Bitcoin is unfortunately down by a total of 5% this week and a further 9% over the past month as it battles with the $26,800 level. However, despite the bearish month, there is a very optimistic setup for Bitcoin, which could result in a rally back above $30,000 and beyond if broken.
The pattern in question is a descending wedge formation, which is a primary representation of consolidation that occurs after a bullish surge and forms before a new bullish rally begins.
Meanwhile, as we wait for the BTC bullish breakout, we’ve identified two promising tokens to buy and hold for higher returns in the coming weeks. These projects show colossal promise and have massive communities backing them, ensuring they have the solid foundation required to succeed.
Keep reading to find the latest BTC analysis and find out the two promising projects we have found for you.
BTC Consolidation Continues: Wedge Breakout to Bring New Bullish Rally?
Despite the bearish feeling over the past few weeks, BTC has been on a wonderful run in 2023. The number-one-ranked cryptocurrency started the year at a price of $16,530 and has since surged by over 60% to reach the current $26,800 level.
Bitcoin reached its 2023 high at $31,000 in mid-April and has since been in a period of consolidation as it moves sideways between $31,000 and $25,850. The period of consolidation has allowed for the following falling wedge to form in the market, which is often a bullish signal once the market breaks to the upside of the pattern;
As you can see, Bitcoin has been trading between the two boundaries of the falling wedge since topping out in April. A breakout beneath the lower boundary of the wedge would be disastrous for Bitcoin – but analysts think it’s unlikely to happen. On the other side, a breakout toward the upside could help kickstart a bullish surge back above $30,000 and potentially allow it to create fresh highs for the token.
Let’s take a closer look at the market and highlight some critical support and resistance levels moving forward.
BTC Price Analysis: $30K Incoming?
With BTC trading in a consolidation period, market participants eagerly await a breakout to dictate the next direction for the token.
Looking ahead, the first level of support is expected at $26,400 – provided by a .618 Fib Retracement. This is followed up by support at the lower boundary of the wedge at around $25,850, which provided solid support for the market during May, allowing bearish pressure to be rejected twice at the level on different occasions.
If the sellers do manage to break beneath the June lows and cause BTC to fall beneath the wedge, support can be expected at $25,415 (May 2022 lows), $25,000, $24,235 (December 2020 resistance), $24,000, and $22,650 (December 2020 support).
Alternatively, if the buyers can find support at the lower boundary of the wedge and rebound, resistance is expected at $26,950 and the upper boundary of the wedge. If a breakout occurs above the wedge, additional resistance lies at $27,750 (Jan 2021 lows), $28,000, $28,225, and $28,650 (June 2021 lows).
If the bullish pressure can drive BTC higher, added resistance lies at $29,350, $29,900, $30,000, and $31,000.
Two Promising Tokens to Watch and Buy While We Wait for Breakout
Overall, a period of consolidation is healthy for the market because it provides a period of recovery for the bulls to reload their coffers for the next bullish run upward. In the meantime, it seems that BTC and ETH investors are starting to park cash back into presales to take advantage of lower early-stage prices while the market moves sideways.
During periods of consolidation, presales have historically been great ways to park BTC and ETH because the market isn’t trading, and it prevents the value from falling lower. Furthermore, once the token hits exchanges (if it’s a good project), it usually explodes to provide presale participants with exceptional returns.
Fortunately, we’ve done some digging and found two up-and-coming presale projects for you to consider during this period of consolidation in Bitcoin.
Wall Street Memes – The New King of Memes
The first promising token we’ve identified is Wall Street Memes, an epic new memecoin that has managed to raise over $4 million in fundraising in just eleven days! As you can imagine, the FOMO is already alive in this project as investors rush to be a part of the next memecoin sensation, making a mockery out of Wall Street.
Wall Street Memes is a project representing the internet’s triumph over capitalism. It was born from the GameStop fiasco in 2021, where the little guy (you and I) went toe-to-toe with the giants on Wall Street and sent some billion-dollar institutions crumbling into bankruptcy. You see, Wall Street thought they were powerful enough to handle the internet, but they didn’t know that we were much bigger than them when we grouped together for the same cause.
