The cryptocurrency market has been witnessing high volatility in April attributed to the biggest crypto event of the year Bitcoin halving. The update scheduled for the later part of April will reduce the current mining reward from 6.25 Bitcoins to 3.125, aiming to control the supply of Bitcoin and mimic the scarcity-driven appreciation akin to precious metals. Various crypto to buy like WIF, BONK, and SLERF portray the potential to rally alongside Bitcoin.

As per the historical data, the Bitcoin Halving has triggered a significant uptrend as the increasing demand outpaces the reduced supply. With the recently launched US-listed spot BTC ETFs, this underlying digital asset is expected to witness accelerated buying.

Following the lead of Bitcoin, the altcoin market has showcased a high momentum rally offering a high return on investment in low-cap coins.

Also Read: Top 3 Meme Coin Investments With 100X Potential, Bonk (BONK), Shiba Inu (SHIB) & BUDZ

1) Dogwifhat (WIF)

Dogwifhat (WIF) is a Solana-based memecoin that has quickly captured the attention of the crypto community. Its mascot, a Shiba Inu wearing a pink knitted hat, embodies a light-hearted departure from the serious nature of traditional cryptocurrencies. 

Over the past two weeks, the WIF price has resonated sideways in tandem with Bitcoin consolidation around $68000. Analyzing the 4-hour chart reveals this lateral movement as a continuation pattern called a symmetrical triangle pattern.

By the press time, the WIF price traded at $3.8 mark with an intraday gain of 5.17%. The meme coin’s market stands at $3.8 billion, with a 24-hour trading volume of $616 Million, CoinGecko data shows.

A breakout beyond the triangle will release the build-up of bullish momentum and set the WIF price to chase a potential of $4.8.

Conversely, a breakdown below the triangle will extend the correction trend to seek support at the $3 psychological level.

Also Read: 2 Altcoins To Buy Going To Outperform Bitcoin Post-Halving

2) BONK

BONK, dubbed the “first Solana dog coin for the people, by the people,” made a significant impact as a Solana-based memecoin, particularly distinguishing itself through a unique launch strategy and its strong community ethos. 

The last correction trend in BONK found suitable support at the $0.00002 level evidenced by the three reversals within three weeks. A recent upswing from this horizontal floor has uplifted the coin 8.2% to currently trade at $0.0000223. BONK’s market cap also surged to $1.46 billion.

Using the aforementioned level as base support, the BONK price hints at the development of a double bottom pattern. Under the influence of this reversal pattern, the coin price could rally to high resistances at $0.00003, followed by $0.0000367.

Also Read: Bitcoin Price: Top Analyst Predicts BTC Rally To $85K Despite Liquidation Warning

3) Slerf

Slerf is a notable entry in the meme coin category, emerging on the Solana network with a sloth theme. The coin had a dramatic start, with an accidental burning of $10 million worth of tokens meant for early supporters.

Despite its initial mishap, Slerf quickly captured the market’s attention, securing multiple exchange listings and achieving a $1.7 billion trading volume shortly after its launch. 

The previously embattled Slerf has recently found a surge in demand pressure at $0.357, reflected by two lower price rejection candles in the daily chart. A potential reversal from this floor could develop a double-bottom pattern, pushing the asset back from $0.48 to $0.56.

Key Takeaway

The cryptocurrency market continues to project a lack of dominance from buyers and sellers leading to a sideways trend in the majority of major cryptocurrencies. It seems the market participants are waiting for the upcoming halving before committing to a particular direction.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.