Amidst the sell-off in the market, investors are shifting to select altcoins to buy, with once-in-a-lifetime opportunities to dollar cost average (DCA) ahead of Bitcoin halving.
Altcoins like Ethereum (ETH), Shiba Inu (SHIB), Core (CORE), and Mantra (OM) show signs of stronger rebounds this week.
Although growing a small crypto portfolio to $1 million is no easy feat for many investors, it is achievable with the right strategies coupled with a potential bull run, especially in the crypto market.
With that in mind, investors must deliberately divide the $10,000 to buy the 4 altcoins to buy — ETH, SHIB, CORE, and OM while leaving a percentage of the portfolio in a stablecoin like Tether (USDT).
Having USDT in any portfolio cannot be overemphasized as it allows the investor to buy the dip, thus increasing holdings affordably. The current pullback in price which saw Ethereum fall below $3,000 could be used to buy more tokens, lowering the average buying price and subsequently maxing the profits.
1. Ethereum (ETH)
Ethereum holds steady above $3,000 and traded at $3,050 during US business hours on Tuesday — maintaining nearly a 3% correction in the last 24 hours.
A minor increase in the trading volume to $22 billion signals growing interest among traders to short Ethereum. On the other hand, the downtrend has continued to slash the market cap, which currently stands at $366 billion.
The Relative Strength Index (RSI) neural and falling at 35 hints at incoming selling pressure. Its technical support at $3,000 although still in line, is unlikely to last longer, hence, it may be wise to prepare for another fall into the $2,000’s.
The outlook of ETH price on the four-hour chart greatly emphasizes the power sellers currently hold. Note that Ethereum sits below all three bull market indicators — the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA (the blue, red, and blue lines on the chart). If this outlook remains unchanged, further decline will start to materialize closing in on $2,500.
2. Shiba Inu (SHIB)
Shiba Inu Coin’s significant decline over the last week, dropping over 20% in value has seen it oscillate between $0.0000191 and $0.000028. This recent fall contributes to an overall 18% drop over the past month, highlighting a persistent bearish trend in the market.
Other meme coins, including Dogecoin, WIF, and PepeCoin, have similarly experienced downward movements, with prices dropping in double-digits. This collective slump reflects a broader market retreat, impacting numerous digital currencies in this category.
The meme coin SHIB has witnessed a rise in its token burn rate, soaring by 489.87% to reach 19,345,086 SHIB tokens incinerated in the past day. This information comes from the Shibburn X platform and marks a significant escalation in efforts to reduce the circulating supply of SHIB. This spike in burning activity correlates with a period of fluctuating prices for the cryptocurrency, which recently saw a decline.
Shiba Inu Coin currently faces a significant resistance level at $0.000023. If it breaks through this barrier, the price may rise toward $0.00003, setting a potential trajectory toward the $0.001 threshold.
3. Core (CORE)
Core is a blockchain platform that leverages the security and robustness of Bitcoin while being compatible with Ethereum Virtual Machine (EVM). It uniquely combines delegated Proof-of-Work (PoW) and delegated Proof-of-Stake (PoS) consensus mechanisms.
This design aims to optimize network performance, reduce the risk of centralization, and enhance transaction speeds, making Core a versatile and secure foundation for developing and deploying decentralized applications.
With a significant intraday decline of 19%, altcoin’s trading price has dropped to $2.19. Despite this downturn, the CORE coin maintains a market cap of $1.94 billion, securing its place among the top 50 cryptocurrencies.
For buyers to gain better control over this asset, they must break the overhead resistance of $2.9. With this breakout, the CORE coin would reclaim 50% of the value lost in the last correction favoring the potential further growth.
4. Mantra (OM)
MANTRA (OM) stands out as a groundbreaking Security RWA Layer 1 Blockchain designed for easy integration while adhering to regulatory standards. This platform is optimized for both developers and institutional use, offering a permissionless base that also accommodates permissioned applications.
Currently, MANTRA price holds at $0.8387, having climbed 2.56% in the last 24 hours and, impressively, by 95% over the past month. These statistics underscore a strong bullish trend in the market as Bitcoin faces a downturn. MANTRA now ranks 108th on CoinMarketCap, with a market capitalization of $668 million.
Bottom Line
Bitcoin halving is often an opportunity to invest in the crypto market. Although pertinent to Bitcoin, the event influences the majority of altcoins that rally alongside Bitcoin. For instance, in the last bull run, Ethereum price soared above $4,800 as Bitcoin price topped above $69,000.
With Bitcoin trading above $60,000 pre-halving, there’s a possibility of the price peaking above $100,000 by the end of the year. Such a move will also spread among altcoins increasing the chances of growing a $10,000 portfolio to $1 million.
The post 4 Altcoins To Buy In Halving Week To Turn $10,000 Into $1 Million In 2024 appeared first on CoinGape.
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