Top 5 Altcoins with Potential Profits to Keep an Eye on in May

Saturday, 27 April 2024, 06:00

Explore the growth potential of Harmony (ONE), Render (RNDR), Near Protocol (NEAR), dogwifhat (WIF), and Stellar Lumens (XLM) in the crypto market for May. Learn how these altcoins could impact the market and make strategic investment decisions based on their performance.
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Top 5 Altcoins with Potential Profits to Keep an Eye on in May

Top 5 Altcoins with Potential Profits to Keep an Eye on in May

These crypto assets have been overlooked in the past few weeks but the coming month could change things up.

Harmony (ONE) Hits a New Milestone

ONE has successfully surpassed $1 million in transaction volume. This shows that the chain is noting a surge in usage and demand, which could also boost its price action.

  • The chances of this happening are very high, looking at the Average Directional Index (ADX).
  • When writing, the altcoin can be seen moving in a descending wedge, and a breakout from the same can occur in the next month.

Dogwifhat (WIF) Heads the Meme Coin Market Storm

While Solana meme coins were already competing with PEPE over dominance, WIF came in and ended the discussion at once.

  1. At the time of writing, the meme coin can be seen moving within an isosceles triangle pattern.
  2. Per this pattern, a breakout in WIF price is expected, which could potentially send the meme coin to $4.8.

Near Protocol (NEAR) Is Near the 2024 High

NEAR price will mostly leverage the effect of the Bitcoin halving event, which is anticipated to push the altcoin prices upwards.

  • The altcoin is inches from the 61.8% Fibonacci Retracement of $8.8, which is known as the bull market support floor.
  • Reclaiming it would allow NEAR price to breach the $8.8 barrier, effectively posting a new 2024 high.

Render (RNDR) Banks on AI

Optimism surrounding Artificial Intelligence (AI) is resurging in Q2, with expectations of bullishness propelling AI tokens upward.

  1. An increase in interest in AI will render RNDR's price a potential recovery asset.
  2. Bouncing off the support of $8.0 to potentially breach and flip $10.0 resistance to rally towards the all-time high is the anticipated outcome for RNDR price.

Stellar (XLM) is a Good Bet

While Stellar is not observing any major development, it is certainly among some of the underestimated assets in the crypto market.

  • Per this pattern, a breakout could send XLM to $0.142, which would mark a 23% gain for the altcoin.
  • Although the RSI is under the neutral mark, which exhibits chances of the uptrend losing its strength, there is a chance that the decline might continue.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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