In the first quarter of 2024, the performance of Bitcoin and other cryptocurrencies was highly impressive. Bitcoin (BTC) reached a new all-time high (ATH) at $73,777, although it faced some challenges in April. However, there are expectations that May could bring some surprises. So, let’s take a look at which altcoins might see gains in the fifth month of the year.
Harmony (ONE):
The transaction volume on the Harmony network has surpassed $1 million, which is a significant milestone for the ONE Coin. This reflects an increase in network demand. The price of ONE Coin has been fluctuating within a descending wedge pattern, but there is a possibility of a breakout next month that could trigger volatility. Based on this model, a 36% increase is expected, targeting a new peak around $0.034. While the ADX indicator supports the bullish scenario, there is also a bearish scenario that could see a low target of $0.015 or lower, marking the lowest point in three months.
Dogwifhat (WIF):
Dogwifhat has gained a lot of attention from the meme coin community and has become the third-largest meme coin. It has managed to surpass PEPE in dominance among Solana meme coins. The formation shown below indicates a potential increase of over 50% in an optimistic scenario, with a target of $4.8. However, if May turns into a nightmare, and the price falls below the lower trend line, it could drop to $2.5 and find support at $2, pausing the uptrend.
NEAR:
NEAR recently experienced a jump from a $5.2 support to $7.2. If the price goes above $7.4, it could target $8.8. This altcoin, which is now free from the negativity surrounding the FTX collapse, will be closely watched in May for its potential rise.
Render (RNDR):
May is expected to bring more good news and developments in the field of AI, as technology continues to advance. RNDR Coin, which is recognized among AI-focused altcoins, could test the $10 target. However, if the price convincingly closes below the $8 support, a drop to $6.8 is expected, reversing the upward sentiment.
Stellar (XLM):
The price of XLM 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 the targets of $0.142 and $0.16. However, if XLM moves in a downward direction, the targets of $0.1 and $0.09 could be aimed for.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
