Altcoins
These Altcoins Are Set to Outperform the Cryptocurrency Market in May!
The cryptocurrency industry has successfully recorded a bullish reversal in its chart, with top altcoins posting significant gains in their respective portfolios over the past seven days. Furthermore, the market leader, BTC priceit regained the $65,000 mark, highlighting strong bullish sentiments.
With investors’ growing interest in mid- and small-cap altcoins to maximize their profits, the cryptocurrency market is poised to experience 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 showed significant price action by adding 11.89% to its portfolio in the last 24 hours and a 24-hour trading volume of $331.92 million. Furthermore, the price broke above the $0.90 resistance level, highlighting a positive outlook for the altcoin in the near future.
TradingView: ENA/USDT
Furthermore, the altcoin has gained 16.73% in the last seven days and its year-to-date (YTD) return stands at 34.13% in terms of valuation. With the growing bullish influence, the Price of ENA coins is poised to reach a new ATH in the coming months.
The technical indicator, MACD, shows a steady increase in the green histogram with its averages showing bullish price action. Furthermore, the simple moving average (SMA) supports the ENA price, indicating a strong positive influence on the altcoin in the cryptocurrency 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 push Ethena price towards its crucial support level of $0.70 in the coming time.
AIOZ network (AIOZ):
The AIOZ network is a DePin for Web3, powering faster, more secure decentralization. It has gained significant attention from the cryptocurrency industry following the hype around artificial intelligence (AI).
TradingView: AIOZ/USDT
AIOZ price increased by 12.04% in the last day and trading volume of just over $10 million. Furthermore, it has gained 24.63% over the past seven days and has gained 448.56% since the beginning of the year.
The Relative Strength Index (RSI) successfully crossed the midpoint showing a significant increase in its chart over the past week. However, the averages are hovering near the neutral point, highlighting uncertainty in the future price action for this altcoin.
If the market continues to trade under a bullish influence, AIOZ price will prepare to test its upper resistance level of $1.029. Conversely, if the bears get the better of the bulls, the price will fall towards the $0.684 support level during the next week.
Ivy (HBAR):
After trading with bearish sentiment for a short time, the Price of Ivy showed a strong bullish reversal adding around 10% in the last day. Furthermore, this altcoin has gained 13.59% in the last 30 days and has a YTD of 39.87%, suggesting bullpower in the crypto space.
TradingView: HBAR/USDT
The Moving Average Convergence Divergence (MACD) shows a steady green histogram on the 1D time frame, highlighting increased buying/selling pressure in the crypto space. Furthermore, the averages show a bullish increase 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 the $0.160 upper resistance level in the coming weeks. Negatively, a bearish trend reversal could push the price towards the $0.10 low.
Ondo (ONDO):
After its launch on January 18 with a price of $0.08355, the ONDO price has gained considerable attention in the market this year, resulting in the Ondo cryptocurrency gaining around 700% in just a few hours.
TradingView: ONDO/USDT
On the positive side, the altcoin has gained 8.19% in the last day and 13.04% in the last seven days. Furthermore, as of this writing, its return has stood at 941.94% since its inception.
The MACD is showing strong bullish price action with its averages successfully recording an uptrend on its chart. On the other hand, the SMA supports the price chart, suggesting that the 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 $1 upper resistance level by next weekend. On the other hand, if the bears gain control of the market, the price would lose momentum and test its crucial support level of $0.736 this month.
Also check: Top Altcoins with Chance of Big Relief Rally Next Week