Yesterday, the U.S. Federal Reserve made a significant announcement, raising the interest rate by 25 basis points. This news sparked a sense of relief within the crypto market, marking the final fiscal policy announcement until June of this year. As of press time, CoinMarketCap reported a 1.38% increase in the global crypto market cap, which now stands at an impressive $1.20 trillion.
As the market eagerly anticipates the Federal Reserve’s upcoming interest rate decision, the crypto world has a prime opportunity to bounce back from the losses incurred during the bear market. Altcoins may even yield substantial returns for savvy crypto traders and investors.
As we enter the month of May, several altcoins have caught the attention of traders and investors alike. Aave (AAVE), UniSwap (UNI), Chainlink (LINK), Dogecoin (DOGE), Neo (NEO), Fantom (FTM), and Cronos (CRO) are among the coins that are expected to make significant moves in the coming weeks. With the potential to generate substantial profits, these coins are worth keeping an eye on for the next 3-4 weeks. As always, conducting thorough research and analysis before making any investment decisions is important.
Aave (AAVE)
As of the latest update, AAVE stands among the thriving cryptocurrencies in the market. With a remarkable surge of over 3% in the last 24 hours, the digital asset is currently traded at $71.31. AAVE’s weekly performance is on the rise, with a 2.77% increase over the past seven days. These figures indicate a promising outlook for cryptocurrency as it continues to attract investors and traders alike.
The current market trend for AAVE indicates that its price is trading below the 9-week and 20-week EMA lines, having dropped below these levels in the past three weeks. However, there are indications that AAVE’s price is poised to reclaim its position above the 2 EMAs, as evidenced by the wick underneath the latest weekly candle. If successful, this could signal a multi-week rally for AAVE. As always, it’s important to closely monitor market trends and indicators to make informed investment decisions.
UniSwap (UNI)
UNI experienced a positive surge in value today, with the altcoin reaching a current worth of $5.35 following a 1.57% increase. Despite this promising 24-hour performance, UNI’s weekly performance remains red, with a 0.77% decrease over the past seven days.
Like AAVE, UNI’s price currently trades below the 9-week and 20-week EMA lines. Nevertheless, based on technical indicators, UNI’s price may experience a further decline in the upcoming week before potentially rebounding above the 2 EMA lines.
As of the latest update, the 9-week EMA line has taken a bearish stance below the 20-week EMA line, while the weekly RSI line is also trading bearishly below the weekly RSI SMA line. These technical signals suggest that UNI’s price is likely to experience a further decline in the upcoming week.
Chainlink (LINK)
The altcoin LINK experienced a notable uptick in value, with a 1.43% increase over the past day. Currently trading at $7.07, it is hovering near its daily high of $7.15. This surge in price has bolstered LINK’s position against Bitcoin (BTC) by 0.02%. However, it was outperformed by Ethereum (ETH) by approximately 0.34%.
According to LINK’s weekly chart analysis, there is a strong possibility of an upward breakout shortly. This prediction is based on the past two weeks’ lack of significant price movement. If this bullish trend is confirmed, LINK could reach $9.904 in the coming weeks. A reliable confirmation of this prediction would be the weekly RSI line crossing above the weekly RSI SMA line.
Dogecoin (DOGE)
Despite a modest 1.02% uptick in price over the last 24 hours, the top meme coin by market cap failed to gain ground against BTC or ETH. DOGE saw a decline of 0.49% and 0.76% against these cryptocurrencies.
Over the past fortnight, DOGE’s value has dipped below the 9-week and 20-week EMA lines. Nevertheless, there is potential for the meme-inspired cryptocurrency to recover and regain its position above these two EMAs. Should this occur, DOGE’s value could surge towards $0.1011 in the coming weeks.
The weekly RSI line’s upward slope towards the overbought region bolstered the optimistic outlook. A definitive validation will occur upon the weekly RSI line’s bullish crossover above the weekly RSI SMA line.
Neo (NEO)
As of the time of publication, NEO’s value is currently at $10.19, having undergone a modest 1.66% increase in the past 24 hours. Regrettably, this uptick was insufficient to bring the cryptocurrency’s weekly performance closer to the positive, as its value has declined by over 5% in the past seven days. Furthermore, NEO experienced a slight loss of 0.07% in the hour leading up to publication.
According to technical indicators observed on NEO’s weekly chart, the altcoin’s price may experience a further decline in the next two weeks. The crypto has been on a downward trajectory for the past three weeks, causing its price to fall below the 9-week and 20-week EMA lines. If this trend persists, NEO’s price will likely reach $8.73 shortly. These observations are based on a professional analysis of the market data.
The current bearish outlook for NEO’s price may be challenged if the weekly candle closes above the 20-week EMA line by the end of this week. Should this occur, it could signal a potential upward trend for NEO, with the next resistance level at $14.09 becoming a viable target.
Fantom (FTM)
Over the last 24 hours, FTM has experienced a favorable surge in value, with the cryptocurrency trading at $0.4418, representing a remarkable 7% increase. FTM has also recorded a 0.26% gain in the hour leading up to press time. Furthermore, the altcoin’s trading volume has seen a significant uptick, rising by 82.71% to reach $157,419,655 in the past day. These developments are indicative of FTM’s growing prominence in the crypto market.
FTM is exhibiting the initial signs of an upward trend, with its price currently trading above the 20-week EMA. If the cryptocurrency surpasses the 9-week EMA line shortly, it will ascend to $0.6024 within the coming weeks. A further breakthrough beyond this level will likely propel FTM to $1.163.
Cronos (CRO)
Currently, CRO stands out as one of the few cryptocurrencies experiencing a decline in trading value. The altcoin is currently being traded at $0.07075, reflecting a 1.58% decrease in price over the past 24 hours. Unfortunately, this has resulted in a further drop in CRO’s weekly performance, with the crypto experiencing a decline of over 8% in the last seven days.
Despite facing selling pressure from bears this week, the price of CRO remains resilient. The weekly RSI line is trading bullishly above the weekly RSI SMA line, indicating a potential shift in momentum towards the bulls. To confirm this shift, CRO must close this week’s candle above the 20-week EMA at $0.0761. If successful, we may see CRO’s price climb to $0.0948 in the next 2-3 weeks. As always, we advise caution and careful analysis before making investment decisions.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
