Solana (SOL), Pepe Coin (PEPE) flaunt important buy the dip opportunities leading to the Bitcoin halving while interest in altcoins surges in April.
STORY HIGHLIGHTS
Bitcoin halving ignites interest in smaller coins like Pepe Coin as investors focus on diversifying portfolios.
Solana price renews the uptrend eyeing new all-time highs at $300 after BTC halving.
Bitcoin respects support at $65,000 ahead of halving allowing investors to DCA.
Investors are waiting with bated breath for the upcoming Bitcoin halving in April. As has been the norm, this event although pertinent to BTC, ignites commendable performance among altcoins buoyed by elevated bullish sentiment among investors. With that in mind, some expert-picked crypto to buy like Solana (SOL) and Pepe Coin (PEPE) stand out flaunting a more than 50x return potential.
Meanwhile, the market is calm after weathering the storm early this week, which temporally changed the outlook as Bitcoin plummeted to support at $65,000 on Tuesday.
For the ardent investor, this is an opportune time to use tried and tested dollar cost averaging (DCA) strategies to maximize profits in the long run.
Bitcoin price is up a modest 0.5% on the day to $65,854 while Ethereum price hovers at $3,317 at the time of writing. Although the majority of altcoins are in the red like XRP, Dogecoin (DOGE), Bitcoin Cash (BCH), and more, some like dogwifhat (WIF), Solana (SOL), and Near Protocol (NEAR) are in the green, and ready for a stronger comeback.
Solana (SOL)
In the last 24 hours, Solana price has sustained a 4.5% increase in value, underscoring another 8% rise in the trading volume to $4.5 billion. SOL holds the fourth-largest cryptocurrency with a market cap of $84 billion.
The four-hour chart highlights a bullish pennant pattern likely to lead to a major breakout gaming for the previous high at $210 in the short term. This pattern allows for consolidation following a substantial price increase.
After taking profits, investors use this period to enter new positions ahead of another bigger breakout. Therefore, as long as SOL repeats the pattern’s lower boundary, a breakout above the upper trendline would be in the offing.
Although currently stuck below the resistance level at $190, strengthened by the presence of the 20-day Exponential Moving Average (EMA) and the 50-day EMA (the blue and red lines on the chart), Solana seems ready to tip the scales to the bullish side.
The Moving Average Convergence Divergence (MACD) indicator would soon back the uptrend, with a signal for traders to buy SOL. A daily close above $190 would mean a solid uptrend is brewing and Solana may gain momentum above $210 to bring levels at $260 and $300 within reach.
2. Pepe Coin (PEPE)
Pepe Coin price is attempting a recovery following a 24% correction from its recent peak of $0.000009. The 200-day Exponential Moving Average (EMA) (the line in purple) serves as the meme coin’s immediate support backing a potential trend reversal.
The token’s position under the previous day’s open implies that sellers are still at play and may continue to influence the outlook of the market. Similarly, the death cross pattern formed after the 20-day EMA (line in blue) dropped below the 50-day EMA is another significant bearish signal likely to keep PEPE suppressed.
Suppose Pepe coin fails to uphold its position above the 200-day EMA support. In that case, traders may want to prepare for another round of declines into the grey band where the meme coin will collect fresh liquidity ahead for the next recovery attempt.
Bitcoin halving will take place in about eight days, according to the CoinGape countdown. This event sees to it that miner rewards are slashed by half to control inflation.
In the process, supply tends to shrink, and with demand remaining the same or increasing, especially due to the Bitcoin ETFs, a parabolic rally could erupt, propelling BTC price to new record highs.
Altcoins like PEPE are also poised to benefit immensely from the market sentiment after halving. If Bitcoin rallies exponentially, prices across the market will also move in tandem and even achieve new all-time highs as the year progresses.
