Cryptocurrency Price Prediction: On April 19, 2024, the cryptocurrency market witnessed a major milestone called the 4th Bitcoin Halving. This event will reduce the rate at which new Bitcoins are introduced to the market, as the reward for mining a new block will decrease from 6.25 BTC to 3.125 BTC. Circulation.
While this development is perceived as extreme bullish confirmation, major digital assets Bitcoin and Ethereum have shown slight gains over the past two days and are currently trading at $65,000 and $3,163, respectively.
But on Sunday, the memecoin sector saw notable inflows, driving double-digit gains in major assets such as Shiba Inu (SHIB), Pepecoin (PEPE), Floki, and Bonk. According to CoinMarketCap, Top Meme Token has a market capitalization of $53.85 and is up 8.86% during the day. Is this the beginning of meme coin euphoria?
Also read: 3 top altcoins to own after Bitcoin halving, aim for 100x profits
1) Shiba Inu (SHIB)
Shiba Inu (SHIB) is a decentralized cryptocurrency that began life as a meme coin, but has since evolved into a broader ecosystem. Inspired by Dogecoin, his Shiba Inu stands out for its vibrant community and development of its own decentralized exchange, his ShibaSwap.
The asset witnessed a steady correction over six weeks under the development of a descending wedge pattern on the daily chart. This decline caused the SHIB price to drop to a low of $0.0000183, but it quickly rebounded amid expectations of a Bitcoin halving.
In the past three days, the Shiba Inu price has registered a 30% increase from $0.00002 to the current trading price of $0.000027. The market capitalization also rose to $15.9, but it was fluctuating at $1.39 billion in 24-hour trading.
With the recent rally, SHIB price is showing a bullish breakout from a wedge pattern that marks the end of a correction trend.
Also read: Shiba Inu News: More than 700 million dogs burned, SHIB target price $0.00004
2) Flowki
Floki is a cryptocurrency project inspired by Elon Musk's famous Shiba Inu named Floki. The project is distinguished by its focus on utility within the crypto space, featuring key initiatives such as the FlokiFi protocol, which provides decentralized finance (DeFi) solutions, and a play-to-earn NFT gaming platform .
In the pre-consolidation context, Floki coin showed sustainability above the $0.000127 level. After the completion of the Bitcoin halving, FLOKI price rebounded 40% from the aforementioned support and reached the current trading price of $0.000175.
The meme coin currently has a market capitalization of $1.68 billion, with a 24-hour trading volume of $353 million. If the bullish momentum continues, FLOKI price may break above the upper bound of the flag pattern indicating a continuation of the general uptrend.
3) Bonk
BONK is a community-driven meme coin on the Solana blockchain, designed to integrate into Solana's decentralized applications (DApps). The coin was initially widely distributed through airdrops aimed at boosting the Solana ecosystem, specifically targeting NFT projects, artists, and DeFi users.
BONK price has rebounded from Friday's support at $0.00001335 amid renewed interest in a recovery in the memecoin sector. The bullish rally has increased the coin's value by 62% and currently trades at $0.000021, while Bonk's market cap has reached $13.94 billion.
An analysis of the daily chart shows that the recent bull market is above the resistance trend line of the descending wedge pattern, giving buyers an advantage as the bull market moves higher. The post-breakout rally could push BONK price higher and challenge the overhead resistance at $0.000029, followed by $0.0000366 and $0.0000428.
Important points
Despite the completion of the long-awaited Bitcoin halving, crypto markets have been trading relatively stably this weekend. Although slight increases have been recorded in major digital assets, expected growth has not yet materialized in line with historical records. Today, the memecoin sector regained aggressive bullish momentum, providing traders with new long opportunities.
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