Recently, many crypto assets have shown strong rebound momentum between March and April, and the prices of many currencies are close to their all-time highs. As the market gradually enters the halving month, we conducted an in-depth analysis of cryptocurrencies that may set new historical records again in May.
BNB is ready to go, aiming for a three-year high
As the native token of Binance, the world's leading cryptocurrency exchange, BNB Coin is striving to break its previous all-time high of $686. Since May 2021, this price point has become an insurmountable threshold for it. Recently, BNB has been hovering in front of the resistance level of $640 and is currently trading at $612. However, according to the relative strength index (RSI), the currency still has the potential to rise. As an indicator of the speed and magnitude of price changes, RSI can effectively indicate overbought or oversold conditions, which helps us judge market trends. As long as BNB remains below the overbought area, the possibility of its price increase remains. According to statistics, BNB Coin has recently risen by slightly more than 12%, and is expected to continue to rebound in May. But it is worth noting that if the overall market trend is unclear, BNB may face the risk of adjustment. Once it falls below the support level of $520, its bullish trend may be challenged.
Bitcoin (BTC) remains strong
Since the rally began a month ago, Bitcoin’s price has fluctuated between $70,000 and $65,000. During this period, the cryptocurrency has undergone one of the most anticipated and bullish events of the past four years – the halving. Although Bitcoin’s value has not yet seen a dramatic surge, expectations of a supply shock remain. Market analysis predicts that this will push Bitcoin’s price above $73,737, which is about 14% higher than the current trading price of $64,530. From a longer-term perspective, Bitcoin’s price appears to be following a Wyckoff pattern, which is bullish for Bitcoin in the long term. However, if the market’s bullish sentiment fades before a new all-time high is formed, Bitcoin’s price could fall below $60,000, which would defeat bullish expectations and could cause Bitcoin’s price to fall further.
Bitget Token (BGB) faces double resistance
The price of Bitget Token is mainly influenced by two key resistance points that are key to its posting new all-time highs. BGB has been facing a bearish dilemma since hitting a high of $1.38 in early April. Currently, the altcoin is trading at $1.19, which is 15% below its all-time high. If the crypto-asset can turn the $1.24 resistance into support and rally to test the $1.38 level, it may break out of this high. The Moving Average Convergence Divergence (MACD) indicator also shows the same. MACD is a trend-following momentum indicator that shows the relationship between two moving averages. It helps us identify potential buy and sell signals based on crossovers and divergences. The indicator is currently on the verge of a bullish crossover, which means that the cryptocurrency may see a bullish outcome. However, if the $1.15 support level is broken, the bullish view will be invalidated, pushing BGB away from new all-time highs.
Ondo (ONDO) seeks to break out of consolidation
The price of Ondo has been consolidating for the past month and a half and is currently trading at $0.799. The altcoin is currently trading at the $0.797 support level. Once the market rebounds, it is expected to rise back to the all-time high of $0.977, which would mark a potential 22% growth. The RSI is above the neutral line of 50.0, which indicates strong bullish support for the altcoin as it suggests potential room for growth.
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