Altcoins
These Altcoins are expected to outperform the crypto market in May!
The cryptocurrency sector managed to register a bullish reversal in its chart as major altcoins saw significant gains in their respective portfolios over the past seven days. In addition, the market leader, BTC Pricereclaimed the $65,000 mark, highlighting strong bullish sentiments.
With investors’ growing interest in mid- and small-cap altcoins to maximize profits, the crypto market is poised to see significant price action in May. In this article, we have covered 4 altcoins that have the potential to outperform major cryptocurrencies this month.
Ethena (ENA):
THE Ethena Price posted significant price action adding 11.89% to its portfolio in the last 24 hours and a 24-hour trading volume of $331.92 million. Additionally, the price broke through its resistance level of $0.90, highlighting the positive outlook for the altcoin in the times to come.
TradingView: ENA/USDT
Additionally, the altcoin has added 16.73% over the past seven days and its year-to-date return (YTD) stands at 34.13% in valuation. With the increasing bullish influence, the ENA coin prices is poised to hit a new ATH over the next few months.
The technical indicator, MACD, is showing a steady rise in the green histogram with its averages showing bullish price action. Additionally, the simple moving average (SMA) supports ENA price, indicating a strong positive influence on the altcoin in the crypto market.
If the market sustains the price above the $0.90 support level, the bulls will prepare to test its upper resistance level of $1.325 this month. However, a bearish trend reversal could pull Ethena price towards its crucial support level of $0.70 in the coming times.
AIOZ Network (AIOZ):
The AIOZ network is a DePin for Web3, which allows faster, more secure decentralization. It has attracted considerable attention from the crypto industry following the artificial intelligence (AI) hype.
TradingView: AIOZ/USDT
AIOZ price increased by 12.04% over the past day and a trading volume of just over $10 million. Additionally, it has gained 24.63% in the last seven days and has added 448.56% year-to-date.
The Relative Strength Index (RSI) managed to break above the midpoint by showing a significant rise on its chart over the past week. However, the averages are moving closer to the neutral point, highlighting the uncertainty over the future price movement of this altcoin.
If the market continues to trade under bullish influence, AIOZ price will prepare to test its upper resistance level of $1.029. Conversely, if the bears dominate the bulls, the price will fall towards its support level of $0.684 in the coming week.
Hedera (HBAR):
After trading in bearish sentiment for a brief period, the Hedera Price posted a strong bullish reversal adding around 10% over the past day. Additionally, this altcoin has added 13.59% over the past 30 days and has a year-to-date gain of 39.87%, suggesting bullish power in the crypto space.
TradingView: HBAR/USDT
The Moving Average Convergence Divergence (MACD) displays a consistent green histogram in the 1D timeframe, highlighting increased buy-on-sell pressure in the crypto space. Additionally, the averages show a bullish rise suggesting a positive outlook for the altcoin this week.
If the market holds the HBAR Price above the $0.120 support level, the bulls will regain momentum and prepare to test its upper resistance level of $0.160 in the coming weeks. Negatively, a downtrend reversal could pull the price towards its low of $0.10.
Ondo (ONDO):
After its launch on January 18 at a price of $0.08355, this year ONDO price attracted considerable attention in the market, which allowed the Ondo crypto to add around 700% in a few hours.
TradingView: ONDO/USDT
Positively, the altcoin added 8.19% over the past day and 13.04% over the past seven days. Moreover, its return stood at 941.94% since its inception at the time of writing this article.
The MACD is showing strong bullish price action, with its averages successfully recording an uptrend in its chart. On the other hand, the SMA supports the price chart, which suggests that ONDO price will continue to gain value in the coming times.
If the bulls continue to gain momentum, the Ondo token will prepare to test its upper resistance level of $1 by next weekend. On the other hand, if the bears take control of the market, the price will lose momentum and test its crucial support level of $0.736 this month.
Also discover: Top Altcoins with High Chances of Relief Rally Next Week