The immediate impact of Bitcoin halving was not as impressive as has been the norm with other cycles. However, the long-term outlook of the halving is what the ardent crypto investors will be focusing on. The anticipated supply crunch could be a force to be reckoned with in the bull run not only for Bitcoin but also for key altcoins to hold like Ethereum (ETH) and Dogecoin (DOGE).
Amidst the hope for a major breakout later in the year, the crypto market depicts increasing uncertainty due to investor unrest. While the red color worries participants, some see the precarious situation as a time to DCA and buy altcoins to hold eyeing above 100X profit potential.
Bitcoin price hovers at $64,542 after correcting from a weekly peak above $67,000 while Ethereum sits below $3,200. Altcoins are the most affected by the headwinds, with some tokens recording double-digit losses.
Identifying the altcoins to hold during this uncertain moment, could work for investors in the long-term.
1. Ethereum (ETH) Tops The List Of Altcoins To Hold
The optimism for a spot Ethereum Exchange-traded fund (ETF) gained momentum in Q1 after the Securities and Exchange Commission (SEC) approved a bunch of Bitcoin ETFs.
Several potential ETH ETF issuers moved to file with the agency for approval to operate the products in the United States. Market sentiment on Ethereum improved significantly, with experts projecting a similar impact to the BTC ETF on the price of Bitcoin which hit a new all-time high of $73,837 in March, CoinGecko data shows.
However, according to the latest report, the SEC could move to deny Ethereum ETFs. The report published by Reuters cited issuers of the ETF and other companies who said that the regulator is not eager to meet with them.
So far nine firms have filed proposals with the SEC to list Ethereum ETFs including VanEck, and ARK Investment Management. Spot ETFs track the price of Ethereum in real-time.
The Money Flow Index (MFI) below the 40 mark reinforces the bearish grip on Ether. In other words, there’s more money flowing out than into Ethereum markets, exerting more pressure on the price which is currently 24% below the 2024 peak of $4,089. The token also sits below two bull market indicators, the 20-day Exponential Moving Average (EMA) and the 50-day EMA (the blue and red lines on the chart).
The correction could flip profitable if Ethereum price gains momentum from the forming falling wedge pattern. A break above the upper trend line could encourage traders to buy ETH betting on a trend reversal toward the $4,000 mark.
2. Dogecoin (DOGE)
Dogecoin’s trading activity surged significantly, witnessing a 10% uptick in volume, totaling a whopping $1.38 billion, despite a dip in its price. As the 8th largest cryptocurrency by market capitalization, Dogecoin now boasts a market value of around $21.53 billion.
Over the previous week, Dogecoin value displayed considerable volatility, fluctuating between $0.14 and $0.16, ultimately resulting in a nearly 2% increase.
If Dogecoin’s value remains above $0.14, there’s growing anticipation that this could fuel further gains. This steadiness might pave the way for an upward move toward the $0.8 mark, which could open the door to the $1.00 level in the foreseeable future.
On the other hand, increasing bearish trends could push Dogecoin back to its support level of $0.14. Continued downward trends could further depress its value, reaching a low of $0.11 in the ensuing weeks.
The daily technical indicators for Dogecoin show a sustained period of volatility as the cryptocurrency continues to fluctuate within a tight trading range. The upper Bollinger Band stands at $0.2054, while the lower band indicates a level of support at $0.132, suggesting that Dogecoin is experiencing a significant level of price movement. Additionally, the Relative Strength Index (RSI) is currently at 41.98, indicating that the asset is neutral.
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