Bitcoin and other cryptocurrencies had an impressive performance in the first quarter of 2024. Bitcoin reached a new all-time high of $73,777, although it faced some challenges in April. However, May holds potential surprises for the cryptocurrency market. Here are some altcoins that could gain in the fifth month of the year.
Harmony (ONE):
The transaction volume on the Harmony network exceeded $1 million, indicating an increase in network demand. The price of ONE Coin has been fluctuating within a descending wedge pattern, but it could experience a breakout in May. According to a model, a 36% increase is expected, with a target peak around $0.034. The bullish scenario is supported by ADX, but there is also a bearish scenario that could lead to a low target of $0.015 or lower.
Dogwifhat (WIF):
Dogwifhat has gained prominence as one of the strongest altcoins backed by the meme coin community. It has surpassed PEPE to become the third-largest meme coin on the Solana network. The formation of WIF Coin suggests a potential increase of over 50%, with a target of $4.8 in an optimistic scenario. However, if May turns into a nightmare for the cryptocurrency market, the price of WIF Coin could fall below $2.5 to a support level of $2.
NEAR:
NEAR Coin recently experienced a jump from a support level of $5.2 to $7.2. If it surpasses $7.4, the price could target $8.8. This altcoin, which is no longer affected by the FTX collapse, will be closely monitored in May for its potential rise.
Render (RNDR):
May is expected to bring more positive news and developments in the field of artificial intelligence (AI). RNDR Coin, recognized as one of the AI-focused altcoins, could test the $10 target. However, if the price closes convincingly below the $8 support level, a drop to $6.8 is expected, indicating a reversal in the upward trend.
Stellar (XLM):
XLM Coin is currently fluctuating within a descending wedge pattern. As an old and popular altcoin, it has achieved impressive gains in previous bull seasons. The technical outlook suggests that it could test targets of $0.142 and $0.16. However, if XLM Coin moves downwards, targets of $0.1 and $0.09 could be aimed for.
Disclaimer: This article does not provide investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
