5 Worst-Performing Cryptos to Avoid Post-Bitcoin Halving

5 Worst Performing Cryptos: Late Friday night, Bitcoin underwent its fourth halving at block 840,000, reducing the mining reward from 6.25 to 3.125 new bitcoins per block. This process is scheduled approximately every four years to reduce the rate at which new bitcoins are generated, thereby controlling inflation and extending the currency’s longevity.

According to the historical trend, the reduced supply and steady or increasing demand after the Halving event typically caused a significant upward trend in both Bitcoin and the broader altcoin market.

However, despite the expected bullish trend after the halving, some altcoins may underperform, suggesting that investors are carefully searching for better investment opportunities.

Also Read: 6 Experts Picked Crypto To Buy On The Point Of 2024 Bitcoin Halving

1) Dogwifhat (WIF)

Dogwifhat (WIF) is a memecoin based on the Solana blockchain, known for its engaging community and the lively meme of a Shiba Inu wearing a hat. For more than a week, the WIF price has been oscillating sideways between $3.172 and $1.98, depicting clear dominance of either buyer or seller.

The Dogwifhat price is currently trading at $2.86, predicting an intraday loss of 2%. This memecoin has a market cap of $2.85 billion and is marked as the 40th largest cryptocurrency by market cap.

As analysis of the daily chart shows, a descending trendline has led an active corrective trend for the past three weeks, and a breakout above is a must to regain the bullish trend.

Also Read: Coinbase To Expand Crypto Futures With New Dogwifhat Offering

2) Bittensor (TAO)

Bittensor (TAO) is an innovative decentralized machine learning network designed to decentralize the development and training of AI models. The TAO coin entered the current correction trend in early March as its price rebounded from $756.8.

Since then, a descending trendline has led a steady downtrend that has seen its value drop nearly 40% to currently trade at $457. The Bittensor shows its current market capitalization at $3.05 billion, while the 24-hour trading value is at $41.3 million.

If the selling pressure continues, the TAO price could breach the 200-day EMA slope at $400, indicating a major shift in market dynamics favoring sellers.

Also Read: 3 Top Altcoins To Hold After Bitcoin Halving Targeting 100x Profit

3) Athena (ENA)

Athena (ENA) is a cryptocurrency project revolving around a synthetic dollar protocol called USDe, designed to provide a stable and scalable form of currency in the crypto-native space.

Within two weeks, the ENA saw a notable correction back from the $1.5 top to a $0.8 low accounting for a 46% drop. However, amid the current market consolidation, the ENA price is looking for support at the above low and has bounced back above the $1 mark.

The market capitalization of Athena coins currently stands at $1.43 billion, while the trading volume has decreased by 24% to $493 million since yesterday.

If the supply pressure continues, the ENA price may breach the $0.8 support to lead a corrective trend towards the $0.6 mark.

4) Pepe Coin (PEPE)

PEPE is a deflationary memecoin, launched on Ethereum as a tribute to the Pepe the Frog meme by Matt Furie. It mirrors the rise of Shiba Inu and Dogecoin, aiming to rank among the top meme cryptocurrencies.

Pepe coin began its current downturn in mid-March, with prices retreating from a high of $0.00001084. A gradual decline erodes its value by almost 50% to its current rate of $0.00000538. The current market capitalization stands at $2.27 billion, with a 24-hour trading volume of $427 million.

The downtrend is taking a pattern of descending channel, but the trend is consolidating above $0.000005 with the support of 100D EMA. If the overall trend line continues, the PEPE price extends its correction to the $0.00000257 mark.

Related Article: Pepe Coin Price Eyes Key Breakout Ahead of Bitcoin Halving

5) Toncoin (TON)

Toncoin, the native currency of The Open Network (TON), is a decentralized blockchain originally developed by the encrypted messaging service Telegram. Although Telegram withdrew from the project, it was continued by the TON Foundation and renamed “The Open Network”.

Toncoin is seeing a dynamic change in its market behavior as the market capitalization approaches $21.1 billion. Previously, the price experienced significant fluctuations, characterized by a sharp rise to its peak of $7.6 and an immediate correction to $5.

Recently, the TON price has shown a noticeable lower price rejection at the support trendline, suggesting a resurgence in buying pressure. Considering the support break, the TON price could have fallen below the $5 mark.

Key takeaways

On Saturday, the cryptocurrency market remained relatively stable despite the completion of the long-awaited Bitcoin Halving. The leading digital asset continues to waver at $63,000, indicating the continuation of current market consolidation.

However, well-known trader Alicharts emphasizes that despite the rollout of Bitcoin ETFs and the recent halving, public search interest in Bitcoin and cryptocurrency has not increased, suggesting that the market may be in the early stages of a bull run. This muted search interest may indicate untapped potential for growth in the crypto sector.

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