cryptocoin.com As we have mentioned, although the crypto money market has made a rapid entrance to 2023, it has been exhibiting pauses and fluctuations recently. In 2023, when many altcoin projects were on the rise, experts pointed to May and announced that they expected a rise for these 2 altcoins! Here are the details…
Experts explained: These 2 altcoin projects could skyrocket in May!
Render Token (RNDR)
As you know, Render Token (RNDR) has been on the rise for the last few weeks and has entered the radar of experts. The anonymous server of InvestAnswers, which is closely followed by the crypto money market, thinks that the Ethereum-based Render Token (RNDR) may still have a double chance, in his recent statements to his 443 thousand followers on YouTube, pointing to the target of $ 5.62 for the next bull market.
As you know, RNDR, one of the most famous altcoin projects of recent times, closed 2022 at $ 0.406 and is currently trading at $ 2.46 with a gain of 505 percent. The crypto analyst lays out three different scenarios for the future performance of Render following this year’s meteoric rise: a bear case, an “expected” case, and a bull case. He states that it may take until 2025 for the bull case forecast to materialize. The words of the expert are as follows:
This forecast is the price forecast for the next bull run after dodge. I have a bear case, expected case and bull case. And this bull run could continue into 2025… I know investors out there will want a price like 50x or $100. I don’t think this will happen. I expect the number of coins to be in circulation around 465 million by 2025, maybe a little earlier, depending on how exactly the burning mechanism works.
And the bear scenario of $3.68 will give us a market value of $1.7 billion, the expected $4.87 scenario with a market value of $2.3 billion and the bull scenario of $5.62 a market cap of $2.6 billion. If you’re in the business and lucky enough to buy it for $0.40 at the beginning of the year, $0.40 to $3.68 could be a pretty good return for a few years.
The InvestAnswers host also says there are a few things to watch for that could make the bull case forecast more likely, including wider adoption and development of Render. The rise of artificial intelligence, the rise of decentralization and the explosion of adoption, to name a few, will again depend on the performance of the cryptocurrency market. Here are the analyst’s words:
Now, adoption of Render by businesses and individuals is key to success. They need some new developments and new features. Maybe need a little more processing power used for different things.
Instantly, RNDR is trading at $2.43.
The price of AAVE may explode!
Another altcoin project that attracts the attention of experts is described as AAVE. While experts call AAVE a “May Coin”, the price performance of the project draws attention.
Aave (AAVE) price has been trading inside a symmetrical triangle pattern since hitting a yearly low of $45.8 in June 2022. According to experts, this is a neutral pattern, so both a breakout and a collapse are equally likely. After being rejected by the triangle’s resistance line ($85) last week, the price is currently trading in the middle of the pattern. The weekly RSI indicator is currently trading around the 50 level, showing a neutral signal.
If there is a breakout, AAVE price could rise to the next long-term resistance level at $120. A breakout would bring the price down to its all-time low of $30. Since the triangle has been in existence for 315 days, the movement that occurs after a breakout can be very strong.
However, the Short-term pattern supports the possibility of a breakout. The daily chart shows that AAVE has been trading inside a descending parallel channel since hitting a yearly high of $95. This is a bullish pattern that leads to a breakout in most cases. AAVE price has successfully turned the middle line of the channel as support over the past few days after being rejected by the resistance line of the channel on April 18.
Also, the middle line of the channel coincides with the 0.618 Fib level of the uptrend at the beginning of the year, where corrections often expire after an uptrend. Therefore, the bulls are likely to make another effort to break above the channel soon. If successful, according to experts, this will also help AAVE price break out of the long-term symmetrical triangle pattern.
