The cryptocurrency market did not have a positive month in April as expected. However, many analysts continue to keep expectations high for May. However, as bullish as the market is, portfolio selection is important. In this context, analyst Aaryamann Shrivastava shares his evaluations and predictions for 5 cryptocurrencies.
Harmony (ONE): Cryptocurrency reaches a new milestone
ONE has successfully surpassed $1 million in transaction volume. This indicates that Blockchain is attracting an increase in usage and demand, which could increase price action. The altcoin is moving in a descending wedge. It is possible that a similar breakout will occur next month. So, based on this model, ONE could surge over 36% to hit the $0.034 target to mark a two-month high. Looking at the Average Directional Index (ADX), there is a very high chance of this happening.
However, if the altcoin falls below this wedge, it is likely to lose its bullish potential. Moreover, the cryptocurrency price could drop below $0.015, marking a three-month low.
Dogwifhat (WIF): Leading the storm in the meme coin market
WIF stepped in as Solana meme coins competed with PEPE for dominance. After this, he abruptly ended the discussion. Meme coin has surpassed PEPE to become the third largest meme coin in the world. It looks like this growth will continue next month. The token moves in an isosceles triangle pattern. According to this model, a breakout in WIF price is expected. This could potentially send WIF to $4.8. This indicates a 51% increase for dogwifhat.
However, if WIF holders choose to sell, it is also possible to lose support for the lower trend line. As a result, WIF may lose the $2.5 support to test $2.0 as the next support base. This effectively invalidates the bullish forecast.
Near Protocol (NEAR): Cryptocurrency is headed for a new 2024 peak!
NEAR price will mostly benefit from the impact of the Bitcoin halving event, which is expected to push altcoin prices up. The cryptocurrency recently traded at $7.2, bouncing off the $5.2 support. The token is trading between $8.8 and $5.2, which is a 61.8% Fibonacci Retracement value. This level, marked at $7.4, is also the bull market support floor. A recovery would allow NEAR price to bounce and surpass the $8.8 barrier. This means a new 2024 peak.
However, if the altcoin falls to $6.0 or below, the 23.6% Fib line will also disappear. This invalidates the bullish view, leaving the altcoin vulnerable to further correction.
Render (RNDR): A journey to ATH levels!
Optimism surrounding Artificial Intelligence (AI) is resurging in Q2. These bullish expectations are pushing AI tokens upward. Among these tokens is Rander, which has been in a downward trend for the past month. Increased interest in AI will make the price of RNDR a potential recovery asset. Potentially breaking the $8.0 support and flipping the $10.0 resistance to move higher towards a new all-time high is the expected outcome for RNDR.
However, a loss of the $8.0 support will push the RNDR price to $6.8. A fall from this level eliminates bullish potential.
Stellar (XLM): This cryptocurrency is a good bet!
Even though Stellar has not seen a major development, it is definitely among some of the underrated assets in the crypto market. The cryptocurrency is currently trading in a descending wedge. Based on this pattern, a breakout would likely send XLM to $0.142. This means a 23% gain for the altcoin. Therefore, this would enable XLM to break through $0.160 to make a new all-time high.
Although the RSI is below the neutral mark, which indicates the possibility of the uptrend losing its strength, there is a possibility that the decline will continue. If this is the outcome for XLM, it is possible that the cryptocurrency will lose its $0.10 support. This would eliminate the bullish potential and sink the altcoin below $0.09.
The opinions and predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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