Which altcoins will outperform the crypto market in May?
The cryptocurrency industry has successfully recorded a bullish reversal in its charts, with top altcoins witnessing a significant gain in their respective portfolios over the past 7 days. Moreover, the market leader BTC price has reclaimed the $65,000 mark, highlighting strong bullish sentiment.
The crypto market is poised to experience significant price action in May as investors show growing interest in mid-cap and low-cap altcoins to maximize profits. In this article, we present 4 altcoins that have the potential to outperform the top cryptocurrencies this month.
Ethena (ENA):
Ethena price has shown significant price action, with an increase of 11.89% in its portfolio over the past 24 hours with a 24-hour trading volume of $331.92 million. Moreover, the price has broken above the $0.90 resistance, highlighting the positive outlook for the altcoin going forward.
Moreover, the altcoin has gained 16.73% over the past 7 days, with a year-to-date (YTD) valuation return of 34.13%. With the rising bullish influence, ENA token price is ready to reach new ATH in the coming months.
The technical indicator MACD shows a continuous rise in the green bar chart and its average shows a bullish price action. Moreover, the Simple Moving Average (SMA) supports ENA price, indicating a strong positive influence on altcoins in the cryptocurrency market.
If the market sustains the price above the $0.90 support, bulls will be ready to test its overhead resistance at $1.325 this month. However, a bearish trend reversal could pull Ethena price towards the critical support at $0.70.
AIOZ Network (AIOZ):
AIOZ Network is a DePin for Web3 that supports faster, more secure, and decentralized. With the hype of Artificial Intelligence (AI), it has received a lot of attention in the crypto industry.
AIOZ price has increased by 12.04% in the past day with a trading volume of just over $10 million. Moreover, the increase in the past 7 days is 24.63%, and the increase since the beginning of the year is 448.56%.
The relative strength index (RSI) has shown a significant rise in the past week’s chart, having successfully broken through the midpoint. However, the average is hovering around the neutral point, highlighting the uncertainty of this altcoin’s future price action.
If the market continues to trade under the bullish influence, AIOZ price will be ready to test its overhead resistance at $1.029. Conversely, if the bears overwhelm the bulls, the price will fall towards the $0.684 support in the coming week.
Ivy (HBAR):
After a brief period of bearish sentiment, Hedera price has seen a strong bullish reversal, gaining around 10% in the past day. Moreover, the altcoin is up 13.59% in the past 30 days and 39.87% year-to-date, indicating bullish strength in the crypto space.
The Moving Average Convergence Divergence (MACD) is showing a constant green histogram on the 1D timeframe, highlighting the increase in overbought and oversold pressure in the crypto space. Moreover, the averages are showing a bullish uptick, indicating a positive outlook for altcoins this week.
If the market sustains the HBAR price above the $0.120 support, the bulls will regain momentum and be ready to test its overhead resistance at $0.160 in the coming weeks. On the downside, a bearish trend reversal could pull the price towards lows of $0.10.
ONDO:
ONDO price has gained a lot of attention in the market this year following its launch on January 18 at $0.08355, which resulted in the Ondo cryptocurrency gaining around 700% in a matter of hours.
On the positive side, the altcoin has gained 8.19% in the past day and 13.04% in the past 7 days. Moreover, it has returned 941.94% from the time of writing.
MACD is showing a strong bullish price action with its moving average successfully recording an uptrend in the chart. On the other hand, the SMA supports the price chart, suggesting that ONDO price will continue to appreciate in the future.
If the bulls continue to gain momentum, Ondo Token will be ready to test its upper resistance level of $1 on the upcoming weekend. On the other hand, if the bears take control of the market, the price will lose momentum and test the critical support level of $0.736 this month.
