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Home»TRADING NEWS»Top 3 Strategic Choices to Take Advantage of the Upcoming Bitcoin Halving Event
TRADING NEWS

Top 3 Strategic Choices to Take Advantage of the Upcoming Bitcoin Halving Event

By Crypto FlexsJanuary 30, 20247 Mins Read
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Top 3 Strategic Choices to Take Advantage of the Upcoming Bitcoin Halving Event
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The cryptocurrency market in 2024 is characterized by a cautious yet optimistic outlook due to important developments and expected events. The stability observed in major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), which have been trading sideways throughout the year, is a departure from their typical volatility. This period of relative calm was disrupted by a positive uptick in the last quarter of the previous year, which signaled a potential shift in market dynamics. The approval of a Bitcoin spot ETF, expectations for an Ethereum ETF, and the upcoming Bitcoin halving are key drivers of this optimism. Expected events in the cryptocurrency world, such as the Bitcoin halving, will increase market activity and liquidity.

However, there are also voices of concern in the market. The principle of “buy on the rumor, sell on the news” appears to apply, suggesting that positive developments may already be priced into the market. Bitcoin halving, an event that reduces the reward for mining new Bitcoin and is seen as an anti-inflation measure, is expected to support market prices by limiting supply. In this context, altcoins such as Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) are emerging as strategic options for investors seeking high returns ahead of Bitcoin halving.

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Ethereum (ETH): Optimistic outlook despite resistance

Ethereum (ETH) recently showed a bullish structure on the weekly chart with significant resistance levels at $2.4k and $2.6k. News of the approval of a Bitcoin (BTC) spot ETF briefly pushed Ethereum to a local high of $2,700, but faced rejection at this level. The weekly market structure remains bullish, with a higher low of $2.1k.

Ethereum (ETH) price action suggests that the $2,100-$2,200 range is the key demand area. Resistance at $2,370 could be a challenge for Ethereum (ETH) bulls. This is because this area previously served as a supply area. Prices have shown resilience, bouncing back from the lower end of the range.

The future of Ethereum (ETH) appears cautiously optimistic. Liquidation levels in the $2,420-$2,450 region are estimated to be around $3 billion, with additional resistance occurring at higher levels. Swing traders may consider booking profits at these levels. However, the bearish momentum indicated by RSI can change, while OBV suggests balanced strength between buyers and sellers.

Solana (SOL): Meme Coin Hype and DePIN Market Share Rise

Solana (SOL) has recently surged, joining other outstanding cryptocurrencies. The Solana (SOL) token rose significantly, hitting its highest level since mid-January. Solana (SOL)’s role in the meme coin industry, especially with the rise of Bonk and Wen tokens, contributed to its performance.

The Solana (SOL) price surge is related to its growing role in the meme coin industry and its preferred blockchain status for meme coin launches and transactions. The Solana (SOL) token formed a long-legged doji pattern (a candlestick with an almost identical open and close price) on January 23, indicating a possible reversal and remaining above the 50-day and 100-day exponential moving averages (EMA). .

The outlook for Solana (SOL) is optimistic as it approaches the psychological level of $100. A move above this level could trigger a further surge towards last year’s high of $126, a 27% increase from current levels. However, the highly volatile meme coin market and reliance on the DePIN sector can lead to unpredictability.

Avalanche (AVAX): Sharp Rise in Market Performance

Avalanche (AVAX) recently had the highest gain among major cryptocurrencies by market capitalization, with a 10% price increase over the past week. The surge led Avalanche (AVAX) to a 10-day high of $36, with daily volume surging 34%. This rebound has heightened expectations of a more sustained rise in the Avalanche (AVAX) price, especially considering the selling pressure it has faced since the beginning of the year.

The recent price surge in Avalanche (AVAX) can be linked to increased activity in The Arena, a decentralized social app powered by Avalanche. Avalanche (AVAX) is The Arena’s utility token, so its value is closely tied to the success of the app. Additionally, open interest (OI) for Avalanche (AVAX) futures surged 20%, suggesting increased interest in the futures market.

The immediate outlook for Avalanche (AVAX) appears optimistic due to increased demand in the futures market and the growing popularity of The Arena app. However, relying on a single decentralized application for surge comes with risks. The sustainability of Avalanche (AVAX) price growth will depend on the continued success and adoption of The Arena and similar projects on the Avalanche network. While the near-term outlook looks promising, the long-term stability of Avalanche (AVAX) price will depend on widespread market adoption and the platform’s ability to maintain momentum in the decentralized application space.

conclusion

Looking ahead to 2024, the cryptocurrency world is abuzz with cautious hope. That’s because recent breakthroughs are driving the mood of those betting. The stability of major cryptocurrencies such as Bitcoin and Ethereum and their positive gains in the fourth quarter of the previous year indicate a potential change in market dynamics. With the approval of the Bitcoin spot ETF, anticipation is rising, people are talking about the Ethereum ETF, and the Bitcoin halving event is just around the corner. All of these events are expected to boost trading activity and cash flows. However, the market is also in a cautious mood, with the “buy on the rumor, sell on the news” sentiment suggesting that this may already be reflected in current prices. In this environment, Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) are emerging as strategic options for investors seeking high returns ahead of the Bitcoin halving.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily and is not intended to be used as legal, tax, investment, or financial advice.

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