The Bitcoin's halving is over, and a potential altcoin bull run is on the horizon.
Shiba Inu could double if it breaks above $0.00002360, and technical indicators suggest a potential bullish trend.
Dogecoin might reach $0.24 if the lower trendline of its ascending channel holds.
XRP's outlook is uncertain. It needs to break and close above $0.5-$0.51 to avoid a bearish sign.
Overall, investors should be cautious with XRP, and wait for confirmation (a decisive close above $0.5-$0.51) before entering.
The Bitcoin halving is now done and dusted.
As it stands, we might be standing on the verge of one of the biggest Bitcoin rallies since the 2021/2022 bull run phase.
But where does this leave the altcoins?
Altcoins, having smaller market caps than Bitcoin, typically outperform the flagship cryptocurrency during bull runs.
The Outlook on altcoins
To this end, we have picked out three of the top ten crytocurrencies by market cap, and are about to judge them based on how likely they are to kickstart their bull runs, weeks before Bitcoin gets its running shoes on.
Let’s take a deep dive into the price performance and forecasts for Shiba Inu, Dogecoin, and Ripple’s XRP.
Shiba Inu is still trading under the bearish waves from the pre-halving correction the crypto market entered in the few weeks before the halving event.
Shiba Inu’s price
We can see in the snapshot above, that the cryptocurrency is attempting to recover from here, but is still struggling under a 6% decline on its weekly timeframe.
But what if someone mentioned that Shiba Inu is poised to double if we see a break above a major price resistance?
Shiba Inu’s price action
We can see from Shiba Inu’s recovery from $0.00001847, that the bulls are actively pushing back against the bears, and have been buying the dips.
The remaining milestone from here is a break above the $0.00002360 resistance.
Moreover, the RSI is already showing signs of an incoming bullish crossover between the signal line and the MACD, indicating that the bulls may be taking control.
If we see a break above $0.00002360, Shiba Inu might be ready to retake $0.000045 in a 90% move to the upside.
On the other hand, Dogecoin is performing much worse than Shiba Inu, on the weekly timeframe.
Dogecoin’s price
Over the last week, the cryptocurrency is down by around 11% as shown in the snapshot above.
According to the charts, we can see that Dogecoin currently trades in an ascending channel formation.
Dogecoin’s price action
This means that if the lower trendline of this formation doesn’t give way, we can expect the king of memecoins to rebound upwards from here, and hit a target of $0.24 at the least.
The odd cryptocurrency overall, is XRP.
XRP’s price action
As shown, XRP seems to be in the middle of a newfound recovery, as shown by the 3.5% rally in the last 24 hours, despite the 5.5% decline in the last week.
We can see the reason for this in the weekly XRP chart below, where XRP broke below the ascending trendline shown, and is attempting to break above once again.
XRP’s price action
XRP's break below this multi-month ascending trendline (which has been active since 2022) should be a very bearish sign.
However, considering the cryptocurrency’s recovery from the $0.41 support, the bulls may have one more chance to remedy this mistake by breaking and closing above the $0.5 - $0.51 zone.
Because of this, investors should watch what happens between $0.5 and $0.51, and only get in if we see a decisive close above this price level.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.