The editors of BeInCrypto analyzed possible scenarios for the movement of five potentially interesting altcoins in the next month.
Harmony (ONE) reaches a new milestone
The volume of transactions with the ONE token has successfully surpassed the $1 million mark. This suggests that the project's network is seeing a surge in usage and demand, which could contribute to an increase in the price of the coin.
At the time of writing, the altcoin is moving in a descending wedge, and a bullish breakout from this technical pattern is possible in the coming month. ONE's rise could exceed 36% and hit the target at $0.034, which would be a two-month high.
ONE/USDT 1-day chart. Source: TradingView
The chances of this happening are very high, judging by the ADX index, which analyzes the strength of the active trend. The indicator is above the 25.0 barrier, indicating that the current trend is strengthening.
However, if the altcoin makes a bearish breakout from this wedge, it could lose its bullish potential and fall below $0.015, marking a three-month low for the price.
Dogwifhat (WIF) has become a leader in the memecoin market
This popular meme coin supplanted PEPE in the ranking and became the third largest memecoin by market capitalization.. Apparently, this growth may continue in the coming month.
At the time of writing, the coin is within the isosceles triangle pattern. This pattern promises a bullish breakout for the price, which could potentially send it towards $4.8. This would represent a 51% increase for the coin, which would strengthen its dominance in the joke altcoin segment.
1-day WIF/USDT chart. Source: TradingView
However, there may also be a loss of support from the lower boundary of the pattern if WIF holders decide to sell. In this case, the coin could break below $2.5 and test $2.0 as the next support level. This effectively invalidates the bullish scenario.
Can Dogwifhat (WIF) recover from recent losses?
NEAR is near the 2024 high
NEAR is a native token of the open-source L1 blockchain of the same name. The price of NEAR may take advantage of the effects of the Bitcoin halving, which is expected to push altcoin prices higher. The price recently rebounded from the $5.2 support level and reached $7.2 at the time of writing.
The coin approached the 61.8% Fibonacci level of the move correction from $8.8 to $5.2. This level at $7.4 is considered the bottom and bottom of the bull market. A recovery above it would allow NEAR to break through the $8.8 barrier, effectively setting a new 2024 high.
4-hour chart NEAR/USDT. Source: TradingView
However, if the price falls to $6.0 or below, the 23.6% Fib line will also be lost. This could leave the altcoin vulnerable to further corrections and render bullish forecasts meaningless.
Render (RNDR) Bet on AI
Optimism around artificial intelligence (AI) revives in Q2, supporting AI tokens. Among such altcoins is Render.
It has been in a downtrend over the past month, but rising interest in AI offers the price a potential recovery opportunity. A rebound from the $8.0 support with a possible break of the $10.0 resistance and turning it into support for a further rally to the all-time high is the forecast for RNDR.
4-hour chart RNDR/USDT. Source: TradingView
On the other hand, the loss of $8.0 support will push the price back to $6.8. A fall below this level could negate upside potential.
Stellar (XLM) is a good choice
XLM is a native token of the Stellar blockchain, which is used for money transfers by MoneyGram, IBM World Wire and other operators.. Although there are no significant events happening on the Stellar network, it is among the undervalued assets in the cryptocurrency market. XLM is currently trading in a descending wedge.
A bullish breakout from this pattern could send XLM towards $0.142, which would mark a 23% gain. This will allow XLM to set a new all-time high, breaking through $0.160.
XLM/USDT 1-day chart. Source: TradingView
The RSI index is below the neutral level and the fall may continue. In this case, the crypto asset may lose support at the $0.10 level. This will negate the bullish sentiment and send the altcoin below $0.09.
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