5 cryptocurrencies to watch in May

The changing dynamics of the cryptocurrency market have opened Harmony (ONE), Render (RNDR), Near Protocol (NEAR), dogwifat (WIF), and Stellar Lumens (XLM) to potential profits.

BeInCrypto analyzed the direction these cryptocurrencies could take and how they will impact the entire crypto market.

Harmony Coin (ONE) reaches new milestone

I exceeded A Successfully reached $1 million in trading volume. This indicates that the chain is noticing an increase in usage and demand, which may also drive price action.

At the time of writing, the cryptocurrency can be seen moving in a descending wedge, and a breakout of the same could occur next month. So, based on this trend, ONE could rise by over 36% to hit the $0.034 target and record a two-month high.

The chances of this happening are very high, considering the Average Directional Index (ADX). This indicator analyzes the strength of the active trend, and since it is above the threshold of 25.0, the current trend is strengthening.

Read more: One (ONE) price prediction for 2024, 2025, 2026, 2027

However, if the altcoin collapses below this wedge, it could lose its upside potential and fall below $0.015, marking a three-month low for Harmony price.

Dogwifhat (WIF) leads a meme storm in the cryptocurrency market

While Solana Meme Coins were already competing with PEPE for dominance, it came Wireless He immediately ended the discussion. The meme coin has overtaken PEPE to become the third largest meme coin in the world. From the looks of it, this growth will continue next month.

At the time of writing, the meme coin can be seen moving in an isosceles triangular pattern. According to this model, a WIF price breakout is expected, which could send the meme coin to $4.8. This would represent a 51% increase for dogwifhat to solidify its dominance.

Read more: Dogwifat BSC (WIF) Price Forecast for 2024, 2025, 2026, 2027

However, loss of lower trendline support is also possible if WIF holders choose to sell. As a result, the meme coin could lose the $2.5 support to test $2.0 as the next support floor. This would effectively negate the bullish result.

NEAR Protocol Nears a 2024 High

The NEAR price will mainly benefit from the impact of the Bitcoin halving event, which is expected to drive the altcoin's prices higher. The altcoin recently rebounded from the $5.2 support to trade at $7.2 at the time of writing.

The altcoin is inches away from the 61.8% Fibonacci retracement from $8.8 to $5.2. This level is marked at $7.4 and is known as the bull market support floor. It will be restored for a price CLOSE By rebounding and breaking the $8.8 barrier, which actually leads to recording a new high for the year 2024.

Read more: NEAR Protocol (NEAR) Price Forecast for 2024, 2025, 2026, 2027

But if the altcoin falls to $6.0 or lower, the 23.6% Fibonacci line will also be lost. This could leave the altcoin vulnerable to further corrections, invalidating the bullish outlook.

Presentation of banks (RNDR) on artificial intelligence

Optimism around AI (artificial intelligence) is back on the rise in the second quarter, with bullish expectations pushing AI tokens higher. Among these symbols is Rander, which has been trending downward over the past month.

Increased interest in artificial intelligence will lead to higher prices RNDR A potential recovery asset. A rebound from $8.0 support for a potential breakout and a reversal from $10.0 resistance to an all-time high is the expected outcome for RNDR price.

Learn more: Rendering (RNDR) Price Forecast for 2024, 2025, 2026, 2027

However, missing the $8.0 support will increase the RNDR price to $6.8. Failure to achieve this could eliminate the upside potential of the result.

Excellent (XLM) is a good bet

Although Stellar may not notice any major developments, it is certainly among the most underrated assets in the cryptocurrency market. The price is negotiated XLM Currently on a downward slope.

According to this model, a breakout could send XLM to $0.142, representing a 23% gain for the altcoin. This will allow XLM to reach a new all-time high by surpassing $0.160.

Read more: Stellar (XLM) Price Forecast for 2024, 2025, 2026, 2027

Although the RSI is below the neutral bar, indicating chances of the uptrend losing strength, it is possible that the decline will continue; If this is the outcome for XLM, the crypto asset could lose the $0.10 support. This will eliminate the bullish result and send the altcoin below $0.09.