The changing dynamics of the crypto market have opened Harmony (ONE), Render (RNDR), Near Protocol (NEAR), dogwifhat (WIF) and Stellar Lumens (XLM) to potential gains.
BeInCrypto analyzed the direction these cryptocurrencies could take and how it will affect the entire crypto market.
Harmony (EEN) hits a new milestone
ONE successfully surpassed $1 million in transaction volume. This shows that the chain is noticing an increase in usage and demand, which could also boost its price action.
At the time of writing, the altcoin can be seen moving in a descending wedge, and a breakout of the same could occur in the next month. So, based on this pattern, ONE could rise by more than 36% to reach the target of $0.034 to mark a two-month high.
The chances of this happening are very high, look at 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 getting stronger.
Read more: Harmony (ONE) Price Prediction for 2024
However, if the altcoin breaks below this wedge, it could lose the bullish potential and fall below $0.015, which is a three-month low for Harmony’s price.
Dogwifhat (WIF) is leading the Meme coin market storm
While Solana meme coins were already competing with PEPE for dominance, WIF came in and promptly ended the discussion. The meme coin overtook PEPE to become the world’s third largest meme coin; it looks like this growth will continue in the coming month.
At the time of writing, the meme coin can be seen moving within an isosceles triangle pattern. According to this pattern, a breakout in WIF price is expected, which could potentially send the meme coin to $4.8. This would be a 51% increase for dogs reinforcing his dominance.
Read more: Dogwifhat (WIF) Price Prediction 2024/2025/2030
Nevertheless, it is also possible to lose support for the lower trendline if WIF holders choose to sell. As a result, the meme coin may lose the $2.5 support to test $2.0 as the next support floor. This would effectively invalidate the bullish outcome.
Near Protocol (NEAR) is near the 2024 high
NEAR price will mostly take advantage of the effect of the Bitcoin halving event, which is expected to push the altcoin prices upwards. The altcoin recently pushed back from the $5.2 support to trade at $7.2 at the time of writing.
The altcoin is inches from the 61.8% Fibonacci Retracement from $8.8 to $5.2. Marked at $7.4, this level is known as the bull market support floor. By reclaiming it, NEAR price will bounce and breach the $8.8 barrier, effectively setting a new high in 2024.
Read more: What is NEAR Protocol (NEAR)?
But if the altcoin drops to $6.0 or less, the 23.6% Fib line will also be lost. This could leave the altcoin vulnerable to a further correction, invalidating the bullish outlook.
Deliver (RNDR) Banks on AI
Optimism around Artificial Intelligence (AI) increases in Q2, with expectations of bullishness driving AI tokens higher. Among these signs is Rander, which has been in a downward trend for the past month.
An increase in interest in AI will make RNDR’s price a potential recovery asset. The expected outcome for RNDR price is to repel the $8.0 support to possibly break the $10.0 resistance and turn around to rise to the all-time high.
Read more: Render Token (RNDR) Price Prediction 2024/2025/2030
Nevertheless, the loss of the $8.0 support will push the RNDR price to $6.8. Falling through it can wipe out the potential of the bullish outcome.
Stellar (XLM) is a good bet
Although Stellar is not seeing any major development, it is definitely one of the underrated assets in the crypto market. XLM price is currently trading in a falling wedge.
According to this pattern, a breakout could send XLM to $0.142, which would be a 23% gain for the altcoin. This will allow XLM to make a new all-time high by crossing $0.160.
Read more: Stellar (XLM) Price Prediction 2024/2025/2030
Although the RSI is below the neutral mark, showing chances that the uptrend will lose its strength, there is a chance that the decline could continue; if this is the outcome for XLM, the crypto-asset could lose the $0.10 support. This will eliminate the bullish outcome and send the altcoin lower below $0.09.
Disclaimer
In accordance with the Trust Project Guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimers have been updated.
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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
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And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
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