Crypto Price Prediction 4/12: Top Altcoins to Focus Ahead of Bitcoin Halving

Crypto Price Prediction: Despite over a month of sideways trend, the cryptocurrency market continues to waver in uncertainty, evidenced in the Bitcoin price consolidation around $70000. A similar trend is visible on altcoins like Ethereum, showing a 6% weekly growth, while XRP and Cardano (ADA) surged barely 1% and Solana (SOL) dropped 6%.

On April 11th, the total net inflow of spot Bitcoin ETFs was $91.27 million, but it did not contribute to a major uptick in BTC.

Ahead of Bitcoin’s upcoming halving, Santiment notes a peak in social discussion—its highest this year—suggesting investor anticipation. While market stability suggests this spike alone isn’t a predictor of major price changes, Santiment flags the potential for FOMO if Bitcoin nears record highs, possibly indicating a temporary peak. Alternatively, a price dip to $67k coupled with increased halving talk could signal FUD, presenting a buying opportunity.

⌛️🗣️ As #Bitcoin has now drawn to its final week before the #halving, social dominance toward the topic has peaked at its highest level of the year at 9pm UTC. The spikes in this topic should be received as high confidence price reversals for #crypto markets. Markets have been… pic.twitter.com/U2dOujjhLj

— Santiment (@santimentfeed) April 12, 2024

Also Read: Breaking: Hong Kong To Approve Spot Bitcoin, Ethereum ETF On Monday – Bloomberg

1) Ethereum (ETH)

Ethereum stands out as a foundational blockchain platform that enables the creation of decentralized applications (dApps) and smart contracts, with its native cryptocurrency, Ether (ETH), used for transaction fees and computational services.

Following the success of Decun, the Ethereum developers are now focusing on the next upgrade called ‘Pectra’. The upgrade, expected between late 2024 and early 2025, promises to significantly enhance crypto wallet functionality and improve user experience (UX).

Amid the broader market consolidation, the Ethereum price has wavered $3500 for nearly a month. The market cap of this top altcoin stands at $424.2 Billion, while the intraday trading volume is at 13.3 Billion.

An analysis of the daily chart shows this consolidation resonating with two rising trendlines resembling the formation of a wedge pattern. For buyers to regain control over the asset, they must break the overhead trendline and rechallenge the high at $4100.

Also Read: EtherFi Commits $500M Restaked ETH In RedStone Oracles

2) Cardano (ADA)

Cardano (ADA) is a prominent blockchain platform known for its emphasis on security and sustainability, employing a proof-of-stake consensus mechanism designed to be more energy-efficient than Bitcoin’s proof-of-work system.

The mid-term trend in Cardano price is bullish supported by an ascending trendline in the daily chart. However, a month-long correction has plunged the ADA price from $0.81 to $0.567 registering 30%.

This correction trend is currently challenging the support trendline for downside breakdown, which may have plunged this altcoin to the $0.46 mark.

By the press time, the ADA price was at $0.584, with an intraday loss of $0.2. Cardano (ADA) currently shows a market capitalization of $20.8 billion, securing its position as the 10th largest cryptocurrency in the market.

Also Read: 4 Under $1 Ethereum-Based Meme Coins To Buy Turning $10 Into $1000 This Week

3) Pepe Coin (PEPE)

Pepe Coin (PEPE) is a cryptocurrency that stands out primarily for its cultural and meme-driven origins, similar to Dogecoin. It capitalizes on the popularity of the Pepe the Frog internet meme, which has become a recognizable figure in the digital space.

The ongoing consolidation in the PEPE coin can be traced using the two converging trendlines of the pennant pattern. The asset recently rebounded from the pattern’s lower trendline at $0.0000634 and surged to $0.0000722, registering a 14% jump.

However, the buyers must break out above the pennant’s trend for the PEPE price to escape this sideways trend. Currently, this memecoin holds a market cap of $3.03 Billion, while the 24-hour market cap of $754.2 Million trading volume.

A successful upside breakout will push the PEPE coin price to a high of $0.0000132, indicating a potential growth of 60%.

Key Takeaway

With Bitcoin’s halving event just a week away, market speculation has intensified, as evidenced by a surge in social media discussions, according to Santiment. While historical data and broader trends suggest a potential uptrend, Bitcoin’s current consolidation trend has left traders cautious, waiting for further updates before committing to a specific trend.