Even though April was a relatively stable month for the cryptocurrency market, these four altcoins managed to sustain most of their gains and even post a positive performance.

May has the potential to be a significant month for the altcoin market. If the market sees an upswing during this time, many altcoins could reach new all-time highs. This makes it an exciting time for traders and investors to keep a close eye on the market movements and take advantage of potential opportunities. BeinCrypto looks at 4 cryptos that could hit new all-time highs in May:

Render Token (RNDR) Clears Crucial Hurdle

The RNDR price has been one of the biggest gainers since the beginning of 2023, increasing by 500% in the process. This week, it managed to clear the $2.10 horizontal resistance area. This was a crucial level since the price had traded below it since April 2022.

Even though the RNDR price is still 210% below its all-time high, only one major resistance remains at $3.80. So, if the price clears it, it will have an easier path at increasing to a new all-time high.

OKB (OKB) Price Wave Count Can Lead to New All-Time High

The OKB price has increased rapidly since June 2022. The increase resembles a five-wave (white) upward movement. If so, OKB is currently in wave four.

Technical analysts employ the Elliott Wave theory as a means to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.

The shape of wave three and the presence of a symmetrical triangle in what could be wave four suggests that this is the correct count.

If so, the OKB price will break out from the triangle and increase toward the next resistance at $72.10. This would be a new all-time high price.

However, a breakdown from the triangle will invalidate this bullish OKB price prediction and can lead to a drop toward $34.30.

RocketPool (RPL) Cryptocurrency Price Attempts to Begin Upward Movement

The RPL price has increased inside an ascending parallel channel since January 18. While doing so, it reached a new all-time high of $65.30 on April 16.

However, it was rejected by the channel’s resistance line (red icon) and has fallen since. The long upper wick created at the channel’s resistance line is considered a bearish sign since it means that buyers were not able to sustain the price. Rather, sellers took over and pushed it down.

Currently, the RPL price trades in the lower portion of the channel. While this is considered a bearish sign, the price is very close to a confluence of support levels at $43, which could initiate a bounce.

If the cryptocurrency manages to move above the channel’s midline, it could increase toward its resistance line.

Since a breakout from the channel is not needed for a new all-time high, RPL may reach the resistance line once more and create a new all-time high in the process.

Can BNB Price Clear Major Resistance?

The BNB price has increased considerably since its June 2022 low of $183. During this period, it followed an ascending support line, which measured the slope of the increase. Besides the line, the BNB price also faces resistance from the $345 horizontal resistance area.

Combined, they create an ascending triangle, which is considered a bullish pattern.

If the BNB token price breaks out from it, the price could reach a high of $510, slightly below the all-time high and at a long-term descending resistance line.

The weekly Relative Strength Index (RSI) supports the possibility of a breakout. By using the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset. If the RSI reading is above 50 and the trend is upward, bulls have an advantage, but if the reading is below 50, the opposite is true.

Since the RSI is above 50 and increasing, it means that the trend is bullish.

However, if the cryptocurrency closes below the ascending support line, it will invalidate the bullish hypothesis and could cause a drop to $200.

#rndr #okb #crypto2023 #crypto #Binance

BeInCrypto looks at the five biggest altcoin losers in the entire crypto market this week, specifically from April 21 to 28.

The underperforming altcoins that saw prices falling the most in the entire cryptocurrency market this week are:

PancakeSwap (CAKE) price fell by 21.00%

Optimism (OP) price fell by 10.56%

OKB (OKB) price fell by 9.77%

Zilliqa (ZIL) price fell by 9.06%

Synthetix (SNX) price fell by 9.06%

PancakeSwap (CAKE) Price Leads Underperforming Cryptos

The CAKE price has decreased since it broke down from an ascending support line on April 19. Previously, the line had been in place since June 2022. Therefore, the breakdown from it means that the upward movement has ended.

Moreover, the CAKE Price fell below the $3.20 horizontal support area, falling to a new yearly low in the process. Currently, the digital asset trades inside the $2.60 price level support.

CAKE/USDT Daily Chart. Source: TradingView

If the price breaks down, a sharp drop to $0.70 could follow. However, the CAKE token price could revisit the $3.20 area gain if a bounce transpires.

Optimism (OP) Price Trades in Bearish Pattern

The OP price has decreased under a descending resistance line since the beginning of February. More recently, the line caused a rejection on April 15 (red icon).

When combined with the $2.0 horizontal support area, the price action creates a descending triangle, which is considered a bearish pattern. This means that a breakdown from it is the most likely scenario.

OP/USDT Daily Chart. Source: TradingView

If OP breaks down, the next closest support will be at $1.40, created by an ascending support line and horizontal support area. However, if OP bounces, it can reach the resistance line at $2.40.

OKB (OKB) Price Trades in Neutral Pattern

The OKB price has traded inside a symmetrical triangle since Feb. 17. The symmetrical triangle is considered a neutral pattern, meaning that both a breakout and breakdown are possible. Currently, the price trades in the middle of the pattern.

OKB/USDT Daily Chart. Source: TradingView

If the underperforming crypto breaks down, it could fall to the closest support area at $34. However, if a breakout ensues, OKB could reach a new all-time high at $72.

Zilliqa (ZIL) Price Falls From Range High

The ZIL price has decreased since the $0.035 resistance area rejected it on April 27. The area has been in place since September 2022. Therefore, it is a crucial resistance level.

