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Carebit (CARE) has taken a deep fall amid the moderate correction in the crypto market today, September 1.

CARE, like most cryptocurrencies, mirrors the price performance of Bitcoin, which has tumbled notably following heightened regulatory and economic uncertainties. After Bitcoin price nosedived from the $27,000 price zone to $25,900, most cryptocurrencies, including CARE, followed suit.

Following today’s chart pattern, it is evident that the CARE market struggles with steep volatility, marked by several sharp spikes and falls.

The non-profit charity token has dropped 34% from its day high of $0.00002706 recorded on August 31 to a low of $0.00002012. As of 1:15 AM EST on September 1, CARE rose sharply to $0.0000259 from $0.00002095, a 23% increase. However, it quickly tumbled again by 26% to $0.00002043.

Carebit CARE Price Performances as Bears Gain More Momentum

Launched in 2018, Carebit is a blockchain-based non-profit organization developed to serve humanity. Through charitable donations to various organizations, Carebit achieves its goal of helping the poor, less privileged, and sick people access the care they need. CARE is the utility that powers the Carebit ecosystem.

Since its launch, CARE has witnessed its fair share of volatility. In the wake of the bear market in November 2022, the token fell nearly 100% (99.96%) from its all-time high of $0.06379 recorded in September 2018 to an all-time low of $0.00001605.

CARE has declined 20% from its past month’s valuation with a nearly 10% seven-day price drop. Interestingly, the token’s trading volume has increased by over 13% in the last 24 hours, suggesting increased trading activity. However, it remains uncertain whether this uptick in trading activity stems from sell or buy transactions.

CARE trades at $0.00002445, nearly a 4% decline in the last 24 hours. But how long will the ongoing depression last? The following analysis could provide hints.

Carebit Falls Amid Soaring Inflation Rate and Dwindling Stock Prices

Carebit’s stunted growth and decline in value could be hinged on the fall in charitable donations witnessed in 2022 due to high inflation and slumping stocks.

According to a June 20 CNN Business report, Americans became less benevolent in 2022 as increasing inflation, high-interest rates, and dwindling stock market significantly impacted charitable giving.

A June 20 publication by Giving USA 2023: The Annual Report on Philanthropy for the Year 2022 reported that the total donations dropped 3.4% from the 2021 record high of nearly $517 billion to $499 billion.

According to the report, the decline in charitable giving only fell three times (in 1987, 2008, and 2009) over the last 40 years.

Charitable giving declined 10.5% (adjusted for inflation) in 2022, escalated by the tumbling stock market. It’s worth mentioning that the S&P 500 recorded steep declines towards the end of 2022 when charitable donations are usually at their peak.

This coincides with November 2022, when the CARE price fell to its all-time low of $0.00001605.

But that isn’t the only factor behind the Carebit price decline, as the decline in stock valuation and high inflation also impacted the crypto market. The crypto market took a deep fall, escalated by the FTX collapse, leading to a massive drop in crypto asset prices, including CARE.

Carebit CARE Price at Cross Roads Amid Heightened Market Uncertainty

Although CARE recorded random recoveries in 2023, the rallies are often short-lived, as the crypto market has been confronted with steep volatility over the past months due to regulatory uncertainty.

Currently, traders move cautiously as the next few weeks may be critical since the upcoming August Consumer Price Index data release would determine the next step in the Fed’s interest rate hike.

Moreover, the following schedule for the SEC’s approval for the numerous spot BTC ETF filings is September 2, 2023.

Therefore, the market faces fear, uncertainty, and doubt (FUD) about the outcome of these decisions. These sentiments have affected trading activities, reflected in the depressing prices.

However, it is worth noting that despite its highly volatile nature, CARE saw notable gains this year. The token reached a high of $0.0001135 on May 1 before regressing. CARE holds an over 8% 1-year price gain. Given these roller-coaster price movements, will CARE stabilize? Let’s see.

Technical Indicators Suggest High Uncertainty in CARE Market

The chart above demonstrates CARE’s market condition today, September 1. The area highlighted in the red rectangle shows scarce (very little) market activity, marked by heightened volatility for CARE over the past months.

Nonetheless, CARE trades within lower and upper Bollinger Bands, suggesting a period of market uncertainty and balanced bullish and bearish actions as buyers and sellers attain equilibrium.

Moreover, the Relative Strength Index is at 40.6, in the neutral zone, confirming the balanced market condition signaled by the Bollinger Bands. The MACD has aligned with the signal line, with multiple fade histogram bars, confirming the heightened uncertainty in the market and reduced market activity.

However, the relative strength index is moving upward, suggesting the entrance of buyers. If buyers increase momentum, CARE could break above the upper Bollinger Band, reclaiming the $0.00003 price.

However, the token’s current market condition calls for caution as there is no telling its following action given the volatility rate. Nevertheless, investors can explore alternatives, like Wall Street Memes, with lesser uncertainty and a more straightforward price trajectory.

Wall Street Memes (WSM) Presale Bucks Prevailing Market Trend, Raises Over $26 Million – The Next Crypto Moon Shot?

Unlike the Carebit coin, Wall Street Memes is designed to thrive at the expense of traditional financial markets. Since launching the presale in May, WSM has recorded remarkable success.

It leverages the high community-engaging power of memes to introduce a fresh perspective in crypto investment, leveling the finance playground for all and sundry.

Given its narrative and the presale timing (introduced in the meme season), Wall Street Memes (WSM) has garnered massive interest among investors. This is evident in the over $26 million raised in the presale stage.

As the presale launches into the final stages, WSM enthusiasts speculate that the token will emerge as the next crypto moonshot, granting early participants massive gains through explosive price rallies.

WSM Prepares for Explosive Rallies as Exchange Debut Approaches

Moreover, only a few days (25) are left before WSM launches on tier-1 cryptocurrency exchanges. The exchange listing would skyrocket the token’s price through vast market exposure and increased demand.

Now in the final stage, WSM tokens trade at $0.0337. This presale stage has created much buzz within the Wall Street Memes community, as many believe the project could achieve its presale hard cap in a few days.

Wall Street memes presale owes much of its success to the robust community of over 1 million crypto enthusiasts. The project aims to build a community of individuals in a movement against the Wall Street narrative, leveraging internet triumph to scale its valuation.

Furthermore, Wall Street Memes transcend beyond the meme narrative. It has introduced a staking protocol that allows WSM holders to receive up to 134% in annual yields for locking their tokens in the staking pool. This utility could reduce short-term token selloffs, ensuring scarcity and price stability.

Visit the Wall Street Memes official website to acquire the tokens before the presale ends.