Bitcoin and other cryptocurrencies had a strong 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 could bring some surprises. Let’s take a look at which altcoins could potentially gain in the fifth month of the year.
Harmony (ONE)
The transaction volume on the Harmony network exceeded $1 million, marking a significant milestone for ONE Coin. This increase in network demand could lead to a breakout next month, triggering volatility. According to a model, there is an expected 36% increase with a target peak around $0.034. While the ADX supports the bullish scenario, there is also a possibility of a bearish scenario with a low target of $0.015 or lower in May, the lowest in three months.
Dogwifhat (WIF)
Dogwifhat has gained prominence within the meme coin community and has become the third-largest meme coin. It has even surpassed PEPE in dominance among Solana meme coins. The projected target for WIF Coin is $4.8, indicating a potential increase of over 50% in an optimistic scenario. However, if May turns into a nightmare, the price could fall below $2.5 to a support level of $2, pausing the uptrend.
NEAR
NEAR recently experienced a jump from a support level of $5.2 to $7.2. If the price surpasses $7.4, the target for NEAR Coin could be $8.8. After the FTX collapse, NEAR 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 AI. RNDR Coin, recognized as one of the leading AI-focused altcoins, could test the $10 target. However, if the price closes convincingly below the $8 support, a drop to $6.8 is anticipated, reversing the upward sentiment.
Stellar (XLM)
XLM price is currently fluctuating within a descending wedge. As an old and popular altcoin, XLM has achieved impressive gains in previous bull seasons. The technical outlook suggests that targets of $0.142 and $0.16 could be tested. However, if XLM moves downward, targets of $0.1 and $0.09 could be aimed for.
Disclaimer: Please note that the information provided in this article should not be considered as investment advice. Cryptocurrencies carry a high level of volatility and risk, and investors should conduct their own research before making any investment decisions.