If the decrease continues, the crypto asset could fall to the closest support area at $0.024. However, if the price regains momentum, it could retest the $0.035 area again.

Synthetix (SNX) Risks Breakdown

The SNX price has decreased under a descending resistance line since August 2022. More recently, the line caused a rejection on April 19. Now, the price is trading close to the $2.20 horizontal support area.

SNX/USDT Daily Chart. Source: TradingView

If it breaks down, a drop to $1.40 could follow. However, if SNX bounces, it can reach the resistance line at $2.90.

#cake #snx #zil #okb #op

Bitcoin price analysis

Bitcoin turned down sharply from the resistance line of the symmetrical triangle pattern on May 6, indicating that the bears are not willing to let the bulls through. A minor positive is that the bulls have been buying the dips to the support line of the triangle as seen from the long tail on the day’s candlestick.

The flattish 20-day exponential moving average ($28,819) and the relative strength index (RSI) near the midpoint do not signal a clear advantage either to the bulls or the bears.

If the price breaks below the triangle, it will suggest that bears are trying to seize control. The BTC/USDT pair may first fall to $26,942 and then to $25,250.

On the other hand, a break and close above the triangle will suggest that the bulls have absorbed the supply. That may start a rally to $32,400 where the bears are again expected to mount a strong defense.

Buyers nudged the price above the triangle but the long wick on the candlestick shows that the breakout turned out to be a bull trap in the near term. BTC price turned down sharply and plunged to the support line of the triangle.

The bounce off this level has reached the moving averages, which is a key short-term level to watch out for. If Bitcoin's price turns down from the current level, it will raise the chances of a break below the support line.

Contrarily, if buyers kick the price above the moving averages, the pair may rise to the resistance line. The bulls will have to drive and sustain the price above this level to start an up-move.

Ether price analysis

Ether (ETH) faced a strong rejection above the psychological resistance at $2,000 on May 7. This indicates that the bears have not given up and they continue to protect the overhead resistance levels.

The 20-day EMA ($1,903) has flattened out and the RSI is near the midpoint, indicating that the ETH/USDT pair may remain range-bound in the near term. The boundaries of the range could be between $2,000 and $1,785.

A consolidation just below the local high is a positive sign. It shows that the bulls are in no hurry to book profits, increasing the possibility of a break above $2,200.

On the contrary, if the price plunges below $1,785, it will suggest that bears have seized control. That could start a fall to $1,619.

The 4-hour chart shows that the bears could not build upon the break below the 50-simple moving average. This shows that the selling pressure reduces at lower levels. The bulls are trying to stage a recovery by sustaining the price above the 20-EMA. If they can pull it off, the pair will again try to retest the crucial resistance at $2,000.

On the contrary, if ETH price turns down from the current level and breaks below the 50-SMA, it will suggest that the bears are in command. That could sink the pair to the support line.

Monero price analysis

Monero (XMR) is trying to stay above the moving averages, indicating that the bulls are attempting a comeback.

The flattish 20-day EMA ($156) and the RSI just above the midpoint indicate a balance between supply and demand. If buyers thrust XMR price above the neckline of the inverse head and shoulders pattern, the advantage will tilt in their favor.

The XMR/USDT pair may then start a new up-move. There is a minor resistance at $181 but if that is crossed, the pair may reach $187.

Instead, if the price turns down from the current level or the neckline, it will suggest that the bears remain active at higher levels. The sellers will then try to yank the price below the $149-support, opening the door for a decline to $130.

The 4-hour chart shows that the price rebounded off the 50-SMA but the bulls could not pierce the resistance line. This shows that the bears are selling on rallies. If the price snaps back from the 20-EMA, it will suggest that the sentiment is turning positive and traders are buying on dips.

The bulls will then make another attempt to clear the overhead hurdle. If they manage to do that, the pair could first rise to $162 and then to $164.

Alternatively, if the price turns down and breaks below the 50-SMA, it will suggest that bears are in control. That will increase the likelihood of a retest of the support line.

Related: The Ethereum Foundation just sold $30M in Ether — But will ETH price fall this time?

OKB price analysis

OKB (OKB) is trading inside a large symmetrical triangle pattern. Generally, in this setup, traders buy near the support line and sell near the resistance.

The bears are trying to maintain OKB price below the 50-day SMA ($45.57) while the bulls are attempting to reclaim the level. If the price turns up from the current level or rebounds off the support line, it will suggest demand at lower levels.

If buyers shove the price above the 20-day EMA ($46.87), it will suggest that the OKB/USDT pair may prolong its stay inside the triangle for some more time.

Contrary to this assumption, if bears sink the price below the triangle, it will suggest that the setup has behaved as a reversal pattern. That could start a new downtrend which is likely to pull the pair to $37.

The 4-hour chart shows that the bulls are trying to defend the horizontal support near $44.35 but they have not been able to propel the price above the moving averages. This suggests that every minor relief rally is being sold into. If the price turns down from the current level and plummets below $44.35, the pair may slump to $41.70.

Conversely, if the price rises above the moving averages, it will signal accumulation at lower levels. The pair could first rise to $49.50 and thereafter attempt a rally to $53.

#ETH #BTC #xmr #okb #Binance