You Wonโt Want to Miss These Altcoins in May:
Bitcoin dominance is on the rise again, posing a challenge for altcoins to break out and start an altcoin season. Despite the current low chances of an altcoin season in May, three altcoins are showing promising signs of potential growth in the coming month.
Bitcoin Dominance Is Rising Again
- Bitcoin dominance dropped to 54.34% but has since climbed back to almost 55%, hindering the possibility of an altcoin season.
- For an altcoin season to occur, 75% of the top 50 coins must outperform Bitcoin over the last 90 days, which currently stands at only 35%.
- Altcoin season could be delayed until June, but these three altcoins are worth keeping an eye on.
Ethereum (ETH) Is in a Bullish Reversal Pattern
- Ethereumโs price failed to breach the upper trend line of a falling wedge pattern, currently trading at $3,063.
- The falling wedge pattern suggests a bullish reversal, with a target set at $3,695, 16.7% above the upper trend line.
- A break below the support at $2,991 could invalidate the bullish thesis, potentially leading to a decline to $2,800.
Helium (TH) Set to Reverse the Death Cross
- Heliumโs price has rebounded sharply, aiming to invalidate the death cross and form a golden cross for a potential 26% rally.
- A breakout could push HNTโs price beyond $6.33, leading to a rally to reclaim $7 and $8 as support levels.
- A failure to break the $6.33 resistance could result in a drawdown to $3.6, invalidating the bullish outlook.
Can Shiba Inu (SHIB) Escape From the Descending Channel?
- Shiba Inuโs price has been consolidating within a descending channel, with potential for a bullish breakout with support from the 50 and 200-day EMAs.
- A breakout above the upper trend line at $0.00002584 could lead to a 29% increase, targeting $0.00003332.
- A decline below $0.00002268 support could push SHIB lower, potentially falling below $0.00002000 and invalidating the bullish scenario.
Hot Take: Stay Tuned for Potential Altcoin Breakouts!
As Bitcoin dominance rises and altcoin season seems delayed, keep an eye on Ethereum, Helium, and Shiba Inu for potential breakouts in May and beyond. The market may be setting the stage for a shift in favor of altcoins, so donโt miss out on these exciting opportunities to diversify your portfolio and capitalize on potential gains.
Bernard Nicolai emerges as a beacon of wisdom, seamlessly harmonizing the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the labyrinth of digital assets, Bernard’s insights echo like a resonant chord, touching the minds of seekers with diverse curiosities. His talent for deciphering the most intricate strands of crypto intricacies seamlessly aligns with his editorial finesse, transforming complexity into a captivating narrative of comprehension. Guiding both seasoned adventurers and inquisitive newcomers, Bernard’s insights forge a compass for informed decision-making within the ever-evolving tapestry of cryptocurrencies. With the artistry of a wordsmith, they craft a narrative that enriches the evolving chronicle of the crypto cosmos.