Altcoins
2 Altcoins to Hold for Potential 100X Return After Bitcoin Halving
The immediate impact of Bitcoin halved wasn’t as impressive as has been the norm with other cycles. However, avid crypto investors will focus on the long-term prospects of the halving. The predicted supply crunch could be a force to be reckoned with in the bull run, not only for Bitcoin but also so that key altcoins are kept as Ethereum (ETH) and Dogecoin (DOGE).
Hoping for a major breakthrough later in the year, the crypto market is showing increasing uncertainty due to investor unrest. Although the color red worries participants, some see the precarious situation as the ideal time to DCA and buy altcoins in order to aim for a profit potential greater than 100X.
Bitcoin price is hovering at $64,542 after correcting from a weekly peak above $67,000, while Ethereum sits below $3,200. Altcoins are the hardest hit by the headwinds, with some tokens seeing double-digit losses.
Identifying which altcoins to hold during this uncertain time could work for long-term investors.
1. Ethereum (ETH) Tops the List of Altcoins to Hold
Optimism for a spot Ethereum exchange-traded fund (ETF) accelerated in the first quarter after the Securities and Exchange Commission (SEC) approved a number of Bitcoin ETF.
Several potential ETH ETF issuers have asked the agency for permission to operate the products in the United States. Market sentiment on Ethereum has improved significantly, with experts predicting a BTC ETF-like impact on the price of Bitcoin, which hit a new all-time high of $73,837 in March. CoinGecko the data shows.
However, according to the latest report, the SEC may decide to refuse Ethereum ETF. The report published by Reuters cited ETF issuers and other companies saying the regulator was unwilling to meet with them.
So far, nine companies have filed proposals with the SEC to list Ethereum ETFs, including VanEck and ARK Investment Management. Spot ETFs track the price of Ethereum in real time.
The Money Flow Index (MFI) below the 40 mark strengthens the bearish hold on Ether. In other words, there is more money flowing out than in the Ethereum markets, putting more pressure on the price which is currently 24% below the 2024 high of $4,089. also below two bull market indicators, the 20-day exponential moving average (EMA) and the 50-day EMA (the blue and red lines on the chart).
Ethereum Price Analysis Chart | Commercial view
The correction could prove profitable if the Ethereum price gains momentum following the formation of a falling wedge. A break above the upper trendline could encourage traders to buy ETH bet on a trend reversal towards the $4,000 mark.
2. Dogecoin (DOGE)
Dogecoin’s trading activity increased significantly, with a 10% increase in volume, totaling $1.38 billion, despite a drop in its price. As the 8th largest cryptocurrency by market capitalization, Dogecoin now boasts a market value of approximately $21.53 billion.
Over the past week, Dogecoin’s value displayed considerable volatility, oscillating between $0.14 and $0.16, ultimately resulting in an increase of almost 2%.
If Dogecoin’s value remains above $0.14, there is growing expectation that this could fuel further gains. This stability could pave the way for a rise towards the $0.8 mark, which could open the door to the $1.00 level for the foreseeable future.
On the other hand, increasing bearish trends could bring Dogecoin back to its support level of $0.14. Continuing downward trends could push its value further down, reaching a low of $0.11 in the coming weeks.
Dogecoin Price Prediction Price Chart
Dogecoin’s daily technical indicators show a prolonged period of volatility as the cryptocurrency continues to fluctuate within a tight trading range. The upper Bollinger band stands at $0.2054, while the lower band indicates a support level at $0.132, suggesting that Dogecoin is experiencing a significant level of price movement. Additionally, the Relative Strength Index (RSI) is currently at 41.98, indicating that the asset is neutral.
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