Altcoin
Will Altcoin Season Kick Off in May 2024? 3 Cryptos to Track
Bitcoin price was expected to increase following the halving that took place towards the end of April. However, when that did not happen, investors turned to altcoins.
While many anticipate altcoin season to take place soon, the possibility seems low except for these three altcoins.
Bitcoin Dominance Is Rising Again
Bitcoin dominance reached 56.32% in mid-April and started trickling to 54.34%. But in the last few days, this dominance has grown to almost 55%, threatening the potential of altcoins breaking out and the market noting an altcoin season.
Indeed, altcoin season usually occurs when 75% of the top 50 coins perform better than Bitcoin over the last 90 days. This figure currently stands at 35%, which is far below the threshold for a confirmed altcoin season.
Thus, the chances of an altcoin season in May are pretty low, so it could instead extend to June. Nevertheless, these three altcoins are looking to break out in the coming month.
Ethereum (ETH) Is in a Bullish Reversal Pattern
Ethereum’s price trading at $3,063 failed to breach past the upper trend line of a falling wedge it has been stuck in since March. Following failed attempts in the past, the second biggest crypto asset in the world could break out after bouncing off $2,991 support.
A falling wedge is a bullish chart pattern characterized by converging trendlines sloping downward, indicating a potential reversal from a downtrend. Based on this pattern, the target set for ETH is 16.7% above the upper trend line, marked at $3,695.
Read More: Ethereum ETF Explained: What It Is and How It Works
However, if the support of $2,991 is broken, Ethereum could fall to $2,800, invalidating the bullish thesis.
Helium (HNT) Set to Reverse the Death Cross
Helium’s price has sharply recovered in the past week after falling to $3.63. During the decline, the altcoin formed a death cross. This occurs when a 50-day Exponential Moving Average crosses below the 200-day EMA, typically signaling a potential downtrend or market weakness ahead.
Nevertheless, the recent recovery is close to not only invalidating the death cross but also forming a golden cross. This could push HNT’s price beyond the $6.33 resistance level to flip it into support. The upswing could enable Helium to enter a 26% rally to reclaim $7 and $8 as support.
Read More: Helium (HNT) Price Prediction 2024/2025/2030
But if the death cross weighs heavier than a potential breakout, a drawdown to $3.6 is possible. Losing this level would also invalidate the bullish thesis.
Can Shiba Inu (SHIB) Escape From the Descending Channel?
Shiba Inu’s price has been moving within a descending channel, but with the support of the 50 and 200-day EMA, a bullish breakout could occur in the coming days.
A breakout above the upper trend line at $0.00002584 could translate to 29% growth for the meme coin, potentially sending it to $0.00003332.
Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
This rise could come in May, provided the meme coin does not witness a decline on the daily chart. Losing the support of $0.00002268 could send SHIB lower to fall below $0.00002000. This would invalidate the bullish thesis, increasing the potential for losses.
Disclaimer
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Crypto expert Egrag Crypto has again predicted that the XRP price could rally to as high as $27. The analyst has also revealed the exact timeline for when the altcoin could record this massive price surge.
Expert Reveals Time For XRP Price To Hit $27
In an X post, Egrag Crypto asserted that the XRP price can hit $27 in 60 days. The expert remarked that historical patterns indicate that the altcoin can reach this target within this timeframe.
Based on this price prediction, XRP could reach this $27 target by June, marking a 1,250% gain for Ripple’s native crypto. The expert’s accompanying chart showed that he was alluding to the 2017 bull run as to why the altcoin could record such a parabolic rally.
In 2017, XRP recorded a historic gain of over 60,000% as it rallied to its current all-time high (ATH) of $3.8 the following year. As such, based on history, a 1,250% increase is nothing for the altcoin.
In the meantime, the XRP price still boasts a bearish outlook thanks to the sentiment in the broader crypto market. As CoinGape reported, Ripple’s coin could drop to the next major support levels at $1.79 and $1.56 if it fails to hold above $2.03.
Decision Time For The Altcoin
In an X post, crypto analyst CasiTrades stated that it is decision time for the XRP price. She noted that the altcoin is showing strength with a bounce right back to the first key test at $2.17. She added that this is the resistance level she wants to see flip into support, as it might be the “most important price of the week.”
