88 F
Florida

Potential Crypto Assets Poised for All-Time Highs in May: Analysis and Insights

Published:

Cryptocurrency Market Analysis: Potential for New All-Time Highs in May

The dynamics of financial markets are witnessing a fascinating interplay between the cryptocurrency sector and traditional stock markets. As Federal Reserve officials’ statements continue to influence investor sentiment, the market movements reflect a delicate balance between optimism and caution.

BNB Coin: Nearing Previous All-Time High

BNB Coin, the native token of Binance, has been eyeing the previous all-time high of $686, last seen almost three years ago. Despite facing resistance around $640, the Relative Strength Index (RSI) indicates potential for further growth, as long as BNB remains below the overbought zone.

With BNB currently trading at $612, a rally of over 12% in May seems plausible. However, the broader market cues are not decisively bullish, making BNB vulnerable to corrections if it falls below the $520 support level.

Bitcoin: Halving Impact on Price Movement

Bitcoin’s price has been fluctuating between $70,000 and $65,000 post a recent rally, following the highly anticipated halving event. While an immediate surge is yet to materialize, the supply shock is expected to drive Bitcoin’s price beyond the previous all-time high of $73,737, currently trading at $64,530.

Long-term projections for Bitcoin, following the Wyckoff pattern, suggest a bullish trajectory. However, failure to establish a new all-time high could push the price below $60,000, signaling vulnerability to further decline.

Bitget Token: Potential Breakthrough for New All-Time High

Bitget Token is striving to surpass key resistances after hitting $1.38 in early April, now trading at $1.19. The Moving Average Convergence Divergence (MACD) indicator hints at a bullish outcome if the altcoin manages to turn $1.24 into support and test $1.38.

Conversely, breaching the $1.15 support level would invalidate the bullish scenario, pushing Bitget Token away from a new all-time high.

Ondo: Consolidation Phase and Potential Upside

Ondo has been consolidating around $0.799, with a support level at $0.797. A bounce from this support could propel Ondo back to its all-time high of $0.977, representing a potential 22% increase. The RSI above 50.0 signals bullish support for Ondo.

However, a breakdown below $0.797, leading to a drop below $0.738, would invalidate the bullish thesis, potentially pushing Ondo below $0.700.

Related articles

Recent articles