The latest data from the Consumer Price Index (CPI) inflation report is starting to suggest that the high inflation rate plaguing the economy is showing signs of finally slowing down. The CPI report is a widely followed measure of inflation, and traders typically react to the result every month – with the hope that inflation is starting to ease.
The CPI measures the cost of a basket of goods and services in the economy, and the latest data showed that it increased by 0.4% during the month – which was in line with the estimates placed by Dow Jones. Nevertheless, consumer prices rose 4.9% from the year earlier, down from the 9.1% 40-year high experienced last June – allowing the ten-month trend of declining inflation to continue.
High inflation has crippled the economy in recent months, which caused the US Federal Reserve, the central bank in the United States, to increase interest rates to help slow down consumption to bring down inflation. With the latest data, traders are now hoping that the central bank might start to reduce the interest rate in future FOMC meetings, which should help BTC prices increase again.
BTC Price Prediction: What’s the Path to New 2023 Highs?
Bitcoin surged more than 1% immediately following the announcement of the CPI, pushing the price for the number one ranked cryptocurrency above $28,000. Unfortunately, the market has since reversed, and Bitcoin is now testing the lower boundary of the current range it has been trading in over the past fortnight as buyers attempt to save it from closing beneath the April lows;
The April lows are currently at $26,950, and a daily closing candle beneath this level would signal a downward trend for Bitcoin, shifting the short-term prediction into bearish territory.
If the sellers push beneath the April lows, the first level of support is expected at $26,500. This is followed by $26,000, $25,420 (May 2022 lows), $25,000, and $24,235 (Dec 2020 resistance). Finally, added support lies at $24,000, $22,650 (December 2020 support), and $21,600.
On the other side, the first resistance is located at $27,750. This is followed by $28,225, $28,650, and the upper boundary of the current range at $29,890.
Unfortunately, the RSI is well beneath the midline, indicating that the sellers are in charge of the market momentum. If the RSI continues to drop further, we can expect the bearish pressure to cause BTC to smash beneath the April lows and head lower.
While Bitcoin hangs onto the support, whales are starting to invest in new memecoins as they’re bored with the 2x gains from large market cap projects. So instead of investing in Ethereum or Bitcoin, whales are starting to move into memecoins, and there’s a newly birthed memecoin that’s beginning to gain some serious traction today.
No Meme Token ($NOMEME) – Birthed by Elon Driven By Whales
As Bitcoin continues to battle to hold crucial support, one new memecoin (that’s not a memecoin) is starting to see its price explode – No Meme Token. With the memecoin mania starting to surge after its retracement, whales are looking away from PEPE to hunt for lower market cap gems like No Meme Token – which currently has a sub-$5 million market cap.
The token launched straight onto the Uniswap DEX and instantly surged 700% after Elon Musk tweeted the following;
— Elon Musk (@elonmusk) May 10, 2023
The subtle support from the Tesla CEO instantly sent the cryptocurrency skyrocketing. The Tweet showed a picture of a Milady Maker NFT, a popular collection on OpenSea. As Elon is the most followed individual on Twitter, the Tweet managed to attract over 25 million views with over 200,000 likes. Alongside helping No Meme Token to explode, the Tweet also helped the NFT Price Floor for the NFT collection to surge from a floor of 4 ETH to the current 5 ETH level.
No Meme Token is based on the caption imposed by Musk over the picture of the NFT he shared in his Tweet. With the FOMO starting to kick in, analysts are starting to suggest that this memecoin (which isn’t a meme) could be the next 100x project to invest in;
The FOMO caused a flurry of early-stage investors, attracting a total trading volume of over $30 million and pushing the market cap for NOMEME as high as $9 million – allowing it to reach the top of DexScreener’s top-gainers list;
Furthermore, the fact that NOMEME is yet to be listed on centralized exchanges provides it with future bullish catalysts that will drive the price higher as the GAS fees on the Ethereum network are still sky-high. In addition, whales are flocking to the project, with one even purchasing over $100,000 worth of NOMEME;
$NOMEME Waiting for Its Next Rally: Get Positioned Before the Drive Upward
The market has retraced somewhat from its peak, providing you with a fantastic opportunity to get involved in the next memecoin wave before prices start to run higher again. The project has a simple webpage, providing the easiest way to purchase the token using the integrated Uniswap interface – ensuring you purchase the correct NOMEME token.
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