Will Altcoin Season Start in May 2024? Top 3 Cryptos to Watch" from The Motley Fool:

Will Altcoin Season Start in May 2024?

Bitcoin dominance has been rising again, currently sitting close to 55% after a recent decline from 56.3%. Typically, an altcoin season starts when 75% of the top 50 coins outperform Bitcoin over the last 90 days. At the moment, only 35% of the top 50 coins are performing better than Bitcoin, indicating a low probability of an altcoin season in May.

1. Ethereum (ETH)

Ethereum's price, trading around $3,063, has been stuck in a falling wedge since March. A breakout could occur after bouncing off the $2,991 support level. A falling wedge is a bullish chart pattern that suggests a potential reversal from a downtrend. If Ethereum breaks out, it could reach a target of $3,695.

However, a failure to maintain support at $2,991 could invalidate this bullish outlook.

2. Helium (HNT)

Helium's price recently recovered sharply from a low of $3.63. This recovery has invalidated a "death cross" (a bearish technical pattern) and could form a "golden cross" (a bullish pattern). If the price surpasses $6.33 resistance and flips it to support, Helium could rally by 26% to reclaim $7 and $8 as support levels.

However, the initial death cross could still weigh down the altcoin's price.

3. Shiba Inu (SHIB)

Shiba Inu's price has been moving within a descending channel. However, with the support of the 50 and 200-day EMAs, a bullish breakout could be imminent. If SHIB breaks above the upper trend line at $0.00002584, it could lead to a 29% increase for the meme coin, potentially reaching $0.00003332.

To avoid losses, SHIB must maintain its support at $0.00002268.