2 Top Altcoins To Hold Targeting 100X Potential In April

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For those new to investing in cryptocurrencies, it can be a challenging and intimidating experience, particularly for individuals moving from the conventional financial sector. The unpredictability attached to digital currencies such as Bitcoin (BTC) and Ethereum (ETH) may deter even seasoned investors. However, with time and experience, managing a diversified crypto portfolio including prominent altcoins can make the process more accessible. This approach allows for dollar cost averaging (DCA), providing opportunities to potentially increase investments in tokens like Solana (SOL) and Ethena (ENA) by 100 times their original value.

Why Should You Be Investing In Top Altcoins To Hold In 2024

In simple terms, the Bitcoin supply will be cut in half during the year 2024, around April 17th. This is an automatic process that happens approximately every four years.

Miners play a crucial role in maintaining the Bitcoin network by confirming transactions and adding new blocks. In return, they receive fresh Bitcoins as compensation. At present, this reward is set at 6.25 Bitcoins per block. Following an upcoming halving event in April, however, this reward will be reduced to 3.125 Bitcoins per block.

To keep inflation in check for the cryptocurrency with a cap of 21 million coins, a process called halving was implemented. Historically, this has resulted in a decrease in supply and an increase in demand, leading to significant price growth and massive rallies for Bitcoin.

Investors should consider adding prominent altcoins such as Solana (SOL) and Etherena (ENA) to their portfolios because these coins often follow Bitcoin’s price movements. Diversification with top-performing altcoins can help mitigate risks associated with investing in a single cryptocurrency.

1. Solana (SOL)

Recently, Solana has experienced a mild surge in trading activity despite a price decline earlier today. This uptick in trading volume indicates a growing curiosity among investors. Surprisingly, the market capitalization steadily climbed up to $75 billion according to CoinMarketCap’s figures.

In simpler terms, the price of Solana has bounced back to $160 multiple times recently, suggesting that it may recover soon. A new candlestick pattern developing over the past four hours on the graph might also be a sign of an upcoming price rise.

If the Relative Strength Index (RSI) currently stands at 35 and isn’t oversold, traders might think about entering into short-term buy positions to amplify the market’s rebound.

2 Top Altcoins To Hold Targeting 100X Potential In April

In simpler terms, having four consecutive daily candles with durations of four hours each close above the purple 200-day moving average (MA) could strengthen the bullish trend. Additionally, the Relative Strength Index (RSI) moving back up into neutral territory and approaching the overbought zone above 70 also suggests a potential positive sign.

Traders might consider taking profits as Solana’s (SOL) price reaches the $185 resistance. However, more daring investors could aim for SOL to surpass $200, which could trigger fear of missing out (FOMO), potentially propelling the price even higher towards a new record high above $260.

2. Ethena (ENA)

Ethanol Abs (ENA) is a cryptocurrency initiative brought forth by Ethana Labs. Their primary goal is designing the USDe protocol, a synthetic dollar system, on the Ethereum network. This endeavor seeks to offer a dependable and expansive substitute for conventional money, all without relying on age-old banking institutions.

A look at the 4-hour chart reveals the ENA price moving in sync with the two trendlines converging in a wedge formation. This pattern, where the price range narrows, is often seen as a sign that an uptrend may be nearing its end, suggesting a decrease in the strength of the bullish forces.

At the time this article is published, Ethena’s coin is priced at $1.4 and has a market capitalization of $1.997 billion. If the predicted wedge pattern continues, the ENA price may fall below its current lower trendline at $1.3. Should this downward trend be reinforced by a significant market downturn, Ethena’s asset could potentially drop as low as $0.86.

2 Top Altcoins To Hold Targeting 100X Potential In April

If the price of ENA breaks its previous upward trendline, the bearish perspective will no longer hold true, allowing buyers to gain confidence and push the price even higher.

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2024-04-10 22:14