Here Are the 7 Altcoins to Look Out for During the Month of May

• The global crypto market cap experienced a 1.38% increase following the Fed interest rate announcement.
• AAVE, UNI, LINK, DOGE, NEO, and FTM  printed 24-hour gains, while CRO printed a loss.
• FTM is the only crypto that trades above its 20-week EMA.

The U.S. Federal Reserve announced a 25-basis points interest rate hike yesterday. This announcement resulted in a relief rally within the crypto market, given that it is the last fiscal policy announcement until June of this year. At press time, CoinMarketCap showed that the global crypto market cap had increased by 1.38% and stood at $1.20 trillion.

While the market awaits the next Fed interest rate decision, cryptos now have the opportunity to recover from this bear market’s losses. Some altcoins may even generate significant profits for crypto traders and investors.

Aave (AAVE), UniSwap (UNI), Chainlink (LINK), Dogecoin (DOGE), Neo (NEO), Fantom (FTM), and Cronos (CRO) are coins to watch this May. These altcoins may generate substantial profits for traders in the next 3-4 weeks.

Aave (AAVE)

At press time, AAVE was one of the many cryptocurrencies trading in the green. The cryptocurrency experienced a price increase of more than 3% over the past 24 hours and was trading hands at $71.31. The crypto’s weekly performance was also looking well, as AAVE was up 2.77% over the past seven days.

Weekly chart for AAVE/USDT (Source: TradingView)

AAVE’s price is trading below the 9-week and 20-week EMA lines after dropping below the two levels over the past 3 weeks. However, it seems that AAVE’s price is looking to reclaim a position back above the 2 EMAs, which is evident by the wick underneath the latest weekly candle. Should it manage to achieve this, it could signal a multi-week rally for AAVE.

UniSwap (UNI)

UNI was also one of the cryptos up for today. The altcoin was worth about $5.35 at press time after a price increase of 1.57%. This 24-hour performance by the crypto was not enough to push its weekly performance into the green again, however, as it was down 0.77% over the past seven days.

Weekly chart for UNI/USDT (Source: TradingView)

Similar to AAVE, UNI’s price is also trading below the 9-week and 20-week EMA lines. However, technical indicators suggest that UNI’s price will continue to drop for the next week before a potential recovery back above the 2 EMA lines.

At press time, the 9-week EMA line was trading bearishly below the 20-week EMA line, and the weekly RSI line was trading bearishly below the weekly RSI SMA line. Both of these technical flags are indications that UNI’s price will continue to fall in the next 7 days.

Chainlink (LINK)

Another crypto up for the day was LINK. The altcoin saw a 1.43% price increase over the past day and was trading close to its daily high of $7.15 at $7.07. The crypto’s rise in price allowed it to strengthen against Bitcoin (BTC) by 0.02%. However, LINK got bested by Ethereum (ETH) by about 0.34%.

Weekly chart for LINK/USDT (Source: TradingView)

LINK’s weekly chart suggests that LINK may breakout toward the upside in the coming weeks, given the very flat movement of LINK’s price in the past 2 weeks. Should this bullish thesis be validated, LINK could make a move to $9.904 in the coming weeks. A confirmation of this will be when the weekly RSI line crosses above the weekly RSI SMA line.

Dogecoin (DOGE)

The leading meme coin by market cap was also up for the day after a 1.02% price increase over the past 24 hours. This was, however, not enough for the meme coin to strengthen against BTC or ETH, as DOGE was down against these cryptos by 0.49% and 0.76%, respectively.

Weekly chart for DOGE/USDT (Source: TradingView)

DOGE’s price dropped below the 9-week and 20-week EMA lines in the past 2 weeks. The meme coin’s price may, however, rebound to reclaim a position above the two EMAs. Thereafter, DOGE’s price may make a move towards $0.1011 in the next few weeks.

This bullish thesis is supported by the fact that the weekly RSI line is sloped positively towards the overbought territory. A confirmation will be when the weekly RSI line crosses bullishly above the weekly RSI SMA line.

Neo (NEO)

At press time, the price of NEO stood at $10.19 after the crypto experienced a 24-hour price increase of 1.66%. This was, unfortunately, not enough to push the crypto’s weekly performance closer to positive, with the crypto’s price down by more than 5% over the past seven days. The crypto also experienced a loss of 0.07% in the hour before press time.

Weekly chart for NEO/USDT (Source: TradingView)

Technical indicators on NEO’s weekly chart suggest that the altcoin’s price may continue to drop in the next 2 weeks. The crypto has been in a 3-week-long negative sequence which has dragged its price below the 9-week and 20-week EMA lines. Should this downward trend continue, NEO’s price will likely drop to $8.73 in the coming weeks.

This bearish thesis will be invalidated if NEO’s price is able to close this week’s weekly candle above the 20-week EMA line. If this happens, then NEO will make a move toward the next resistance level at $14.09.

Fantom (FTM)

The past 24 hours were especially kind to FTM as the crypto was trading hands at $0.4418 after a rise in the price of more than 7%. The altcoin also printed gains of 0.26% in the hour before press time. In addition, FTM’s 24-hour trading volume was up 82.71% and stood at $157,419,655.

Weekly chart for FTM/USDT (Source: TradingView)

FTM’s price seems to be in the early stages of an upward trend, as the altcoin’s price trades above the 20-week EMA. Should the crypto’s price be able to break above the 9-week EMA line soon, it will likely climb to $0.6024 in the next few weeks. A break above this level will then see it climb to $1.163.

Cronos (CRO)

CRO was one of the very few cryptos trading in the red at press time. The altcoin was trading at $0.07075 after a 1.58% price drop over the past 24 hours. This pushed CRO’s weekly performance even deeper into the red as the crypto was down by more than 8% over the last seven days.

Weekly chart for CRO/USDT (Source: TradingView)

CRO’s price continues to face selling pressure from bears this week. Nevertheless, the weekly RSI line is trading bullishly above the weekly RSI SMA line. If CRO is able to close this week’s candle above $0.0761 (the 20-week EMA), then it will shift momentum in favor of bulls. This may then result in CRO’s price climbing to $0.0948 in the next 2-3 weeks.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.