The global crypto market saw a 1.38% increase in overall volume after the Fed interest rate announcement. Meanwhile, the ongoing US banking crisis has caused a relief rally in the altcoin market. Technical analysis shows that coins like DOGE, AAVE, UNI and DOGE sit on a favorable footing for profit.
Watch out for these 7 altcoins charts in May
AAVE (AAVE)
Recently, AAVE was one of many cryptocurrencies traded in the green. It is trading below the 9-week and 20-week EMA lines after falling below two levels in the last 3 weeks. However, it is looking to reclaim its position above the 2 EMA, clearly seen by the wick below the most recent weekly candle. If he succeeds, the bulls can take the stage again.
UniSwap (UNI)
Similar to AAVE, UNI’s price is trading below the 9-week and 20-week EMA lines. However, technical indicators suggest that the price of UNI will continue to decline next week before a possible recovery above the 2 EMA lines again.
At the time of writing, the 9-week EMA line was trading bearish below the 20-week EMA line. Also, the weekly RSI line is bearish below the weekly RSI SMA line. Both of these technical signs indicate that the UNI price will continue to decline in the next 7 days.
Chainlink (LINK)
LINK’s weekly chart shows that LINK may experience an upside break in the coming weeks, given the very sideways movement of LINK’s price over the past 2 weeks. If this bullish thesis is confirmed, LINK will move to $9,904 in the coming weeks. Confirmation of this will be the point where the weekly RSI line crosses above the weekly RSI SMA line.
Meanwhile, there is increasing pressure to sell whales by Chainlink. cryptocoin.com We have included Santiment’s current report on this subject in this article.
Dogecoin (DOGE)
DOGE’s price has dropped below the 9-week and 20-week EMA lines in the last 2 weeks. However, it is recovering to take a position above the two EMAs. After that, the bulls’ next target will be $0.1011.
This bullish thesis is supported by the fact that the weekly RSI line is sloping towards the overbought zone. The weekly RSI line will signal bullishness above the weekly RSI SMA line.
neo (NEO)
Technical indicators on NEO’s weekly chart suggest that the altcoin price may continue to decline in the next 2 weeks. The altcoin is in a negative 3-week series that has driven its price below the 9- and 20-week EMA lines. If this downtrend continues, NEO’s price will likely drop to $8.73 in the coming weeks.
If NEO can close this week’s weekly candle above the 20-week EMA line, the bearish thesis will be invalidated. If this happens, NEO bulls will move towards the next resistance level at $14.09.
Phantom (FTM)
Phantom price is in the early stages of an uptrend as it is trading above the 20-week EMA. If the crypto price can climb above the 9-week EMA line soon, it will likely climb to $0.6024 in the next few weeks. A break above this level will see it rise to $1,163.
Cronos (CRO)
CRO price continues to face bears selling pressure this week. However, the weekly RSI line is bullish above the weekly RSI SMA line. If the CRO can close this week’s candle above $0.0761 (20-week EMA), it will shift the momentum in favor of the bulls. This causes the price of CRO to rise to $0.0948 in the next 2-3 weeks.
Aave, UniSwap (UNI), Chainlink (LINK), Dogecoin (DOGE), Neo, Phantom and Cronos are the coins to watch this May. Analyst Danielle du Toit recommends watching closely the price contact with the weekly moving averages.
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