- Ethereum is poised for a bullish breakout, targeting $3,695 amid a falling wedge pattern.
- Helium exhibits potential rebound, with the golden cross signaling a possible rally towards $7 and $8.
- Shiba Inu eyes a bullish breakout, aiming for 29% growth if it breaches upper trendline resistance.
Bitcoin prices are expected to increase after the halving that occurred towards the end of April. However, when that didn’t happen, crypto investors turned to altcoins. While many anticipate an altcoin season will happen soon, the chances of that seem low except for these three altcoins.
Bitcoin dominance reached 56.32% in mid-April and started trickling down to 54.34%. But in recent days, this dominance has grown to nearly 55%, threatening the altcoin’s potential exit and market record altcoin season. Indeed, altcoin season typically 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 well below the threshold for a confirmed altcoin season.
So, the chances of the altcoin season in May are quite low, so it could extend into June. Nevertheless, these three altcoins look set to skyrocket.
1. Ethereum (ETH)
Ethereum price traded at $3,063 failing to break the upper trendline of the falling wedge that has been stuck since March. After fizzled endeavors in the past, the world’s second-largest crypto resource seems to break out after bouncing off the $2,991 bolster.
A falling wedge may be a bullish chart design characterized by focalizing trendlines that slant downwards, showing a potential inversion of a downtrend. Based on this, the target set for ETH is 16.7 above the upper trendline, stamped at $3,695. However, if the $2,991 support is broken, Ethereum could fall to $2,800, invalidating the bullish thesis.
2. Helium (HNT)
Helium price has recovered sharply in the past week after falling to $3.63. During the decline, the altcoin formed a death cross. This happens when the 50-day Exponential Moving Average (EMA) crosses underneath the 200-day EMA, ordinarily signaling a potential future downtrend or showcase shortcoming.
Nevertheless, the recent recovery almost not only canceled the Death Cross but also formed a golden cross. This could push HNT’s price beyond the resistance level of $6.33 to turn it into support.
The rise could allow Helium to enter a 26% rally to reclaim $7 and $8 as support. But if the death cross outweighs the breakout potential, a drop to $3.6 is possible. Losing this level would moreover nullify the bullish proposal.
3. Shiba Inu (SHIB)
Shiba Inu cost has been moving inside a plummeting channel, but with the back of the 50 and 200-day EMA, a bullish breakout may happen within the coming days. A break over the upper trendline at $0.00002584 might result in 29% development for the meme coin, possibly sending it to $0.00003332.
This increase could occur in May, as long as the meme coin does not experience a decline on the daily chart. Losing the $0.00002268 support could send SHIB lower to fall below $0.00002000. This would invalidate the bullish thesis, increasing the potential for losses.
Despite the uncertainty surrounding the altcoin season in May, Ethereum, Helium, and Shiba Inu stand out with promising potential. Ethereum’s bullish pattern hints at a significant upside, while Helium’s recent recovery suggests a possible rally ahead. Shiba Inu, sponsored by specialized markers, seems to see significant development in case it keeps up its back levels. As the crypto industry advances, these altcoins are likely to play urgent parts in forming its future, advertising financial specialists energizing openings for development and advancement.
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The post Altcoin Potential: Rise of Ethereum, Helium, and Shiba Inu in May appeared first on Crypto News Land.
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