Altcoins
Altcoins Expected to Produce 2x-5x Gains by End of May: Fetch.AI, Floki, AAVE, ENA
Bitcoin’s latest price surge above $65,000 on Wednesday triggered a new relief rally in the cryptocurrency market. Major altcoins are also benefiting from the bullish momentum, recovering from recent bearish trends.
With market sentiment turning bullish regarding a potential surge following the completion of Bitcoin’s fourth halving, some tokens are showing signs of big gains, with profits expected between 2x and 5x by the end of May.
Fetch.ai (FET), Floki, Bonk, AAVE and Ethena (ENA) are among the key challengers demonstrating encouraging indicators of rapid growth, as per Coinpedia.
Recover.AI (FET)
FET is an Ethereum token that drives Fetch.ai, an open platform that offers tools for developing new AI apps and services. During the recent market consolidation, FET price has been trading sideways, echoing between two converging trend lines of the triangle formation.
At press time, Fetch. Ai coin trades at $2.35 and has a market capitalization of $2 billion. If the bullish pattern continues, FET price will break the trend line and move its potential target to $3.48, followed by a psychological threshold of $5.
FLOKI
The popular dog-themed joke cryptocurrency Floki saw a significant increase this week, as the price of Bitcoin rose to $67,000. Due to their inherent volatility and the influence of speculative trading, meme sectors often exhibit dramatic movements in response to new market changes.
On May 15, Floki price decisively broke through the $0.0002 neckline resistance of an ascending triangle pattern. This continuation pattern is known to accelerate bullish momentum and produce a long-term rebound.
If the breakout continues, FLOKI price may attempt the highs of $0.00031 and $0.45.
BONK
In mid-April, the price of Solana-based Memecoin returned from the $0.000012 support level, signaling a fresh recovery. The new buying interest increased the coin’s value by 160%, challenging the resistance of $0.000029.
An examination of the daily chart reveals that this rally has evolved into an inverted head and shoulders pattern. Furthermore, bullish reversal is often observed around market lows and indicates a change in market sentiment.
A probable breakout from the $0.000029 neckline will increase the bullish momentum and push the market BONK price at $0.000047, followed by $0.000071.
AAVE
AAVE The token’s price remains strong above the $80 level despite the current market crash. Furthermore, the altcoin has bounced numerous times from the aforementioned support, demonstrating that investors have been actively purchasing this asset during market downturns.
On May 15, AAVE price returned to the $80 support and increased by 11.35% in four days to $88.6. If the bullish momentum continues, buyers will break out of the resistance trend line and aim for the $153 target.
However, the possible rebound could face opposition at $97.5, followed by $109.
Ethena (ena)
ENA, the native utility token of the Ethena synthetic dollar system, has been trending downward over the previous five weeks. Furthermore, the downtrend caused by two converging trend lines suggests the construction of a descending wedge pattern.
The decreasing range of this chart arrangement shows that the bearish momentum is fading and buyers have an opportunity to regain control. Furthermore, ENA price is currently trading at $0.74, which represents an intraday gain of 3%.
A potential breakthrough from the wedge formation will signify the end of the correction pattern, allowing the ENA price to reach a high of $1.5.
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