With Wall Street being put in its place, Wall Street Memes is tokenizing the movement that sent institutions tumbling in the WSM token while simultaneously allowing people to engage in the speculation with an additional dose of humor to go with it.
The project is a fusion of internet culture, meme-based humor, and intellectual finance. The main aim is to make a mockery of the traditional financial system while providing opportunities for individuals to participate in crypto investments at the same time.
Wall Street Memes is garnering so much momentum due to the vast community behind the project. The new token is connected to Wall Street Bulls, an NFT collection that sold out in 2021 in just 32 minutes. The 420 NFT memes minted have seen a total of 1,800 ETH in trading volume – worth around $3 million dollars at today’s low ETH prices.
Introducing $WSM – yep, we’ve gone and done it.
The community token that’s flipping the Wall Street Memes game upside down! 🐂We have 50% of the #Token supply up for grabs in the #Presale and 30% set aside for rewarding our community.🔥
Let’s make some serious waves together,… pic.twitter.com/fH2TMGmglZ
— Wall Street Memes (@wallstmemes) May 27, 2023
Now, that same community is back and is fully behind Wall Street Memes – as demonstrated by the humongous fundraising achieved in just eleven days. Although the token lacks utility – which is the same as PEPE, DOGE, SHIBA, and any other memecoin you can think of – the project’s strength lies in the robust community behind it. The hype and FOMO generated from this community is truly unprecedented, and some analysts predict at least 10x returns for early-stage presale buyers.
Furthermore, as the project already has well over 1 million across its social media channels, many analysts suggest that this guarantees them a tier-1 exchange listing on launch. In fact, with such a huge following, some analysts expect Binance – the world’s largest exchange – to come knocking on the WSM team door following its launch to take advantage of the enormous expected trading volume.
The presale for WSM is officially underway, selling the token at a price of $0.0271. However, it’s important to note that the presale uses a rising pricing strategy, which means that the cost for the token will increase over the planned thirty presale stages. For example, the current stage is the eighth stage, but once the ninth starts, the price for the token will increase to $0.0274 and will continue to increase until the final stage of $0.0337.
As a result, those investing in the presale during the earlier stages will leave the presale with higher unrealized returns once the token hits tier-1 exchanges.
AiDoge – Using AI to Create a Meme-to-Earn Economy
The second project we found worth buying during the BTC consolidation period is AiDoge, a revolutionary AI-powered meme generation platform. The project allows users to come and generate viral memes in a matter of seconds using artificial intelligence without any previous artistic experience required. Even better is the fact that popular memes created using artificial intelligence can earn rewards in the meme-to-earn economy, providing a secondary income for funny meme creators.
AiDoge is the first cryptocurrency project using artificial intelligence to create memes. The project wants to merge meme culture with artificial intelligence to make its groundbreaking AI-meme rewards platform. Furthermore, the project also intends to open up the meme creation space to a broader audience that doesn’t have the experience required to make memes.
The best thing about investing in this presale is that the token has actual utility through the token-based credit system, which requires users to spend $Ai to purchase credits to use the meme generator. Overall, the project provides an innovative meme generation solution that leverages advanced AI technology, user-friendly prompts, and a token-based credit system to create a thriving crypto community.
The highly user-friendly platform allows users to create memes using text-based prompts. These are short descriptions written by the user to dictate to the AI what type of viral meme needs to be created. The AI will use this prompt to create the meme in a matter of seconds. The advanced AI algorithm that is being used has been trained on an extensive dataset of memes and crypto news, so it knows exactly what its users want to create.
Once a meme has been generated, it’s sent to the Public Wall, which is a shared space that allows the community to upvote their favorite memes. Memes voted to the top of the Public Wall will receive rewards in $Ai tokens each month. This provides an incentive for the community to stay engaged in the project and use the AI to its fullest potential.
The presale for AiDoge is almost complete and has already raised its anticipated fundraising goal. However, you can still purchase the token at presale prices before it is listed on tier-1 exchanges, which is scheduled for June 19th.