3 Trending Crypto To Sell This May
Release: 2024/05/03 02:34 Reading: 526
Investors Rebalance Portfolios, Targeting Crypto for Sale in May
As the market continues to correct, investors are rebalancing their portfolios, with some targeting cryptocurrencies to sell in May, particularly after the recent downtrend. Bitcoin extended its correction to $56,500 on Wednesday amidst the FOMC meeting, which left interest rates unchanged. Given the persistent inflationary pressures in the US and major economies, a selective approach to crypto investing could yield profitable returns in the long run.
Top Cryptocurrencies to Sell in May
Bitcoin surged to a new all-time high of $73,837 in March, driven by exposure to new Bitcoin ETFs. While altcoins generally followed suit, with some reaching record levels, experts believe the altcoin season is yet to come.
Another key factor to consider is Bitcoin halving, with its third cycle occurring on April 20. As discussed by CoinGape analysts, the halving's impact on BTC price and the crypto market is expected to be significant.
However, due to the gradual reduction in supply and subsequent increase in demand, a parabolic rally is anticipated, mirroring the bull runs of 2017 and 2021.
As is customary, an increase in Bitcoin price correlates positively with altcoin prices. Therefore, identifying the right altcoins for inclusion in a portfolio could yield substantial gains during the bull market.
Nevertheless, some cryptocurrencies to consider selling in May include Shiba Inu (SHIB), Solana (SOL), and Ordinals (ORDI). Various factors have been taken into account in compiling this list. However, it is crucial to conduct thorough research before making any decisions.
Also, consider the altcoins to buy lists, curated to benefit crypto portfolios in 2024.
1. Shiba Inu (SHIB)
Over the past week, SHIB, the second leading meme coin, has experienced minimal movement, reflecting the broader market downturn. This period of stagnation is crucial, as it typically encourages accumulation among investors. Overall, the market has seen a 9% decline, resulting in significant losses for many digital currencies.
The meme coin Shiba Inu currently faces a pivotal resistance level at $0.00002315. Breaking through this barrier could push its value up to $0.000025. Such a move could pave the way for reaching the $0.0001 threshold.
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Shiba Inu Coin Price chart
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However, a downturn could drive its price down to a support level of $0.000022. If market sentiment turns negative, SHIB could fall further to $0.00002. Increased bearish momentum may confirm a downward trend.
The daily technical analysis presents a promising outlook for Shiba Inu, with its price on a recovery path. The Relative Strength Index (RSI) is at a balanced 42.
2. Solana (SOL)
SOL traded around $136 during US business hours, contributing to the overall bullish sentiment in the crypto market. The cumulative valuation stands at $2.31 trillion, up by 1.4% during the same period, according to data from CoinGecko.
Bitcoin price also rose after testing support at $56,500, as discussed in the special edition of the top 3 price prediction. The largest crypto could drive the market towards further gains and reverse the bearish trend in April by reclaiming support above $60,000.
Bitcoin hovers around $58,500 at the time of writing, having gained a modest 2% in the last 24 hours. Ethereum, the second-largest crypto, is also in the green but remains below support/resistance at $3,000.
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SOLUSD price chart
During the Q1 rally, fueled by positive sentiment surrounding the launch of Bitcoin ETFs in the US, the fifth-largest cryptocurrency reached a peak of $209. In the previous bull market in 2021, Solana reached all-time highs of $260.
In the short term, traders will seek higher support, preferably above the 50-day Exponential Moving Average (the red line overlaying the chart) at $136.8.
A decrease in Total Value Locked (TVL) volume often indicates a long-term negative impact on the token. It's important to note that SOL holders lock their tokens in smart contracts to participate in network security and earn additional coins.
3. ORDI
The Ordi platform has recently gained attention for its innovative use of the Ordinals protocol, which embeds data directly into Bitcoin's smallest denomination, the satoshi. By utilizing the vast pool of 2,100 trillion satoshis, Ordi enables substantial data storage capabilities on the Bitcoin blockchain itself, eliminating the need for an additional token or altering the blockchain's fundamental structure.
ORDIUSD monthly price chart
ORDI has faced significant headwinds in the past two months, falling from highs near $90 to $30 this week. If the price fails to recover, selling pressure may intensify as investors focus on selling cryptocurrencies and redirecting funds into other altcoins and Bitcoin.
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