In approximately 24 hours, the highly anticipated Bitcoin halving is set to occur, as indicated by several calculators such as CoinGecko. This event is believed to spark exceptional enthusiasm for a potential bull market in 2024, driven by a significant increase in Bitcoin’s price to a new record high. While this development mainly concerns Bitcoin, notable altcoins like Solana (SOL) and Shiba Inu (SHIB) are also expected to reach extraordinary levels.
Solana (SOL)
On Thursdays, the value of the popular smart contract token with a market capitalization of $62 billion and a rank of 5th among cryptocurrencies bounced back up to $141, hinting at a possible shift in trends.
Traders are eager to jump back into cryptocurrency trading following a significant spike in volume, which reached $5 billion on CoinMarketCap, marking a 4% rise. The allure of SOL long positions has grown due to a 7.25% price increase, fueled by the strong backing of the ascending trendline.
Over the next few days, Solana’s price behavior could be crucial. If things go well, it might bring us closer to the $200 mark. However, if not, traders should brace for a potential price range between $120 and $150.
If the Relative Strength Index (RSI) continues to rise from its oversold state, Solana’s price may pick up speed and bridge the gap towards $200.
Based on the current arrangement of Solana’s price chart, with the 50-day Exponential Moving Average (EMA) and the 20-day EMA depicted as red and blue lines respectively, it appears that buyers might be facing some challenges in the present market situation.
An additional impetus is needed for Solana’s price to firmly support the bullish prediction of reaching $200 in the long term.
2. Shiba Inu (SHIB)
The Shiba Inu Coin, modeled after popular meme tokens, has shown strength and bounced back despite previous bearish market conditions. This surprising recovery occurred towards the end of the trading day, catching the attention of investors and observers.
Having a market value of around $13.4 billion, it ranks 11th in terms of market capitalization among cryptocurrencies. The trading volume over the past day has dropped slightly by 2.84%, amounting to roughly $565.38 million.
Over the last few days and going back a couple of weeks, SHIB has gone through a quiet phase. This pause comes at a significant moment for the digital currency. Given that the overall cryptocurrency market has seen a decline since April 8, the moves made by investors have become more influential.
Recently on social media X, Marketing Head Lucie of Shiba Inu shared some optimistic words. Amidst a price decrease for SHIB, she reassured investors, hinting at potential future profits.
For the love of God, negative people and fudders , understand that $SHIB has maintained its position for over two years during a drastic bear market.
There is no other direction than up.
The #SHIBARMY are committed and resilient; this is not just a trendy meme thatβ¦
β πππππ | SHIB.IO (@LucieSHIB) April 18, 2024
For more than two years, Shiba Inu has kept a place among the top fifteen largest cryptocurrencies in terms of market capitalization, according to Lucie’s recent announcement. Right now, it ranks 11th on CoinMarketCap’s list.
With a sunny perspective, she is convinced that SHIB will experience significant expansion, leading to a surge in its worth. This viewpoint has struck a chord with traders, instilling renewed confidence and optimism among SHIB investors.
As SHIB attempts to bounce back, it encounters a major hurdle at the $0.000023 mark. Overcoming this barrier could propel its value up to $0.00005, paving the way for a possible surge towards $0.001.
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2024-04-18 21:34