The analyst stated that XRP must reclaim this level to build momentum. She added that the $2 level remains a valid target if the $2.17 level rejects. Meanwhile, CasiTrades revealed that $2.70, $3.05, and $3.80 are the major resistance zones once the upward trend is confirmed.
The analyst also mentioned that the XRP price is now fully inside the Fibonacci Time Zone 3, which spans most of April. She affirmed that this is the breakout window market participants have been preparing for and that all signs point to a macro wave.
CasiTrades affirmed that the structure is clean. The RSI divergence has confirmed the bottom, while the subwaves are aligning well with the larger targets. If the next leg pushes XRP back above $2.17 with momentum, she claimed that market participants may finally see obvious signs of Wave 3. Interestingly, the analyst added that if the altcoin clears $2.70 this week, it may break the $1,000 price extension.
For now, investors may remain cautious, especially seeing how XRP fell after the PMI and JOLTS data release earlier today. Donald Trump is also set to announce reciprocal tariffs tomorrow, which could spark a massive price crash.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A recent Binance update has triggered massive liquidations while sending Solana memecoin ACT into a steep correction. At first, pundits blamed market maker Wintermute for the jarring declines but Binance’s update to leverage and margin tiers appears to be the culprit.
Several Altcoins on Binance Suffer Massive Corrections
According to an X post, several altcoins listed on Binance took a major hit, dropping by double-digit percentages. The hardest hit of the lot was Solana memecoin ACT, experiencing a sudden drop of over 50% in 30 minutes.
Other altcoins including DEXE and DF equally recorded steep declines of 23% and 16% respectively in the same window. The price slump left traders scratching their heads but a consensus formed that sizable sell orders were behind the declines.
“The sudden dips were triggered by large sell orders executed in a short time frame, leading to a significant surge in spot trading volume,” said one pundit.
Others turned to market maker Wintermute as the trigger for the selloff. However, Wintermute CEO Evgeny Gaevoy denied responsibility while noting that the market maker reacted “post move.”
The decline comes amid a broader market recovery with several cryptocurrencies including Compound (COMP) gaining 70%.
What Triggered The 50% Decline For Solana Meme Coin
A Binance update on leverage and margin tiers on specific tokens like ACT triggered the massive declines. According to an April 1 announcement, the top exchange has updated the margin tiers of several perpetual contracts, noting that existing positions will be affected.
Following the move, one ACT whale got liquidated for $3.79 million at $0.1877, triggering a broad selloff. Former FTX community manager Benson Sun noted that traders had less than 3 hours to respond to the change, criticizing Binance for the move.
“Before changing the rules, Binance should have evaluated how many positions would be closed,” said Sun. “If there are market makers with large positions, they should have notified them in advance.”
Within hours of MUBARAK’s listing, the memecoin tumbled by 40% with Binance CEO Changpeng Zhao downplaying the impact of a listing on prices. Binance has drawn criticism in recent days following its exclusion of Pi Network from its Vote To List initiative.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A crypto market crash looks imminent, with Bitcoin, Ethereum, XRP, and Dogecoin witnessing notable declines. This price crash happened following the release of weak manufacturing PMI and JOLTS data, which provides a bearish outlook for the market.
Crypto Market Crash: BTC, ETH, XRP, & DOGE Decline
CoinMarketCap data shows that a crypto market crash could be on the horizon, with the Bitcoin price sharply dropping below $83,000 from a daily high of around $84,400. Altcoins such as Ethereum, XRP, and DOGE also witnessed sharp declines.
This market crash occurred following the release of weak ISM manufacturing PMI and JOLTS data. The March PMI data dropped to 49, below expectations of 49.5 and lower than the 50 recorded in February.
The US JOLTS job openings for February came in at 7.568 million, below the expected 7.690 million and lower than the 7.762 million recorded in January. These data add to several macro fundamentals that paint a bearish outlook for the market.
This crypto market crash could persist, with China, Japan, and South Korea agreeing to respond to Donald Trump’s proposed tariffs. Trump is set to announce a number of reciprocal tariffs tomorrow, which could significantly harm the market as it sets off a trade war between the US and other nations.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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