Bitcoin’s halving is a landmark event that triggered a historically significant market reaction. As this phenomenon approaches, attention is turning to how other major cryptocurrencies will perform afterwards. As the 2024 bull market continues, investors are carefully watching the developing scenario to identify the cryptocurrencies that will stand out. This article discusses the effects of the halving on these cryptocurrencies and predicts Bitcoin’s potential trajectory after its big moment.
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Ethereum Price Movement: A Quick Look at the Second Largest Cryptocurrency
The current price range of Ethereum (ETH) is between $3,224 and $3,666. Last week the price increased by 7.19%. However, when we look at the last month, we see a decrease of 9.41%. In the last six months, ETH has seen a significant increase of 128.28%. The price action shows sudden moves pushing it towards the next resistance level at $3,878.08, with the current support at $2,993.39.
If the positive trend continues, Ethereum price could potentially target the second resistance level at $4,320. On the other hand, if the selling pressure increases, prices may test the second support level at $2,551.04. The momentum could go either way, with the 10-day Simple Moving Average (SMA) slightly above the 100-day SMA and the Relative Strength Index (RSI) of 42.29 indicating that ETH is not overbought; hence both buyers and sellers need it. to watch closely.
Solana’s Price Development and Crypto Market Movements
Solana has been experiencing a lot of action lately. The current price range of the coin is between $163.53 and $200.02. Over the past week, the price of SOL has fallen by approximately 5.2%; It has shown some signs of cooling down after last month’s impressive 19.1% rise, rising dramatically by over 708% in the last six months. Market movements indicate that the price action has breathed a bit and may be in a correction phase as it is at the lower end of the current price range.
Looking ahead to SOL, the coin is showing growth potential with the nearest resistance level at $220.50 indicating there is room for upside movement. However, it is important to remember that the nearest support level is $147.52 and this level can act as a buffer if the price declines. The coin’s trading indicators such as RSI and Stochastic show that it is neither overbought nor oversold, pointing to a steady momentum for now. While past performance has been exciting, investors need to keep an eye on market trends and key technical levels for SOL’s next big move.
Avalanche Crypto Price Movement and What’s Ahead?
Avalanche (AVAX) gained a modest 0.81% last week. It was up 12.34% last month, and in hindsight it has risen dramatically, up 418.75% in six months. The crypto is currently trading between $44.15 and $54.34. Recent actions suggest it is in a consolidation phase, bouncing between support and resistance levels after a strong rally.
Looking ahead, AVAX may continue to face both ups and downs. If it maintains the momentum, it could test the nearest resistance at $59.34 and even target the second resistance at $69.53. However, if the price loses momentum, it is also possible that it could decline towards the nearest support, $38.96, or even the second support level, $28.77. Slowing growth and the balancing forces of buyers and sellers point to a cautious path forward for AVAX.
XRP Price Movements and Current Status
XRP has seen increased interest recently and has shown a positive price change of 4.32% in the past week. Over the past month, the cryptocurrency has seen a slight increase of 0.43%, and in six months it has recorded a stronger increase of 26.60%. The current price is fluctuating between $0.56 and $0.63, and the movements show a mix of impulsive and corrective patterns. The crypto faces immediate resistance at $0.67. Support levels are located near $0.53 and secondary support is located at $0.45, indicating a delicate balance in the market.
In the short term, XRP price may continue to fluctuate as traders react to market conditions by targeting resistance levels. A break above $0.67 could cause the price to move towards the second resistance at $0.74. However, the relative stability seen in the 10-day and 100-day SMAs may limit sudden movements. While the RSI and Stochastic values are not extremes, they indicate that there is no overbought or oversold, while a negative MACD level indicates cautionary potential. Overall, optimism should be balanced with careful monitoring of market trends and key support levels.
Conclusion
Following the Bitcoin halving, major altcoins such as ETH, SOL, AVAX, and XRP may not see significant gains in the short term. These cryptocurrencies may experience moderate growth, but they will not exhibit standout performances. Among these, BlastUP has the highest potential due to its innovative concept and place in the Blast ecosystem. This project stands out with its potential to appeal to investors looking for new opportunities in the cryptocurrency market.
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