Investors have the chance to buy meme coins like Shiba Inu (SHIB), Pepe Coin (PEPE), and Dogwifhat (WIF), which offer similar rallying potential alongside Bitcoin.
As the Bitcoin halving approaches at block height 840,000, investors are eager to align themselves with cryptocurrencies that have a history of rallying alongside BTC. Dogwifhat emerges as the leading choice, boasting the title of the most profitable dog-themed meme coin to invest in.
Crypto Market Surges as Bitcoin Approaches $72,000
The cryptocurrency market witnessed a substantial surge on Monday, pushing its total value to $2.8 trillion, mainly propelled by Bitcoin’s resurgence above $72,000. Alongside Bitcoin’s price increase, prominent altcoins such as Shiba Inu (SHIB), Pepe Coin (PEPE), and Dogwifhat (WIF) maintained their upward trends, indicating potential growth opportunities for the week ahead and throughout April.
Bitcoin Halving Countdown: Nine Days Left: The impending Bitcoin halving, expected at block height 840,000, is just around the corner, with the current network standing at block height 838,332. Following the halving, mining rewards for Bitcoin will reduce from 6.25 to 3.15, significantly reducing the supply in the coming months and potentially igniting an exponential rally in both Bitcoin and the broader crypto market.
Altcoins Riding the Momentum: While the halving primarily impacts Bitcoin, historical trends suggest that altcoins like Shiba Inu can capitalize on the positive momentum, experiencing notable increases in value. This article explores three top altcoins poised for growth ahead of the halving, aiming to help investors maximize profits and potentially turn $10,000 portfolios into $100,000 by the end of April.
Bitcoin Price Surges Past $72,000 Ahead of Fourth Halving
Bitcoin’s price has once again surpassed the $72,000 mark after experiencing a correction down to $65,000 at the beginning of April. This fresh uptick in price comes just ahead of the anticipated fourth Bitcoin halving, expected to occur in less than a week.
Similar to previous halving events, investors are strategically positioning themselves to capitalize on the positive momentum in the market. Attention is particularly focused on tokens with a higher correlation index to Bitcoin price, such as meme coins.
Market data from CoinGecko indicates a notable 9% surge in meme coin prices, with dogwifhat leading the pack with a 15% surge. Other related coins showing strong performance on Monday include Joe Boden (BODEN), Degen (Base) (DEGEN), Popcat (POPCAT), and The Dog NFT (DOG).
1. Dogwifhat’s Impressive Performance
Dogwifhat’s trading volume skyrocketed to $711 million in just 24 hours, reflecting a growing interest among investors. This surge in trading activity propelled the market cap to $4.15 billion, positioning dogwifhat as the 30th biggest cryptocurrency.
Some traders may prefer to wait for another confirmation of support around $4 before increasing their exposure. Maintaining several four-hour candle closes above the $4 support level would likely keep dogwifhat buoyant and in the hands of bullish investors, paving the way for the next anticipated move to the all-time high (ATH). Additionally, entering price discovery mode could potentially clear the path for a debut above $10, setting unprecedented records for Solana-based meme coins.
2. Shiba Inu’s Market Fluctuations and Outlook
In the recent hours, Shiba Inu has experienced significant fluctuations in its market value. Starting with a dip to $0.0000274, the cryptocurrency swiftly rose to $0.0000294 before slightly correcting, settling at $0.00002855.
Despite the volatility, trading volume surged by 31.59%, indicating heightened trader interest totaling an impressive $752.92 million in trades over the last 24 hours.
Shiba Inu’s market capitalization experienced a slight decline of 0.68%, bringing it to approximately $16.82 billion, maintaining its position at 12th in market rankings. The circulating supply of SHIB remains vast at 589.29 trillion coins, closely matched by its total supply.
Investors and enthusiasts of the meme-based cryptocurrency are closely monitoring these rapid changes, reflecting the dynamic and often unpredictable nature of the cryptocurrency market.
Shiba Inu Coin faces a crucial resistance point at $0.000029. A breakthrough above this level could potentially propel its value towards $0.00005, paving the way for an ascent to the elusive $0.001 mark.
3. Pepe Coin Price Analysis: Bullish Pennant Pattern Emerges
For over a month, the price of Pepe coin has been trading sideways, aligning with the two converging trendlines characteristic of a bullish pennant pattern. Additionally, the continuation setup formed above the 50% retracement level signifies a healthy retracement, enabling buyers to regain control over the asset.
On April 5th, Pepe coin witnessed its latest reversal from the pattern’s support trendline, surging by 20% to reach the $0.0000076 mark. If the broader market maintains its bullish momentum, buyers may propel the price up by another 8%, aiming to hit the overhead trendline at $0.0000082.
Pepe weekly chart | CoinGecko
Conversely, should the coin price break below the lower support trendline, it could intensify supply pressure and prolong the current correction. In such a scenario, Pepe coin might decline to the $0.00000313 mark.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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