Altcoins
3 Altcoins Poised for Surprising Gains in May
The crypto market volatility in April, Bitcoin and many altcoins saw considerable growth.
However, some altcoins missed this opportunity but are preparing to do so in May. BeInCrypto has prepared this analysis to highlight lesser-known coins that are expected to see gains in the coming month.
Eyes on Theta Network (THETA)
Theta Fuel (THETA) price has only seen a decline throughout the month of April and the second half of March. The altcoin fell from $3.4 to $1.9, marking a 42% correction. Therefore, the altcoin fell into a descending broadening trend known to be bearish.
However, the Moving Average Convergence Divergence (MACD) indicator suggests otherwise. The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. It helps identify potential buy and sell signals based on crossovers and divergences between these moving averages.
Learn more: What is Theta Network (THETA)? A complete guide
The indicator has only observed a downtrend over the past month, which reversed this week as the MACD witnessed a bullish crossover. This will likely trigger the uptrend on the daily chart, which could help THETA break out of the widening downtrend to turn $3 into support.
THETA/USDT 1-day chart. Source: Trading View
However, if the upper trendline fails, the altcoin could fall back towards the lower trendline. As the trend suggests, this would result in a potential downtrend, thus invalidating the bullish outlook.
Ravencoin (RVN) is on the cusp of a breakout
Ravencoin (RVN) price is attempting to recover from the $0.028 low and now aims to take the 23.6% Fibonacci retracement from $0.058 to $0.028 into support. Marked at $0.035, this would allow the altcoin to bounce off the price level and cross the 38.2% and 50% Fib lines.
Learn more: Ravencoin (RVN) Price Prediction 2024/2025/2030
Marked at $0.039 and $0.043, respectively, crossing them would maintain the upside and push RVN even higher. The MACD is also about to note a bullish crossover with green bars on the histogram. Once this crossover is made, a potential bullish result could be confirmed.
However, if the 38.2% or 50% Fibonacci levels remain intact, RVN could return to the 23.6% Fibonacci line, invalidating the bullish result. This could lead to a decline to $0.028.
Akash Network (AKT) Ready to Turn Critical Resistance into Support
Akash Network (AKT) price made headlines recently for its Upbit listing and the next summit, which will be the first in the network. This allowed AKT to display almost 74% growth in a single day before tracing the rally back up to 25%.
The altcoin is now trading at $4.80, just below the 50% Fibonacci retracement from $6.25 to $3.44. A close above this line would allow AKT to cross the 61.8% Fib level marked at $5.17. This level is also known as the support floor of the bull run, as rallies find strength by branching this line.
This could help AKT reach $5.50 and beyond. However, if the breach fails or the 50% Fib level is not secured as a support floor, it could result in a decline to $4.10, thus invalidating the bullish result.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decision. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.