Although April was a relatively stable month for the cryptocurrency market, these four coins managed to hold onto most of their gains and even post a positive performance.
May could be an important month for the altcoin market. If the market sees a rally during this time, many cryptocurrencies could reach all-time highs. This makes it an exciting time for traders and investors to closely monitor market movements and take advantage of potential opportunities. BeinCrypto is looking at 4 cryptocurrencies that could reach all-time highs in May:
Code Rendering (RNDR) removes a critical hurdle
The price of the RNDR has been one of the biggest gainers since the start of 2023, up 500% in the process. This week, it managed to breach the horizontal resistance area at $2.10. This was a crucial level as the price has traded below it since April 2022.
Although the RNDR price is still 210% below its all-time high, one major resistance remains at $3.80. So, if the price clears it, it will have an easier path to a new all-time high.
OKB (OKB) The price wave count could lead to a new all-time high
OKB price has been rising rapidly since June 2022. The increase is like a five (white) wave upward movement. If so, then OKB is currently in the fourth wave.
Technical analysts use the Elliott Wave theory as a way to identify long-term recurring price patterns and investor psychology, which helps them determine the direction of a trend.
The shape of the third wave and the presence of a symmetrical triangle in what could be the fourth wave indicates that this is an integer.
If so, OKB price will break out of the triangle and increase towards the next resistance at $72.10. This will be a new all-time high price.
However, a breakdown from the triangle will invalidate the bullish OKB price prediction and could lead to a decline towards $34.30.
RocketPool (RPL) cryptocurrency price attempts to start an upward movement
RPL price has been rising inside an ascending parallel channel since January 18th. And while doing so, it hit a new all-time high of $65.30 on April 16th.
However, it was rejected by the channel’s resistance line (red icon) and has fallen ever since. The long upper wick created at the channel resistance line is a bearish sign because it means that the buyers were unable to sustain the price. Instead, the sellers grabbed it and pushed it down.
Currently, the RPL price is trading at the bottom of the channel. While this is a bearish sign, the price is very close to the confluence of support levels at $43, which could start a bounce.
If the cryptocurrency can move above the center line of the channel, it may increase towards its resistance line.
Since a breakout from the channel is not necessary for a new all-time high, the RPL may reach the resistance line again and create a new all-time high in the process.
Can BNB price clear key resistance?
BNB price has skyrocketed since its June 2022 low of $183. During this period, it followed an ascending support line, which measures the slope of the increase. Along with the line, BNB price is also facing resistance from the $345 horizontal resistance area.
Together, they form an ascending triangle, which is considered a bullish pattern.
If BNB coin price breaks from it, the price could reach as high as $510, just below the all-time high and at a long-term descending resistance line.
The Weekly Relative Strength Index (RSI) supports the possibility of a breakout. Using the RSI indicator as a momentum indicator, traders can determine whether the market is overbought or oversold and decide whether to accumulate or sell an asset. If the RSI reading is above 50 and the trend is up, the bulls have the advantage, but if the reading is below 50, the opposite is true.
Since the RSI is above 50 and increasing, it means that the trend is up.
However, if the cryptocurrency closes below the ascending support line, that would invalidate the bullish hypothesis and could cause it to drop towards $200.
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In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.