Five Cryptocurrencies with Poor Performance: Late in the Friday evening, Bitcoin experienced its fourth reduction in mining rewards, transitioning from 6.25 to 3.125 new bitcoins per block at block 840,000. This procedure, which occurs roughly every four years, aims to decrease the production of new bitcoins and manage inflation, thereby increasing the currency’s lifespan.
Based on past patterns, a decrease in Bitcoin supply combined with continuous or rising demand after the Halving usually results in a substantial price rise for Bitcoin as well as other cryptocurrencies.
Although the expected bull market after the halving could boost some altcoins, it’s important for investors to consider that not all may perform well. Therefore, they should explore alternative investment options with greater potential for success.
1) Dogwifhat (WIF)
The cryptocurrency called Dogwifhat (WIF) is built on the Solana blockchain and gained popularity for its lively community and the humorous image of a Shiba Inu donning a hat as its meme. For nearly two weeks now, WIF’s price has been fluctuating between $3.172 and $1.98, indicating strong buying or selling pressure.
The current price of Dogwifhat on the market is $2.86, indicating a potential loss of around 2% during the day. This memecoin boasts a market capitalization of over $2.85 billion and ranks as the 40th largest cryptocurrency in terms of market value.
Based on my examination of the daily price chart, a descending trendline has dominated the market’s corrective phase over the last three weeks. To resume the uptrend, a clear breach above this trendline is required.
2) Bittensor (TAO)
Bittensor (TAO) is a groundbreaking decentralized network for machine learning, aiming to distribute AI model creation and education. The value of TAO tokens started dropping in early March after reaching a peak at $756.8.
After that point, the price of Bittorer has been following a declining trendline, leading to a significant drop of around 40% in its value, now priced at $457. The current market capitalization of Bittorer is reported as $3.05 billion on Coinmarketcap, and its 24-hour trading volume amounts to $41.3 million.
If the selling pressure continues, the TAO price could potentially break through the $400 mark where the 200-day moving average is currently headed, indicating a significant change in market trends towards sellers.
3) Ethena (ENA)
The Ethena (ENA) initiative centers around USDe, a stable and expansive synthetic dollar system within the cryptocurrency sector, which is a part of their cryptocurrency project.
In just two weeks, the ENA experienced a significant decline from its peak of $1.5 down to a low of $0.8, representing a 46% drop. But during this market downturn, the ENA’s price has found some support at that previous low and bounced back above the $1 threshold.
The current market value of Ethena’s coins is approximately $1.43 billion, but the trading volume has decreased by 24% since yesterday, amounting to around $493 million.
If the supply pressure continues, the Enactus Next Acclaim (ENA) price could drop below the $0.8 support level, triggering a downward correction towards $0.6.
4) Pepe Coin (PEPE)
PEPE is a digital currency based on Ethereum, inspired by the popular Pepe the Frog meme created by Matt Furie. Like Shiba Inu and Dogecoin before it, PEPE aspires to join the ranks of prominent meme coins in the crypto world.
In mid-March, the price of Pepe coin began to drop from its highest point of $0.00001084. Since then, its value has decreased by around 50%, leaving it at the current rate of $0.00000538. The total worth of all Pepe coins in circulation is currently estimated to be $2.27 Billion, and there have been trades amounting to $427 Million over the past day.
The downward trend follows a pattern of declining channels, but the price of PEPE stabilizes above $0.000005 due to the support of the 100-day Exponential Moving Average (EMA). If the resistance trendline holds strong, the PEPE price may continue its correction and reach the $0.00000257 mark.
Related Article: Pepe Coin Price Eyes Key Breakout Ahead of Bitcoin Halving
5) Toncoin (TON)
The cryptocurrency Toncoin, which runs on the decentralized blockchain platform The Open Network (TON), was initially created by Telegram, a popular encrypted messaging service. However, Telegram later stepped back from the project, allowing the TON Foundation to take over and rename it as “The Open Network.”
The value of Toncoin is undergoing a noticeable change as its market capitalization nears $21.1 billion. In the past, the price exhibited considerable volatility, with a notable surge to a high of $7.6 followed by a quick drop to $5.
More recently, the TON price showed a significant decline when attempting to touch the support line, indicating a strengthening demand. With the support level having been breached, the TON price might have dropped below $5 instead.
Key Takeaway
On Saturdays, the cryptocurrency market showed little change even after the Bitcoin Halving was finished. Bitcoins price hovered around $63,000, suggesting that the current market compression was still ongoing.
The level of public curiosity about Bitcoin ($BTC) and cryptocurrencies in general has not significantly increased despite the introduction of Bitcoin ETFs and the halving event. This could indicate that we are still at an early stage in the current bull market.
— Ali (@ali_charts) April 20, 2024
Although well-known trader Alicharts points out that Bitcoin ETFs have been introduced and the recent halving occurred, there hasn’t been a significant increase in public searches for Bitcoin and cryptocurrencies. This could mean that the market is still in its early stages of a bull run. The relatively low search interest might be an indication of untapped growth opportunities within the crypto sector.
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2024-04-20 20:14