The cryptocurrency industry has displayed a bearish price action since the month started, indicating increased volatility in the crypto market. After a successful 2023, the industry started the year 2024 positively, highlighting a high possibility of a bull market during the upcoming months.
With the Bitcoin Halving event around the corner, top altcoins have already significant valuations to their respective portfolio and continue to hover close to their upper levels, suggesting the industry is prepared to record a new high.
Ethereum (ETH):
The ETH price has displayed a significant price action since the year 2024 started, highlighting a strong bullish sentiment for the leader of altcoins in the cryptocurrency industry. Further, the Ethereum token is currently trading at a discount of approximately 29% from its previous ATH.
Positively, this altcoin has added approximately 4% within the past seven days and its YTD stands at 53.06%, indicating a bullish price action for this token post-halving.
Despite the technical indicator, MACD, displaying a negative sentiment in the 1W time frame, the altcoin hints at a strong bullish reversal which could result in it achieving a new ATH this year, a jump of approximately 50% in valuation.
Render (RNDR):
The Render token price has successfully achieved a new all-time high this year, indicating a massive rise in the adoption of AI-based cryptocurrencies in the market. Moreover, this category has witnessed significant growth over the past year, highlighting a positive outlook for these altcoins in the coming time.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the histogram, highlighting an increased selling pressure in the crypto industry. Moreover, the averages show a high possibility of a negative price action during the upcoming weeks.
Dogecoin (DOGE):
After displaying a neutral trend for about a year, the memecoin leader, DOGE price started the year 2024 by successfully breaking out of the resistance level at $0.1081. Following this, the bulls recorded a notable run by adding over 100% to its portfolio within the next few weeks.
As the market volatility grew, the bulls faced rejection at the resistance level of $0.22, after which the price lost momentum and started trading under a bearish influence. The Memecoin category is repeating history by displaying a bearish trend during the halving event.
This hints at a high potential of strong bullish price action for the memecoins during the coming time, further making it a top pick for this list as it has a projection between 2X to 5X by the year’s end.
Bitcoin Cash (BCH):
As the hype for BitcoinETF rose, the BCH price recorded a massive uptrend in its valuation, resulting in the Bitcoin Cash token recording a 26-month high in its portfolio. However, the price has displayed a strong bearish reversal over the past seven days, suggesting a negative price action for the token in the coming time.
Positively, the BCH token is highly influenced by the price movements of the leader of the crypto industry, Bitcoin. The market is projected to gain significant traction in the coming time which may result in this altcoin attempting to test its ATH of $4,355 during the upcoming year.
This makes this token a potential 6X trade for its investors during this invested period. Moreover, the technical indicator, MACD, records a constant uptrend with the Cross EMA 50/200-day displaying a high possibility of a Golden Cross in the coming time.
Bittensor (TAO):
The TAO price has gained significant attention from the market over the past few months as the price has added approximately 2,000% during this time. Furthermore, the Bittensor project has a maximum supply of only 21 Million tokens, making it a fundamentally strong project in the crypto industry.
At the time of writing the price of one TAO token was $623.8 and a market capitalization of $4.15 Billion. Moreover, this altcoin has an ATH of $767.68 and currently trades at a discount of only 16.91% from its high, highlighting a strong bullish sentiment for it in the market.
The MACD shows a constant rise in the green histogram, indicating a strong buying pressure for the altcoin in the market. Moreover, the averages show a bullish curve, suggesting the price will continue gaining value in the coming time.
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- Source: https://coinpedia.org/price-analysis/bitcoin-halving-will-fuel-these-major-altcoins-2x-5x-profits-expected/
