) had the biggest gains of the day, up 2.1% each. Ethereum (ETH) also opened the day in the positive, with a slight increase of 0.1% and its price worth US$ 2,650.

Bitcoin sees slight rise and memecoin NEIRO soars 215%

On the other hand, TON was the only one in the Top 10 to register a drop in the early hours of this Tuesday (24), falling 0.3%, and Monero (XMR) fell 3.7% and led the losses in the Top 100.

Outside of the Top 100, one of the biggest standouts was the memecoin Neiro (NEIRO), inspired by the new dog of the Shiba Inu owner that originated the Dogecoin meme. It has seen a significant increase in its market value recently, with a strong rise of 215% in the last seven days.

According to a Lookonchain X post, a notable transaction took place on the Ethereum network and involved the purchase of over 17 million NEIRO. In total, the whale spent $1.53 million, paying an average price of $0.08662 per token.

This substantial transaction underscores the continued interest and investment in niche cryptocurrencies such as memecoins. Indeed, both established memecoins and pre-sale projects continue to garner large purchase transactions.

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As a result, bullish trends dominated NEIRO trading. Furthermore, the resurgence of interest in memecoins was spurred by recent rate cuts from the Federal Reserve (Fed), suggesting a revitalized market.

Another highlight among memecoins was Dogwifhat (WIF), which recorded gains of 10.9% this Tuesday and had the biggest rise in the Top 100. Dogecoin (DOGE) rose 1.4%, MEW soared 8.4% and NEIRO itself rose 4.1% in the last 24 hours.