5 altcoins you should watch in May
1.ONE has managed to break $1 million in trading volume. This shows that the chain is noticing a surge in usage and demand, which could also drive its price action.
At the time of writing, the altcoin can be seen moving in a descending wedge pattern, which could see a breakout next month. Therefore, according to this pattern, ONE could rise by more than 36% to reach a target of $0.034, marking a two-month high.
Looking at the Average Directional Index (ADX), the chances of this happening are very high. This indicator analyzes the strength of active trends, and since it is above the threshold of 25.0, the current trend is getting stronger.
2.WIFAt the time of writing, the meme coin can be seen moving within an isosceles triangle pattern. According to this pattern, a breakout in WIF price is expected, which could take the meme coin to $4.8.
This would mark a 51% increase for Dogwifhat, solidifying its dominance. However, there is also a chance that the support of the bottom trendline could be lost if WIF holders choose to sell.
As a result, the meme coin could lose the $2.5 support and test $2.0 as the next support level. This would effectively invalidate the bullish outcome.
3.NEAR price will primarily take advantage of the impact of the Bitcoin halving event, which is expected to drive altcoin prices higher. The altcoin recently rebounded from the $5.2 support level to $7.2 as of the time of writing.
The altcoin is just inches away from the 61.8% Fibonacci retracement level of the $8.8 to $5.2 range. Marked at $7.4, this level is known as the bull run support level.
Reclaiming this level would allow NEAR price to rebound and break through the $8.8 mark, effectively setting a new 2024 high.
4.RNDR Optimism surrounding artificial intelligence (AI) has resurfaced in the second quarter, with bullish expectations driving AI tokens higher. Among these tokens is Rander, which has been in a downtrend over the past month.
The increased interest in AI would make the price of RNDR a potential recovery asset. The expected outcome for RNDR price is a rebound from the $8.0 support level, potentially breaking through and flipping the $10.0 resistance level, rallying to all-time highs.
However, losing the $8.0 support level would push RNDR price up to $6.$8. A break below this point could eliminate the potential for a bullish outcome.
5. XLM Although Stellar has not observed any major developments, it is undoubtedly one of the most undervalued assets in the crypto market. XLM price is currently trading in a descending wedge.
According to this pattern, a breakout could take XLM to $0.142, which would take the altcoin up 23%. This would take XLM above $0.160, a new all-time high. Although the RSI is below the neutral mark
This indicates that the uptrend has the potential to lose strength, but there is still a possibility of continuing to fall; if this happens to be the result for XLM, the crypto asset could lose support at $0.10. This would eliminate the bullish outcome and take the altcoin below $0.09.
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