Altcoin
Best Altcoins for 2x-5x Profits by the End of May
The recent increase The price of Bitcoin The value above $65,000 on Wednesday triggered a new relief rally in the cryptocurrency market. Major altcoins are also benefiting from this upward momentum, recovering from previous correction trends.
With market sentiment increasingly optimistic about a potential rally following the completion of Bitcoin’s fourth halving, several tokens are demonstrating the potential for significant gains, with projections of 2x to 5x profits by the end of May.
Fetch.ai (FET), Floki, Bonk, AAVE, and Ethena (ENA) are among the top contenders showing promising signs of robust growth.
Fetch.ai (FET)
FET is an Ethereum token that powers Fetch.ai, an open platform that provides tools to build innovative AI apps and services. In the context of recent market consolidation, the FET Price traded sideways, resonating within two converging trend lines of the triangle pattern.
At press time, Fetch. Ai coin trades at $2.35 and has a market capitalization of $2 billion. If the bullish pattern is confirmed, the FET price would break out of the overall trend line and change the potential target of $3.48, followed by a psychological level of $5.
FLOKI
The popular cryptocurrency Floki, based on the dog meme, showed a notable recovery this week, as the price of Bitcoin rose to $67,000. Meme sectors often show drastic movements towards new market changes due to their inherent volatile nature and the influence of speculative trading.
On May 15th Floki price gave a decisive breakout from the $0.0002 neckline resistance of an ascending triangle pattern. This continuation setup is known to accelerate bullish momentum and aid in a prolonged recovery.
If the breakout is sustained, FLOKI price could challenge the highs of $0.00031 and $0.45.
BONK
The Solana-based Memecoin entered a fresh upswing in mid-April as the price returned from the $0.000012 support. The renewed surge in buying interest increased the coin’s value by 160% to challenge the $0.000029 resistance.
An analysis of the daily chart shows that this rally has developed in an inverted head and shoulders pattern. Furthermore, bullish reversal is often observed at market lows and signals a change in market sentiment.
A potential breakout from the $0.000029 neckline will intensify the bullish momentum and drive the VERY GOOD price to $0.000047, followed by $0.000071.
AAVE
AAVE symbolic price shows strong resilience above the $80 level amidst the recent market correction. Furthermore, the altcoin has bounced off the aforementioned support several times, indicating that investors have been actively accumulating this asset during market dips.
On May 15, AAVE price returned from the $80 support and increased by 11.35% in four days to reach the $88.6 mark. If the bullish momentum persists, buyers will break out of the resistance trend line and aim for a target of $153.
However, the potential recovery could face resistance at $97.5, followed by $109.
Ethena (ENA)
ENA, the native utility token of the Ethena synthetic dollar protocol, has been on a correction trend over the past five weeks. Furthermore, the downtrend led by two converging trend lines indicates the formation of a descending wedge pattern.
The narrowing range of this chart pattern indicates weakening bearish momentum and an opportunity for buyers to regain control. Furthermore, the ENA price it is currently trading at $0.74 and showing an intraday gain of 3%.
A potential breakout of the wedge pattern will signal the end of the correction pattern and strengthen the ENA price to chase a $1.5 high.
Also check: ChatGPT predicts how much the price of Bitcoin will rise in the second quarter of 2024