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Home»ALTCOIN NEWS»Will altcoin season start in May 2024? 3 Cryptocurrencies to Track
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Will altcoin season start in May 2024? 3 Cryptocurrencies to Track

By Crypto FlexsMay 1, 20244 Mins Read
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Will altcoin season start in May 2024?  3 Cryptocurrencies to Track
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Bitcoin prices were expected to rise after the halving at the end of April. But when that didn’t happen, investors turned to altcoins.

Many people are predicting that altcoin season will begin soon, but with the exception of these three altcoins, it seems unlikely.

Bitcoin dominance is on the rise again

Bitcoin dominance reached 56.32% in mid-April before starting to fall to 54.34%. However, in the past few days, this dominance has increased to almost 55%, threatening the emergence of altcoins and the market is eyeing altcoin season.

In fact, altcoin season typically occurs when 75% of the top 50 coins outperform Bitcoin over the past 90 days. This figure is well below the altcoin season threshold, which is currently set at 35%.

Therefore, it is highly unlikely that the altcoin season will take place in May, so it may instead extend into June. Nonetheless, these three altcoins are expected to be launched next month.

Ethereum (ETH) is showing a bullish reversal pattern.

Trading at $3,063, Ethereum’s price failed to break the upper trend line of the descending wedge it has been trapped in since March. Following past failed attempts, the world’s second-largest cryptocurrency asset could break out after rebounding from $2,991 support.

A falling wedge is a bullish chart pattern characterized by converging downward trend lines, indicating a possible reversal in a downtrend. Based on this pattern, the target setting for ETH is 16.7% above the upper trendline at $3,695.

Read more: Ethereum ETF explained: What it is and how it works

Ethereum price performance. Source: TradingView

However, if the support at $2,991 is broken, Ethereum could fall to $2,800, invalidating the optimism.

Helium (HNT) expected to face a reversal of death cross

The price of helium fell to $3.63 last week before recovering sharply. During the downtrend, the altcoin formed a deadcross. This occurs when the 50-day exponential moving average crosses below the 200-day EMA and usually indicates a potential downtrend or market weakness in the future.

Nevertheless, the recent recovery is closer to not only nullifying the death cross but also forming a golden cross. This could push the price of HNT above the $6.33 resistance level and turn into support. The uptrend could put Helium on course for a 26% rally that could take it back to the $7 and $8 support levels.

Read More: Helium (HNT) Price Prediction for 2024/2025/2030

Helium price performance.
Helium price performance. Source: TradingView

However, if the dead cross weighs more than a potential breakout, it could fall to $3.6. Losing this level invalidates any bullish argument.

Can Shiba Inu (SHIB) escape from the descending channel?

The price of Shiba Inu is moving within a descending channel, but a bullish breakout could occur in the coming days with support from the 50-day and 200-day EMAs.

A break above the upper trendline at $0.00002584 could translate to a 29% growth for the meme coin, potentially sending it to $0.00003332.

Read more: How to Buy a Shiba Inu (SHIB) and Everything You Need to Know

Shiba Inu price performance.
Shiba Inu price performance. Source: TradingView

This rise could be seen in May if the meme coin does not witness a decline on the daily charts. A loss of support at $0.00002268 could cause SHIB to fall below $0.00002000. This invalidates optimism and increases the possibility of loss.

disclaimer

In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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