⭐️ Will Altcoin Season Start in May 2024? Top 3 Cryptos to Watch
🔺 Ethereum (ETH) Is in a Bullish Reversal Pattern
Ethereum’s price trading at $3,063 failed to breach past the upper trend line of a falling wedge it has been stuck in since March. Following failed attempts in the past, the second biggest crypto asset in the world could break out after bouncing off $2,991 support.
A falling wedge is a bullish chart pattern characterized by converging trendlines sloping downward, indicating a potential reversal from a downtrend. Based on this pattern, the target set for ETH is 16.7% above the upper trend line, marked at $3,695.
🔺 Helium (HNT) Set to Reverse the Death Cross
Helium’s price has sharply recovered in the past week after falling to $3.63. During the decline, the altcoin formed a death cross. This occurs when a 50-day Exponential Moving Average crosses below the 200-day EMA, typically signaling a potential downtrend or market weakness ahead.
Nevertheless, the recent recovery is close to not only invalidating the death cross but also forming a golden cross. This could push HNT’s price beyond the $6.33 resistance level to flip it into support. The upswing could enable Helium to enter a 26% rally to reclaim $7 and $8 as support.
But if the death cross weighs heavier than a potential breakout, a drawdown to $3.6 is possible. Losing this level would also invalidate the bullish thesis.
🔺 Can Shiba Inu (SHIB) Escape From the Descending Channel?
Shiba Inu’s pric the coming days.
A breakout above the upper trend line at $0.00002584 could translate to 29% growth for the meme coin, potentially sending it to $0.00003332.
This rise could come in May, provided the meme coin does not witness a decline on the daily chart. Losing the support of $0.00002268 could send SHIB lower to fall below $0.00002000. This would invalidate the bullish thesis, increasing the potential for losses.
