Altcoins
Altcoins Expected to Generate 2-5x Gains by End of May: Fetch.AI, Floki, AAVE, ENA
Bitcoin’s latest price rise above $65,000 on Wednesday sparked a new relief rally in the cryptocurrency market. Top altcoins are also benefiting from the bullish momentum, recovering from recent downtrends.
As market sentiment turns optimistic about a potential upside following the completion of Bitcoin’s fourth halving, some tokens are showing signs of significant gains, with profits expected to increase 2-5x by the end of May .
Fetch.ai (FET), Floki, Bonk, AAVE and Ethena (ENA) are among the leading challengers demonstrating encouraging indicators of rapid growth, according to Coinpedia.
Recover.AI (FET)
FET is an Ethereum token that powers Fetch.ai, an open platform that offers tools for developing new AI applications and services. During the recent market consolidation, FET price has been trading sideways, echoing between two converging trendlines of the triangle formation.
At press time, recover. Ai coin trades at $2.35 and has a market cap of $2 billion. If the uptrend continues, FET price will break the overhead trendline and move its potential target to $3.48, followed by a psychological threshold of $5.
FLOKI
The popular dog-themed joke cryptocurrency Floki saw a significant increase this week as the Bitcoin price reached $67,000. Due to their inherent volatility and the influence of speculative trading, meme sectors frequently exhibit dramatic movements in response to new market changes.
On May 15, Floki price decisively broke through the $0.0002 neckline resistance of an ascending triangle pattern. This continuation pattern is known to accelerate bullish momentum and produce a long-term rebound.
If the breakout continues, FLOKI price could reach the high of $0.00031 and $0.45.
BONK
In mid-April, the price of Solana-based Memecoin retraced from the $0.000012 support level, signaling further recovery. The new buying interest increased the coin’s value by 160%, challenging the resistance at $0.000029.
A look at the daily chart reveals that this rally has evolved into an inverse head and shoulders pattern. Additionally, bullish reversal is frequently seen around market lows and indicates a change in market sentiment.
A likely breakout of the $0.000029 neckline will boost the bullish momentum and propel the BONK price at $0.000047, followed by $0.000071.
AAVE
AAVE the token’s price remains strong above the $80 level despite the current market crisis. Furthermore, the altcoin has repeatedly bounced off the aforementioned support, demonstrating that investors have actively purchased this asset amid a market downturn.
On May 15, AAVE price returned to the $80 support and rose 11.35% in four days to $88.6. If the bullish momentum continues, buyers will cross the resistance trendline and aim for the $153 target.
However, a possible rebound could occur against the opposition at $97.5, followed by $109.
Ethena (ena)
ENA, the native utility token of the Ethena synthetic dollar system, has been on a downward trend over the previous five weeks. Furthermore, the downtrend caused by two converging trendlines suggests the construction of a falling wedge pattern.
The decreasing range of this chart arrangement shows that bearish momentum is fading and buyers have the opportunity to regain control. Additionally, ENA price is currently trading at $0.74, representing an intraday gain of 3%.
A potential breakout of the wedge formation will mean the end of the correction pattern, allowing ENA price to reach a high of $1.5.
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