As an experienced analyst, I’ve observed the crypto market for years and have seen how Bitcoin halving events can lead to significant rallies in the market. While Bitcoin is currently showing signs of recovery after the April 2024 halving, investors are turning their attention to potential altcoin gains.
As a market analyst, I’ve observed an impressive surge in Bitcoin‘s price today, propelling it above the $65,000 mark. This significant rise has triggered a noteworthy increase of approximately 5% in the total crypto market value, reaching an impressive $2.47 trillion. This bullish trend follows several weeks of uncertainty and losses, particularly for major digital assets such as Ethereum (ETH), Binance Coin (BNB), Solana (SOL), XRP, and others. With Bitcoin making a much-anticipated recovery, tech-savvy investors are eyeing three potential altcoin investments: Terra Classic (LUNC), dogwifhat (WIF), and Floki.
Are These Altcoins To Buy Going To Rally In 2024
The Bitcoin halving that occurred in April 2024 initiated a potential parabolic surge in the cryptocurrency market. Yet, despite this significant milestone, Bitcoin’s price has yet to show clear indications of a substantial rally weeks afterward.
As an analyst, I can tell you that investors holding altcoins, who jumped aboard the bandwagon when Bitcoin reached new all-time highs in Q1, are feeling quite uneasy right now. Market volatility often results in the shaked-out of weaker hands from their positions during uncertain times.
Tech-savvy investors who are well-versed in technology understand the market psychology behind Bitcoin halving events. These investors have closely examined historical price trends, particularly those linked to this significant occurrence in Bitcoin’s life cycle. The effects of a Bitcoin halving typically become apparent several months following the event. This is due to the gradual decrease in supply and increasing demand for Bitcoin that usually results from the halving process.
For many investors, having Bitcoin is essential in building a robust portfolio. Meanwhile, tech-inclined investors view altcoins as an opportunity to earn significant returns, potentially over 50 times the investment during bull markets. By reaping these gains, investors can subsequently reinvest in Bitcoin, preserving and enhancing the value of their crypto assets over the long term.
1. Top Altcoins To Buy – Terra Classic (LUNC)
As an analyst, I believe that based on the current technical setup, the LUNC price is poised for a significant bullish run in May and the following months.
The price of Terra Classic has held strong defense at the support level of $0.0001, as depicted on the daily chart. The recovery from this point is growing more robust, and LUNC may soon surmount the resistance at $0.0001060, signified by the 20-day Exponential Moving Average (EMA), which can be seen as the blue line on the chart.
As a crypto investor, I believe that the Relative Strength Index (RSI) being at 45 and its inclination to bounce back above the midline, adds confidence to the budding bullish trend. If the RSI manages to break past the resistance trendline, it could spark a significant surge in LUNC‘s price, potentially pushing it beyond $0.001.
If the cryptocurrency LUNC manages to surpass the dashed trendline, it could lead to a significant gain of approximately 66%, signaling the confirmation of the double-bottom formation.
2. Dogwifhat (WIF)
Over the past week, the value of WIF digital currency has seen considerable price instability, swinging between $3.30 and $2.70. This volatility underscores the unpredictable nature of digital assets. Of particular note is WIF’s nearly 5% increase in value as it entered a downturn today.
As an analyst, I’ve observed that since reaching its peak of $4.85 on March 31st, the Solana meme coin has experienced rapid shifts between bullish and bearish phases. This volatility is characteristic of meme coins and their tendency to respond dramatically to market sentiment. Although there was a recent dip in price, there’s been a noticeable increase of around 4% over the past month.
With a strong rebound, Dogwifhat may shatter its previous resistance at $3.10. Following this leap, its price might soar towards a fresh high of $4 and even challenge the $5 resistance mark.
3. Floki
During the period of consolidation following Bitcoin’s halving, the majority of significant cryptocurrencies, including FLOKI coin, have moved sideways since April 19th. The price range for this meme coin during consolidation has been limited between approximately $0.000202 and $0.000127.
As a crypto investor, I’ve been observing the daily chart of FLOKI, and I’ve noticed that the price has formed new higher lows. This indicates that buyers are making efforts to regain control and actively accumulate when the price dips. By connecting these lower points with a support trendline, I’ve identified an ascending triangle pattern emerging.
As a researcher studying the chart patterns of cryptocurrencies, I can explain that the consolidation phase, or “chary setup,” suggests an accumulation of buying pressure. This potential bullish momentum is then released when the price breaks through the resistance level at the neckline. If this breakout is sustained, the value of FLOKI coin may rise to $0.00026 and subsequently reach $0.000031.
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2024-05-15 21:46