Top Altcoin To Stack For May As Market Turns Bullish!
The post Top Altcoin To Stack For May As Market Turns Bullish! appeared first on Coinpedia Fintech News
The volatility in the crypto industry is on a constant rise, highlighting increased buying and selling pressure in the market. Moreover, top altcoins have recorded a significant uptrend in their respective charts, suggesting a high potential for a positive price action during the coming time.
In this article, we have covered the market sentiments and price targets for the top 3 Altcoins that have the potential to outperform the crypto market during the upcoming month.
Stacks (STX):The STX token jumped 5.38% within the past day, resulting in its price on the verge of testing its important resistance level of $3.088, the outcome of which is uncertain. However, the volatility is on a constant rise with the market favoring the bulls, indicating a possibility of an altcoin rally soon.
TradingView: STX/USDT
Furthermore, the Stacks price has added 21.73% within the past seven days and its YTD stands at 103.68%, highlighting a positive outlook for this altcoin in the market. Further, the Stacks token has displayed a bullish price action by surpassing the EMA 50-day in the 1D time frame.
The technical indicator, MACD, displays a positive outlook for the STX price in the coming time as its averages show a bullish convergence in the 1D time frame. Moreover, the histogram records a rising pattern, suggesting the price will continue trading under a bullish sentiment.
If the market holds the price above the support level of $3.085, the Stacks price will continue rising and prepare to test its upper resistance level of $4.250 during the upcoming month. However, a bearish trend reversal may pull the price toward its support level of $2.52.
Kaspa (KAS):After recording a successful 2023, the Kaspa price displayed a neutral trend for the first month of 2024, indicating a reduced price action for the altcoin in the market. However, as the volatility increased, the price recorded a jump of 88.63% within the next few days.
TradingView: KAS/USDT
The price recorded a yearly high of $0.183, following which the bulls lost momentum and recorded a correction of 36.62% in value. Since then, the price has been trading in a closed range between $0.116 and $0.140.
The MACD shows a flatline in the chart, suggesting a weak buying and selling pressure for the altcoin in the market. Furthermore, the averages display a bullish crossover, highlighting a bullpower in the market.
If the market continues trading under a bullish influence, the KAS price will test its upper level of $0.162. Conversely, if the bulls lose momentum, the Kaspa token will fall to test its support level of $0.116 in the coming time.
ImmutableX (IMX):The IMX price has displayed a strong bullish reversal in the chart after trading under a bearish convergence for about a month. The ImmutableX token has recorded a jump of 5.52% within the past day and 20.16% over the past week, suggesting a high potential for a bullish price action in the coming time.
TradingView: IMX/USDT
The Moving Average Convergence Divergence (MACD) displays a rising green histogram, highlighting a bullish outlook for the IMX price this week. Further, the averages show a positive price action, suggesting a bullish outlook for the ImmutableX token during the coming time.
If the market pushes the IMX price above the resistance level of $2.55, the bulls will prepare to test its upper resistance level of $3.08 in the coming time. Negatively, bearish price action may result in the ImmutableX token falling toward its support level of $1.97 this month.