Altcoins
5 cryptos not to miss this month
The changing dynamics of the crypto market has opened Harmony (ONE), Render (RNDR), Close protocol (NEAR), dogwifhat (WIF) and Stellar Lumens (XLM) with potential profits.
BeInCrypto analyzed the direction these cryptocurrencies could take and how it would affect the entire crypto market.
Harmony (ONE) takes a new step
ONE has successfully surpassed $1 million in trading volume. This shows that the chain is seeing increased usage and demand, which could also boost its pricing action.
As of writing, the altcoin can be seen moving into a descending wedge, and a breakout of it may occur in the following month. So, based on this trend, ONE could rebound over 36% to reach the target of $0.034, marking a two-month high.
ONE/USDT 1-day chart. Source: Trading View
The chances of this happening are very high, considering the Average Directional Index (ADX). This indicator analyzes the strength of the active trend, and as it is above the threshold of 25.0, the current trend is strengthening.
Learn more: Harmony (ONE) Price Prediction for 2024
However, if the altcoin falls below this wedge, it could lose its upside potential and fall below $0.015, marking a three-month low for Harmony price.
Dogwifhat (WIF) Leading Meme Coin Market Storm
While Solana Meme coins were already competing with PEPE for dominance, WIF came in and immediately ended the discussion. The meme coin has overtaken PEPE to become the third largest meme coin in the world; From the looks of it, this growth will continue over the coming month.
At the time of writing, the meme coin can be seen moving in an isosceles triangular pattern. According to this model, a breakout in the price of WIF is expected, which could potentially send the same coin to $4.8. This would represent a 51% increase for dogwifhat, further strengthening its dominance.
Learn more: Dogwifhat (WIF) Price Prediction 2024/2025/2030
Nonetheless, loss of lower trendline support is also possible if WIF holders choose to sell. As a result, the meme coin could lose the $2.5 support to test $2.0 as the next support floor. This would effectively invalidate the bullish result.
Near Protocol (NEAR) is near the 2024 high
CLOSE Price will mainly benefit from the effect of Bitcoin halved event, which is expected to drive altcoin prices higher. The altcoin recently bounced off the $5.2 support to trade at $7.2 at the time of writing.
The altcoin is inches away from the 61.8% Fibonacci retracement of $8.8 to $5.2. Marked at $7.4, this level is known as the bull market support floor. getting it back would be allow NEAR price to rebound and break through the $8.8 barrier, posting a new high for 2024.
Learn more: What is the NEAR protocol (NEAR)?
But if the altcoin falls to $6.0 or below, the 23.6% Fib line would also be lost. This could leave the altcoin vulnerable to a further correction, invalidating the bullish outlook.
Render banks (RNDR) on AI
Optimism around artificial intelligence (AI) resurfaces in the second quarter, with expectations of optimism propelling AI tokens higher. Among these tokens is Rander, which has been trending downward since last month.
Increased interest in AI will make the price of RNDR a potential recovery asset. Bouncing off the $8.0 support to potentially break through and topple the $10.0 resistance to rebound towards the all-time high is the expected outcome for RNDR price.
Learn more: Render Token (RNDR) Price Prediction 2024/2025/2030
Nonetheless, the loss of the $8.0 support will increase the RNDR price to $6.8. Failure to do so could wipe out the upside potential.
Stellar (XLM) is a good bet
Although Stellar is not seeing any major developments, it is definitely one of the underappreciated assets in the crypto market. XLM price is currently trading in a descending wedge.
According to this model, a breakout could send XLM to $0.142, which would represent a 23% gain for the altcoin. This would allow XLM to reach a new all-time high by crossing $0.160.
Learn more: Stellar (XLM) Price Prediction 2024/2025/2030
Although the ROI is under the neutral mark, which shows chances that the uptrend will lose its strength, there is a chance that the decline will continue; if this is the outcome for XLM, the crypto asset could lose $0.10 support. This would eliminate the bullish result and push the altcoin below $0.09.
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.