The Bitcoin halving will take place in April, about four years after the last halving event. Unlike other similar events, BTC hit a new all-time high a few weeks before the 2024 halving due to the approval of a Bitcoin ETF in the United States. The subsequent escalation in investor risk appetite caused by the ETF supported the upward trend, which brought Bitcoin and major altcoins such as Ethereum (SOL), Solana (SOL), XRP, Shiba Inu (SHIB) to new heights. In March, the Bitcoin price peaked at $73,373 for the first time in history, while its market capitalization also hit a new record high of more than $1.4 trillion. However, an increase in profit-taking activities triggered a sharp sell-off, causing the BTC price to fall to $60,000 last week. As of this writing, Bitcoin has recovered significantly but is still struggling at the $70,000 resistance level. Based on Bitcoin's performance after past halvings, investors are worried about finding top altcoins to buy to take advantage of the bull run. With some of the leading tokens like Ethereum, Solana, PEPE, and SHIB, the portfolio’s value could easily grow to over $100,000 in 2024.
1. Ethereum (ETH)
The sell-off around mid-March triggered a huge buying opportunity for whales, but that interest seems to have faded this week. After peaking just below $3,700, a new wave of profit-taking swept through Ether, suppressing the uptrend while a persistent correction formed.
If the rising wedge pattern gets confirmed, Ethereum will trigger another major sell-off targeting the $3,200 and $3,000 support areas respectively.
Ethereum Price Chart | TradingView
The moving average convergence divergence (MACD) indicator confirms the bearish outlook, suggesting further declines from its current market value of $3,527.
However, the sell-off to $3,000 may not be all bad news as investors can use this opportunity to buy more Ethereum in anticipation of a massive parabolic rally following Bitcoin’s halving.
2. Solana (SOL)
The second half of March saw significant volatility for major cryptocurrencies, including Solana. Bitcoin price pulled back sharply to $60,000 but rebounded to over $70,000 within two weeks, creating a sense of unpredictability for market participants. However, despite this consolidation, SOL price is showing an opportunity to push for a directional rebound and form a bullish pennant pattern.
Solana Price Chart | TradingView
Solana token’s rally resumed from the $210 mark amid the recent market correction, moving the price trajectory sideways in the 4-hour chart. The consolidation that bounced off two converging trendlines indicates the formation of a technical chart pattern known as a pennant.
This bullish continuation pattern occasionally develops within an established uptrend, providing buyers with a breathing space to resume bullish momentum. SOL price is currently trading at $181, down 5% intraday and heading towards the lower trendline of the pattern. With a market cap of $80.5 billion, Solana coin continues to maintain its position as the fifth largest cryptocurrency.
3. Pepecoin (PEPE)
Pepe, a popular meme-based cryptocurrency, has seen a bullish trend recently, attracting traders and investors with its upward trajectory. However, the latest developments indicate a rapid change in market dynamics.
The cryptocurrency has experienced a notable correction; currently, the Pepe price is $0.000007708. This is a 6.94% drop, which indicates that the sentiment has turned bearish.
Pepe Coin Price Analysis Chart | TradingView
As the Bitcoin halving event approaches, anticipation is building for a potential uptick in the entire cryptocurrency space, including Pepe. Meme tokens, as well as major cryptocurrencies in the Ethereum and Solana ecosystems, are expected to regain momentum after the recent market correction.
The cryptocurrency market is experiencing quite a correction, with major players such as Bitcoin and Ethereum falling below their respective benchmarks of $69,000 and $3,600. This downturn has led to increased selling pressure, further deepening the overall downturn in the market and affecting the broader cryptocurrency landscape.
4. Shiba Inu
The popular canine meme cryptocurrency Shiba Inu has rebounded from the $0.000024 support level after a two-week correction from the $0.0000458 high. This positive turn has seen the asset’s value rise by 30% in a week and is currently trading at $0.00003. The renewed recovery in the broader market may have influenced the Shiba Inu price reversal, with a target price of $0.000045 if buyers maintain momentum.
The recent cryptocurrency market rally, which has taken Bitcoin from $60,000 to $70,000, has had a considerable impact on the meme coin industry. Prominent tokens of the asset class, including DOGE, SHIBAI, PEPE, and FLOKI, have posted double-digit gains this week, reflecting renewed trader sentiment.
The Shiba Inu price bottomed out in a corrective trend at $0.00002388 before recovering to the $0.00003 mark. The SHIB price rally is likely to intensify after the announcement of a listing on major Australian cryptocurrency exchange Bitcoin.com.au. The development is expected to expand SHIB’s investor base and liquidity in Australia, potentially boosting its adoption and market value.
Shiba Inu Price Chart | TradingView
SHIB price is down 2.4% intraday and is moving back to the lower support trendline of the pattern. If history repeats itself, the coin price could bounce off the rising support with a target of 16% to reach the $0.0000345 resistance level and then $0.000038.
