The crypto industry has shown bearish price action since the beginning of the month, indicating increased volatility in the crypto market. Following the success of 2023, the industry has started 2024 on a positive note, emphasizing that it is likely to be a bull market in the coming months.
With the Bitcoin halving event just around the corner, the top altcoins, which already have significant valuations relative to their respective portfolios, continue to hover near their upper bounds, indicating the industry is poised to hit new highs. It suggests that it is possible.
Ethereum (ETH):
ETH price has shown significant price movement since the start of 2024, highlighting strong bullish sentiment towards the altcoin leader in the crypto industry. Furthermore, Ethereum tokens are currently trading at a discount of approximately 29% from their previous ATH.
On a positive note, this altcoin is up around 4% over the past 7 days and is up 53.06% year-to-date, indicating bullish price action for this token post-halving.
Despite the technical indicator MACD showing negative sentiment on the 1W time frame, the altcoin is hinting at a strong bullish reversal, resulting in a new ATH this year and an increase in valuation. could increase by approximately 50%.
Rendering (RNDR):
The price of Lender Token has managed to hit a new all-time high this year, indicating a significant increase in the adoption of AI-based cryptocurrencies in the market. Moreover, the category has seen significant growth over the past year, highlighting the positive outlook for these altcoins going forward.
The Moving Average Convergence Divergence (MACD) shows a continued decline in its histogram, highlighting the increasing selling pressure in the cryptocurrency industry. Additionally, the average indicates that negative price movements are likely to occur in the coming weeks.
Dogecoin (DOGE):
After showing a neutral trend for about a year, the meme coin leader DOGE price started 2024 by successfully breaking through the $0.1081 resistance level. Following this, the bull recorded a notable rally adding over 100% of his stock to his portfolio within a few weeks.
As market volatility increased, the bulls faced a rebound at the $0.22 resistance level, after which the price lost momentum and opened under bearish influence. The Memecoin category has shown a bearish trend during the halving event, repeating history.
This suggests that memecoin is likely to see strong bullish price action going forward, with it expected to rise between 2x and 5x by the end of the year, making it a top candidate for this list. Masu.
Bitcoin Cash (BCH):
As the hype for Bitcoin ETFs grows, BCH price recorded a significant upward trend in its valuation, resulting in the Bitcoin Cash token hitting a 26-month high within the portfolio. However, the price has shown a strong bearish reversal over the past 7 days, suggesting that the price of the token will turn negative in the future.
Indeed, the BCH token is highly affected by the price fluctuations of Bitcoin, the leader in the cryptocurrency industry. The market is predicted to gain significant traction going forward, and as a result, this altcoin could attempt to test its $4,355 ATH within the next year.
This allows this token to potentially trade 6x for investors during this investment period. Moreover, the technical indicator MACD has recorded a continuous uptrend, and the cross EMA 50/200 days indicates that a golden cross is likely in the near future.
Bitensor (TAO):
It has received a lot of attention from the market over the past few months, as the TAO price has increased by around 2,000% during this time. Additionally, the Bittensor project has a maximum supply of just 21 million tokens, making it a fundamentally powerful project in the crypto industry.
At the time of writing, the price of 1 TAO token was $6,238, with a market cap of $4.15 billion. Additionally, this altcoin has an ATH of $767.68 and is currently trading at a discount of just 16.91% from its high price, highlighting the strong bullish sentiment towards this altcoin in the market.
The MACD shows a continuous rise in the green histogram, indicating strong buying pressure for altcoins in the market. Moreover, the average shows a bullish curve, suggesting that prices will continue to rise in the future.
