The upcoming halving of Bitcoin has created a volatile state in the cryptocurrency market. While investors are unsure whether to sell and cash out before the event or increase their exposure, it may be wise to follow the lead of influential traders who have been focused on trending cryptocurrencies such as Dogecoin (DOGE), Toncoin (TON), Ethereum (ETH), and Pendle (PENDLE).
1. Dogecoin (DOGE)
DOGE has been trading near the $0.20 mark, which is a significant psychological barrier that it crossed three weeks ago. However, the price recently dipped below $0.2, indicating a possible downward movement. Despite this, many in the market remain optimistic about the future of cryptocurrencies.
Dogecoin’s recent price action has shown fluctuations between $0.21 and $0.16, with a 2% increase over the last month. This is a notable achievement considering the mixed market signals of bullishness and bearishness, making it difficult to maintain a strong momentum.
Data from Coinglass reveals a 5.04% decrease in DOGE’s derivatives volume, now at $3.97 billion. In addition, open interest has dropped by 1.44% to $1.66 billion. This suggests a declining interest in DOGE, with the OI-weighted funding rate decreasing to 0.0347%, indicating a growing bearish sentiment.
If the bearish pressure intensifies, Dogecoin may fall below $0.18 and potentially reach a support level of $0.15, signaling a possible shift to a bearish market trend. On the other hand, a bullish resurgence may push the price back to $0.2 and potentially towards the $1 landmark. However, achieving this milestone will depend on Dogecoin overcoming significant resistance levels and maintaining momentum.
2. Toncoin (TON)
Toncoin reached an all-time high of $7.08 on Tuesday, making it one of the top-performing cryptocurrencies in the market. However, it experienced a slight correction and is now trading at $6.71. Despite this temporary dip, the overall momentum for Toncoin remains bullish.
With a market capitalization of $23.38 billion, Toncoin now ranks among the top 10 cryptocurrencies. Its trading volume also surged by 263% in a single day, reaching $880 million, reflecting the increased interest and optimism surrounding its potential.
Toncoin currently exhibits a promising uptrend, indicating a potential entry into a bullish phase. If this trend continues, breaking the $7 resistance level appears likely. If the price continues to rise, it could potentially reach $10 and even $20 in the future.
3. Ethereum (ETH)
Ethereum is currently hovering above the $3,600 support level after a bullish move on Monday that saw it reach a high of $3,729. However, the Relative Strength Index (RSI) is showing a bearish outlook, indicating a possible retracement back to the support level of $3,500. The 20-day Exponential Moving Average (EMA) also reinforces this support area in the four-hour range.
The lower the RSI drops into the neutral region, the stronger the sellers become, increasing the chances of a further decline. More conservative investors may wait for Ethereum’s price to rebound from either $3,600 or the grey band hosting the 50-day EMA and the 200-day EMA before investing in ETH for a potential breakout to $4,000.
The only significant barrier for Ethereum is between $3,666 and $4,811. If this level is broken, the price could reach new all-time highs.
4. Pendle (PENDLE)
Pendle is innovating the cryptocurrency sector with its groundbreaking restaking protocol. Unlike other cryptocurrencies, it allows users to tokenize and detach yields from the ownership of base assets. This enables investors to refine their yield management techniques and trade future yields in a secondary marketplace.
This unique feature significantly boosts liquidity and adaptability in DeFi yield management, transforming the way investors manage their portfolios. Currently, one PENDLE token is worth $6.31, with a decrease of nearly 3% in the last 24 hours, according to CoinMarketCap.
In conclusion, following the behavior of influential traders and keeping an eye on trending cryptocurrencies like DOGE, TON, ETH, and PENDLE may provide valuable insights for navigating the volatile crypto market.
