Mixed signals continue to characterize the crypto market in April. The lack of a clearly defined direction has left investors confused not knowing which altcoins to buy and which to sell.
For many investors this is an important period, considering Bitcoin halving, an event that occurs roughly every four years is expected in approximately a week.
Based on previous halvings that reduce the supply of BTC in the market to ensure the scarcity of precious metals like gold, a bull run could erupt, propelling prices to new heights.
As previously analyzed, Bitcoin may rally on the halving sentiment, but its long-term bullish price action will depend heavily on the reduction in circulating supply and the associated increase in demand.
The launch of Bitcoin ETFs means that this halving is unlike any other as investors increase demand for the products, which may further create a suitable environment for a major price swing.
Making An XRP Altcoins To Buy Crypto Portfolio
With the impact of halving expected several months after the actual event, investors must build their crypto portfolios to not miss out on the bull run.
Therefore, those considering an XRP-based portfolio might want to include other altcoins to buy like Pepe Coin (PEPE), Cardano (ADA), and Bittensor (TAO). A properly diversified crypto portfolio significantly minimizes risk, while placing investors in a position to earn maximum profits.
The crypto market’s volatility has kept XRP price confined within two key levels marked by support at $0.5687 and resistance at the 0.5 Fibonacci ratio since mid-March.
A neutral yet falling Relative Strength Index (RSI) at 39 suggests that the path of least resistance is downwards. Besides, a four-hour red candle on the chart shows that sellers may continue to have more influence in the coming sessions.
If XRP closes the day below resistance at $0.6, further losses may follow this weekend amid the possibility of retesting support at $0.5687.
Ripple’s win against the SEC in the lawsuit, although not guaranteed would signal immense potential for the token XRP which may finally tap into fresh momentum leading to a major breakout targeting highs above $10 in 2024.
1. Pepe Coin (PEPE)
Pepe Coin (PEPE) is a cryptocurrency that stands out primarily for its cultural and meme-driven origins, similar to Dogecoin. It capitalizes on the popularity of the Pepe the Frog internet meme, which has become a recognizable figure in the digital space.
The ongoing consolidation in the PEPE coin can be traced using the two converging trendlines of the pennant pattern. The asset recently rebounded from the pattern’s lower trendline at $0.0000634 and surged to $0.0000722, registering a 14% jump.
However, the buyers must break out above the pennant’s trend for the PEPE price to escape this sideways trend. Currently, this memecoin holds a market cap of $3.03 Billion, while the 24-hour market cap of $754.2 Million trading volume.
A successful upside breakout will push the PEPE coin price to a high of $0.0000132, indicating a potential growth of 60%.
2. Cardano (ADA)
Cardano (ADA) is a prominent blockchain platform known for its emphasis on security and sustainability, employing a proof-of-stake consensus mechanism designed to be more energy-efficient than Bitcoin’s proof-of-work system.
The mid-term trend in Cardano price is bullish supported by an ascending trendline in the daily chart. However, a month-long correction has plunged the ADA price from $0.81 to $0.567 registering 30%.
This correction trend is currently challenging the support trendline for downside breakdown, which may have plunged this altcoin to the $0.46 mark.
By the press time, the ADA price was at $0.584, with an intraday loss of $0.2. Cardano (ADA) currently shows a market capitalization of $20.8 billion, securing its position as the 10th largest cryptocurrency in the market.
3. Bittensor (TAO)
Despite this week’s growth, TAO has faced challenges over the past month, dropping by more than 16%. Now, TAO trades around the $590 level after previously dipping into the $550 and below range. This price movement, combined with heightened investor attention and confidence in the market, hints at possible further advancements. However, the mixed signals suggest caution in the market.
If the bearish trend persists, the bullish traders might struggle to maintain their strength, possibly pushing Bittensor to retest its $550 support level. If the bearish dominance continues, the TAO price could decline further to a significant support level of $530 shortly.
Conversely, if the bulls reclaim strength above the $600 resistance point, they could regain momentum and push toward the $700 barrier. Maintaining the price at this level could set the stage for an upward trajectory, potentially reaching the $800 resistance level in a future bullish phase.
The cryptocurrency platform Binance has expanded its services for the altcoin Bittensor. Trading commenced on April 11, 2024, featuring key trading pairs for TAO in its spot trading section. Additionally, Bittensor has been integrated into Binance Simple Earn and Binance Convert.
The post 3 Altcoins To Buy For An XRP-Based Portfolio In 2024 appeared first on CoinGape.
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