Many coins have recorded strong uptrends throughout March and April and have also inched closer to new All-Time-High .
BeInCrypto analyzes potential coins that could record another All-Time-High (ATH) this May as the market enters the first month after Bitcoin Halving 2024.
Binance coin (BNB)
BNB coin, the native token of the world's largest cryptocurrency exchange, Binance, attempted to break its previous ATH of $686. The last time BNB was at this price was almost three years ago, in May 2021.
BNB has struggled to break the $640 resistance level over the past two months and is currently trading at $612. However, the relative strength index (RSI) has shown further growth for the coin. RSI measures the speed and variability of price movements, showing overbought (above 70) or oversold (below 30) conditions, aiding in evaluating potential trend reversals. As long as BNB stays in the overbought zone, it can continue to rise.
The image above shows us that BNB coin has the opportunity to record and reach a new ATH in May. However, BNB is susceptible to a correction as the broader market signals are not clearly bullish. If the coin is pushed back below the $520 support level, the resulting price increase will be invalidated.
Bitcoin (BTC)
Bitcoin price has fluctuated around $70,000 and $65,000 since it increased a month ago. Since then, the leading cryptocurrency has undergone one of the most anticipated events of the past four years – Bitcoin Halving.
Although BTC has not seen an immediate increase in value, a supply shock is expected to occur eventually. This would result in Bitcoin price potentially rising beyond its ATH of $73,737, representing a 14% increase from the trading price of $64,530.
On larger timeframes, Bitcoin price is following the Wyckoff pattern. Accordingly, the long-term forecasts for BTC are bullish. Therefore, an uptrend would help confirm the accuracy of the model even further.
However, if the rally dissipates before a new ATH is formed, Bitcoin price could drop below $60,000. This would invalidate the bullish results, leaving BTC vulnerable to further declines.
Bitget Token (BGB)
Bitget Token price is mainly focused on breaking two important resistance levels. Since reaching a high of $1.38 in early April, BGB has faced price declines.
As a result, this Altcoin is currently trading at $1.19, 15% away from its ATH. This high could be broken if the Cryptoasset turns the $1.24 resistance into support and bounces off it to test $1.38.
The Moving Average Convergence Divergence (MACD) indicator also shows the same thing. MACD is a trend-following momentum indicator that shows the relationship between two moving Medium . It is useful in identifying potential buy and sell signals based on crossovers and divergences.
The indicator is at the top of a bullish crossover, which means bullish results for this cryptocurrency. However, if the $1.15 support is broken, the bullish thesis will be invalidated, pushing BGB away from the new ATH.
Ondo (ONDO)
Ondo price has been stuck in consolidation for the past month and a half, trading at $0.799 at the moment. The coin is also just at the $0.797 support level and a bounce off it would allow a rise back to the ATH of $0.977. This would mark a potential gain of 22%.
The RSI, present above the neutral line of 50, shows bullish support for this Altcoin, as it hints at the possibility of growth.
However, if the $0.797 support breaks and ONDO turns down and below $0.738, the bullish thesis will be completely invalidated. This will push the coin below $0.700.
