Altcoin Potential: Rise of Ethereum, Helium, and Shiba Inu in May
Release: 2024/05/03 19:54 Reading: 802
Altcoin Potential: Rise of Ethereum, Helium, and Shiba Inu in May
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 Dominance and Altcoin Season
Bitcoin prices were expected to increase after the halving in April, but the anticipated altcoin season failed to materialize. Bitcoin dominance has recently increased to 55%, dampening hopes for an immediate altcoin rally.
Altcoin season typically occurs when 75% of the top 50 coins outperform Bitcoin over 90 days. Currently, only 35% of coins meet this criterion.
Despite the low probability of an altcoin season in May, it could extend into June.
Promising Altcoins for May
- Ethereum (ETH)
Ethereum is trading at $3,063, attempting to break the upper trendline of a falling wedge formation. A breakout could lead to a rise to $3,695. However, a break below $2,991 could invalidate the bullish thesis.
- Helium (HNT)
Helium has recovered from a recent decline, forming a golden cross. This could push HNT's price towards $7 and $8. A drop below $3.6 would nullify the bullish outlook.
- Shiba Inu (SHIB)
Shiba Inu is trading within a descending channel, but a bullish breakout could occur if it breaks above $0.00002584. This could result in a 29% gain to $0.00003332. A drop below $0.00002268 would invalidate the bullish thesis.
Conclusion
Despite the uncertainty surrounding an altcoin season in May, Ethereum, Helium, and Shiba Inu stand out with promising potential. Ethereum's bullish pattern, Helium's recent recovery, and Shiba Inu's support levels suggest significant growth opportunities. As the crypto industry evolves, these altcoins are likely to play a crucial role in shaping its future.
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