The price of the sloth-themed SLERF token surged 15% in the last 24 hours, trading at $0.1537 as of 7:22 a.m. EST.
SLERF Price Growth
With the recent gain, the SLERF price managed to flip its weekly performance back into green with a 12% increase, also improving its monthly performance. The SLERF price broke above the major resistance level at $0.1546 in the last couple of hours but failed to breach the next technical barrier at $0.1634, leading to an immediate pullback.
Technical Indicators Show Weakening Strength
From a technical perspective, indicators on SLERF’s 4-hour chart suggest that buyers are starting to lose their strength. The MACD line has started to drop towards the MACD Signal line, which traders typically see as a sign that a crypto’s positive trend is approaching its end. RSI readings have also dropped slightly, indicating that bears are beginning to diminish the bulls’ advantage. The RSI shows that SLERF is currently overbought, which can be seen as a sell signal by some traders, suggesting a higher downside potential.
Innovative Staking System
Meme tokens have been a hot trend in 2024, yielding substantial profits for investors. However, their popularity is beginning to fade, raising questions about their longevity. The Crypto All-Stars (STARS) project offers an innovative staking system where investors can lock their meme tokens for competitive staking rewards. The platform currently supports a variety of meme cryptocurrencies and plans to expand the list of supported tokens in the coming months.
The SLERF token price has shown significant growth recently, but technical indicators warn of possible weakening momentum for bulls. Meanwhile, innovative platforms like Crypto All-Stars are emerging, offering new staking opportunities for meme tokens.
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