Investors have new long opportunities as the crypto market shows signs of renewed recovery, especially with the upcoming Bitcoin halving.
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The potential breakout from the pennant pattern could unleash buying momentum in Floki coin, while the double bottom pattern signals a BONK price rally towards $0.0000378. Additionally, the higher low formation in the daily chart suggests a continued bullish trend for WIF.
Cryptocurrency Market Shows Signs of Renewed Recovery
Following a month-long consolidation, the cryptocurrency market is experiencing a resurgence in the second week of April. The rally in Bitcoin price, surging above $70,000, is driving this renewed buying activity, lifting many major coins as they reclaim lost ground.
Wu Blockchain’s recent tweet highlights a significant bullish sentiment among market participants as Bitcoin surpasses $72,000 and Ethereum breaks above $3,600. Despite experiencing $148 million in liquidations over the last 24 hours, primarily from short positions totaling $103 million, the market sentiment remains positive.
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Binance shows that BTC has broken through $72,000 and ETH has broken through $3,600. In the past 24h, the entire network has experienced a liquidation of $148 million, of which short positions have been liquidated at $103 million.
— Wu Blockchain (@WuBlockchain) April 8, 2024
In contrast, meme coins are witnessing higher momentum, evident from long bullish candles in top assets such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and Bonk. With Bitcoin halving approaching, these altcoins are expected to face further buying pressure, potentially leading to an extended rally.
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Floki: Moving Beyond Meme Status
Floki, a cryptocurrency project named after Elon Musk’s dog, is part of the meme coin trend but seeks to establish itself by offering real-world utility. It distinguishes itself by building an ecosystem that includes an NFT marketplace, merchandise store, and educational platform called Floki University.
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Floki Price Chart| Tradingview
In the past month, Floki’s price has traded sideways, aligning with two converging trendlines of bullish pennant patterns. However, amidst a recent relief rally in the market, the coin’s price bounced off the lower trendline at $0.000184 and surged by 18% to reach $0.000217.
This surge propelled Floki’s market capitalization to $2.08 billion, with a 24-hour trading volume of $16.9 billion. Nevertheless, to regain control, buyers need to surpass the overhead trendline. A breakout beyond this line could trigger a rally, potentially driving Floki’s price to the $0.00038 mark.
BONK: A Community-Focused Memecoin
BONK, a Solana-based memecoin, has garnered attention for its significant value increase and its commitment to being a community-driven project. Unlike some meme coins criticized for their association with venture capitalists or unclear tokenomics, BONK positions itself as a democratic and community-centric alternative.
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Bonk| Tradingview
During the last correction trend, BONK found solid support at the $0.0000212 level, evidenced by two noticeable bounce-backs within three weeks. The recent market upswing further strengthened this trend, driving the memecoin up by 14.4% to reach $0.000024.
Currently, BONK boasts a market capitalization of $1.57 billion, with a 24-hour trading volume of $123 million. A closer look at the daily chart reveals the recent reversal as the formation of a double bottom pattern.
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With this pattern in play, BONK’s price could potentially target $0.0000378, reflecting continued bullish sentiment and market momentum.
Dogwifhat (WIF): Riding the Meme Trend
Dogwifhat (WIF) is a memecoin that has capitalized on the growing popularity of the Solana blockchain’s meme trend. Known for its quirky mascot, a Shiba Inu dog donning a hat, reminiscent of the widely popular doge meme, WIF has garnered attention in the crypto community.
Dogwifhat (WIF)| Tradingview
Over the past three days, WIF has experienced a notable surge in price, climbing from $3.18 to $4.17, marking a remarkable 30% rally. With a market capitalization of $4.7 billion, the Dogwifhat coin has solidified its position among the top 30 largest cryptocurrencies.
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Presently, WIF faces a key resistance level at $4.16, with intraday gains of 10% challenging this barrier. If buyers sustain their momentum, the Dogwifhat price may break through this resistance, paving the way for further recovery. With continued buying pressure, WIF could potentially target $4.8 in the near term.
In Summary
With the Bitcoin halving event approaching in less than two weeks, there’s a surge in buying activity in the cryptocurrency market. Many see this as a chance for Bitcoin to become scarcer, possibly triggering a market-wide recovery. Memes-related cryptocurrencies are leading this upward trend, indicating a favorable time for employing breakout strategies.
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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