In April, the crypto market exhibited unclear signs, making it difficult for investors to determine the best course of action. With no clear trend in sight, they are left perplexed about which altcoins to purchase and which to offload.
This is a significant time for numerous investors as the Bitcoin halving, which typically happens about every four years, is predicted to take place within the next week.
Following historical reductions in the availability of Bitcoin, similar to the scarcity of valuable metals such as gold, there’s a strong possibility of a significant price surge.
Previously examined, the value of Bitcoin could surge due to the anticipation of the halving event. However, whether it will have a lasting bullish trend hinges significantly on the decrease in available supply and the resulting uptick in market demand.
With the introduction of Bitcoin ETFs, this upcoming halving event stands out from previous ones due to heightened investor interest. The launch of these financial products could potentially boost demand, leading to conditions favorable for a significant price fluctuation.
Making An XRP Altcoins To Buy Crypto Portfolio
Investors should prepare and grow their cryptocurrency investments beforehand, as the positive effects of the upcoming halving are predicted to occur a few months later and may not be missed if they wait.
For investors pondering over an XRP investment, it’s wise to consider adding other altcoins such as Pepe Coin (PEPE), Cardano (ADA), and Bittensor (TAO) to the mix. Diversification is key in crypto investing, reducing risk and increasing potential for substantial returns.
Since mid-March, the unpredictability of the crypto market has caused XRP‘s price to bounce between two significant points: a support level at $0.5687 and a resistance level based on the 0.5 Fibonacci ratio.
With a Relative Strength Index (RSI) of 39, indicating a neutral yet declining trend, it appears that the market may be headed downward. Furthermore, the appearance of a red candle on the chart during the past four hours suggests that selling pressure could persist in the upcoming trading sessions.
If XRP finishes the day beneath the $0.6 resistance, there’s a risk it could drop lower and potentially test the support at $0.5687 over the weekend.
If Ripple successfully wins its legal battle with the SEC, it could trigger significant growth for XRP. This outcome isn’t certain, but if it happens, it might provide a new surge of energy for the token, potentially pushing its price beyond $10 by 2024.
1. Pepe Coin (PEPE)
Pepe Coin (PEPE) is a unique cryptocurrency that gained prominence due to its cultural and meme-inspired roots, much like Dogecoin. This digital currency thrives on the widespread appeal of the Pepe the Frog meme, an iconic figure in the online world.
The price action of PEPE coin is showing signs of consolidation, which can be observed by the two trendlines coming together in a pennant pattern. Lately, the asset bounced back from the lower trendline at $0.0000634 and climbed to $0.0000722, resulting in a 14% price increase.
Although the PEPE price is currently stuck in a sideways trend within its pennant formation, for it to move beyond this pattern and avoid being trapped, buyers need to push the price up significantly. At present, this memecoin has a market capitalization of $3.03 Billion, while the daily trading volume amounts to $754.2 Million.
If the PEPE coin experiences a strong price increase and breaks above its current resistance level, we can expect the coin’s value to reach around $0.0000132, marking a potential gain of approximately 60% from the current price.
2. Cardano (ADA)
Cardano (ADA) is a well-known blockchain network that prioritizes security and sustainability, using a proof-of-stake method for validating transactions instead of Bitcoin’s energy-consuming proof-of-work system.
The overall direction of Cardano’s price in the mid-term is upward, as indicated by a rising trendline on the daily chart. However, over the past month, there has been a significant correction causing the ADA price to drop from $0.81 down to $0.567, resulting in a 30% decrease.
The correction trend is presently putting pressure on the support trendline, potentially causing this altcoin to drop to a price of $0.46.
At the deadline for this article, Cardano’s (ADA) price stood at $0.584, representing a loss of $0.2 within the day. The crypto boasts a market capitalization of $20.8 billion, maintaining its rank as the tenth largest digital currency in terms of market value.
3. Bittensor (TAO)
Although TAO experienced expansion during the past week, it encountered obstacles over the last month, causing a decrease of over 16%. The stock now hovers near the $590 mark, having bounced back from the $550 mark and lower. This price fluctuation, coupled with heightened market interest and investor optimism, could indicate potential future progressions. However, the conflicting signs serve as a reminder for investors to exercise caution.
If the bearish market condition holds, bullish investors in Bittensor may find it challenging to keep their footing, potentially causing the price to dip back down towards the $550 support mark. Should the bearish sentiment prevail, there’s a good chance TAO‘s price will drop even lower, perhaps reaching a strong support level of $530 in the process.
If the bulls manage to overpower the $600 resistance, they might gain back their power and move forward towards the $700 mark. Holding the price at this point could pave the way for an uptrend, possibly reaching the $800 resistance in a future bullish market.
Beginning April 11, 2024, Binance broadened its support for the altcoin Bittensor, enabling trading on their platform. Notable pairings for TAO are now accessible in the spot trading segment. Moreover, Bittensor has been incorporated into both Binance Simple Earn and Binance Convert.
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2024-04-12 22:04