The upcoming Bitcoin halving, predicted to occur between April 17 and 21, is generating buzz in the cryptocurrency world and keeping investors on tenterhooks. Anticipation is high, leading many to consider adjusting their crypto holdings by rebalancing and redistributing their investments. This could be a prime opportunity for the biggest Bitcoin bull run yet within the digital asset sector’s history.
Investors can explore profitable opportunities by considering both newly introduced and established tokens, which have the capability to help build a portfolio worth more than $10,000. Some recommended crypto options are Pendle (PENDLE) and Solana (SOL).
Following the significant drop in crypto prices last weekend, there are now numerous chances to purchase at lower costs and expand your crypto investments. In this article, we highlight two tokens that could be worth buying as the market takes a turn for the worse, preparing you for a more robust recovery in 2024.
1. Solana (SOL)
During US business hours on Monday, the optimistic view in the cryptocurrency market is becoming increasingly pessimistic. Previously peaking at over $150, the price of SOL is now dropping and forming a new four-hour candle at around $142.
At a price level of $150, there is significant resistance due to the 0.618 Fibonacci ratio. This could lead to another drop in price down to $120. The fact that the Relative Strength Index (RSI) has turned back down at 41 also supports this possibility. In simpler terms, the price may fall from $150 to $120 because of a strong resistance level and a reversal in the RSI trend.
If the stock price fails to close daily below the RSI trendline’s support or resistance level, it could suggest increased selling pressure in the upcoming trading sessions and potentially beyond.
Over the next few days, the price action will significantly influence Solana’s future trajectory. If the $138 level, representing a 0.786% Fibonacci ratio, holds as support, there is a good chance that Solana will rebound and potentially surge past $200 again in 2024. Keep an eye on other potential supports like the ascending green trendline and the significant buyer congestion observed at $120 over the weekend.
The possibility of SOL reaching its record-high price of $260 by 2024 hinges on the level of investor demand for the token and the overall market conditions following Bitcoin’s upcoming halving event this week.
With a second rise above $200, investors are expected to experience a fear of missing out (FOMO), reinforcing Solana’s robust bullish trend and increasing the likelihood of reaching a new all-time high this year.
2. Pendle (PENDLE)
In spite of the broader cryptocurrency market shrinking, Pendle Coin has experienced a strong rebound since mid-March, increasing by 225% from $2.30 to a peak of $7.53. Nevertheless, a geopolitical crisis in the Middle East led to a brief dip in price down to $4.9, but the coin bounced back above $6.88 once more.
According to the Fibonacci retracement analysis, the Pendle bounced back at the 50% mark of its recent downtrend. This rebound is a sign of a corrective recovery, providing an opportunity for buyers to regain their power. With a daily increase of 1%, there’s a strong possibility that coin buyers will attempt to surpass the resistance level of $7.53.
Additionally, the approaching Bitcoin Halving may boost the Pendle price recovery by broadening its potential for growth.
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2024-04-15 22:11