Price Analysis

These Altcoins Are Set To Outperform The Crypto Market In May!

The cryptocurrency industry has successfully recorded a bullish reversal in its chart with top altcoins witnessing significant gains in their respective portfolio over the past seven days. Furthermore, the market leader, BTC price, has reclaimed the $65K mark, highlighting strong bullish sentiments.

With the rising interest of investors in the mid-cap and low-cap altcoins to maximize their profits, the crypto market is prepared to experience significant price action in May. In this article, we have covered 4 altcoins that have the potential to outperform the top cryptocurrencies this month.

Ethena (ENA):

The Ethena price has displayed a significant price action by adding 11.89% to its portfolio within the past 24 hours and a 24-hour trading volume of $331.92 Million. Moreover, the price has breached its resistance level of $0.90, highlighting a positive outlook for the altcoin in the coming time.

TradingView: ENA/USDT

Furthermore, the altcoin has added 16.73% within the past seven days and its Year-to-Date (YTD) return stands at 34.13% in valuation. With the rising bullish influence, the ENA coin price is prepared to achieve a new ATH during the upcoming months.

The technical indicator, MACD, displays a constant rise in the green histogram with its averages showing a bullish price action. Moreover, the Simple Moving Average (SMA) supports the ENA price, indicating a strong positive influence on the altcoin in the crypto market.

If the market holds the price above the support level of $0.90, the bulls will prepare to test its upper resistance level of $1.325 this month. However, a bearish trend reversal may pull the Ethena price toward its crucial support level of $0.70 in the coming time.

AIOZ Network (AIOZ):

The AIOZ Network is a DePin for Web3, that powers a faster, more secure, and Decentralization. It has gained significant attention from the crypto industry following the Artificial Intelligence (AI) hype.

AIOZ Price Analysis
TradingView: AIOZ/USDT

The AIOZ price has added 12.04% within the past day and a trading volume of just over $10 Million. Moreover, it has gained 24.63% within the past seven days and has added 448.56% since the year started.

The Relative Strength Index (RSI) has successfully surpassed the mid-point by displaying a significant rise in its chart over the past week. However, the averages hover close to the neutral point, highlighting uncertainty in future price action for this altcoin.

If the market continues to trade under a bullish influence, the AIOZ price will prepare to test its upper resistance level of $1.029. Conversely, if the bears overpowered the bulls, the price will fall toward its support level of $0.684 during the upcoming week.

Hedera (HBAR):

After trading under a bearish sentiment for a brief period, the Hedera price has displayed a strong bullish reversal by adding approximately 10% within the past day. Furthermore, this altcoin has added 13.59% over the past 30 days and has a YTD of 39.87%, suggesting a bullpower in the crypto space.

HBAR Price Analysis
TradingView: HBAR/USDT

The Moving Average Convergence Divergence (MACD) displays a constant green histogram in the 1D time frame, highlighting increased buying-over-selling pressure in the crypto space. Furthermore, the averages show a bullish rise suggesting a positive outlook for the altcoin this week.

If the market holds the HBAR price above the support level of $0.120, the bulls will regain momentum and prepare to test its upper resistance level of $0.160 during the upcoming weeks. Negatively, a bearish trend reversal could pull the price toward its low of $0.10.

Ondo (ONDO):

Following its launch on 18th January with a price tag of $0.08355, this year, the ONDO price gained significant attention in the market resulting in the Ondo crypto adding approximately 700% within hours. 

ONDO Price Analysis
TradingView: ONDO/USDT

Positively, the altcoin has added 8.19% within the past day and 13.04% over the past seven days. Moreover, its return stood at 941.94% from its inception at the time of writing this article.

The MACD shows a strong bullish price action with its averages successfully recording an uptrend in its chart. On the other hand, the SMA supports the price chart, suggesting the ONDO price will continue gaining value in the coming time.

If the bulls continue to gain momentum, the Ondo token will prepare to test its upper resistance level of $1 by the upcoming weekend. On the flip side, if the bears gain control over the market, the price will lose momentum and test its crucial support level of $0.736 this month.

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