cryptocoin.com As we mentioned, after the crypto boom in November 2021, many investors wonder if they can see those extreme levels once again. However, leading crypto analysts point to 4 altcoin projects that could explode in May! Here are those crypto money projects that can experience ATH in May…
Experts explained: “These Altcoin projects can catch ATH levels!”
Render Token (RNDR)
RNDR, which is among the remarkable altcoin projects of the crypto money market, has been one of the biggest gainers since the beginning of 2023 and has experienced a 500 percent increase in this process. The popular altcoin managed to clear the $2.10 horizontal resistance area this week. However, this level was quite significant as the price has been trading at lows since April 2022.
While RNDR price is still 210 percent below its all-time high, there is only one major resistance left at $3.80. So, if the price surpasses this, it will have an easier way to rise to its all-time high.
OCD (OCD)
OKB price has increased rapidly since June 2022. The increase resembles a five-wave (white) upward move. If so, OCD is currently in its fourth wave. Technical analysts use Elliott Wave theory as a tool to identify repetitive long-term price patterns and investor psychology that help them determine the direction of a trend. The shape of the third wave and the presence of a symmetrical triangle that could be the fourth wave suggest that this is the correct count. If so, OKB price will break out of the triangle and increase towards the next resistance at $72.10. This will be the highest price of all time.
However, a breakout of the triangle could invalidate this bullish OKB price prediction and lead to a drop towards $34.30. OKB is currently trading at $47.44.
RocketPool (RPL)
Popular altcoin RocketPool (RPL) is among the altcoins experts have chosen for the month of May. RPL price has risen in an ascending parallel channel since Jan 18. In doing so, it hit an all-time high of $65.30 on April 16. However, it was rejected by the resistance line (red icon) of the channel and has been falling ever since. The long upper wick formed at the resistance line of the channel is considered a bearish sign as it means that buyers are unable to sustain the price. Rather, sellers took over and pushed it down. Currently, RPL price is trading at the bottom of the channel. While this is considered a bearish sign, the price is very close to the confluence of the $43 support levels, which could start a bounce.
If the cryptocurrency manages to rise above the middle line of the channel, it could rise towards the resistance line. As a breakout of the channel is not necessary for a new all-time high, RPL could hit the resistance line once again and create a new all-time high in the process.
Binance Coin (BNB)
BNB price has risen significantly since its low of $183 in June 2022. During this period, it followed an ascending support line that measures the slope of the rise. Alongside the line, BNB price is also facing resistance from the $345 horizontal resistance area. When they come together, they form an ascending triangle, which is considered a bullish pattern.
If BNB coin price breaks out of this, the price could reach a high of $510 just below its all-time high and the 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. Bulls have an advantage if the RSI value is above 50 and the trend is up, but vice versa if the value is below 50. As the RSI is above 50 and increasing, it means the trend is in the bullish direction.
However, if the cryptocurrency closes below the ascending support line, it will invalidate the bullish hypothesis and could result in a drop to $200.
