The recent surge in Bitcoin’s price above $65,000 on Wednesday has ignited a fresh relief rally in the crypto market. Top altcoins are also benefiting from this upward momentum, rebounding from their previous correction trends.
With market sentiment increasingly optimistic about a potential rally following the completion of the Fourth Bitcoin halving, several tokens are demonstrating the potential for significant gains, with projections of 2x to 5x profits by the end of May.
Fetch.ai (FET), Floki, Bonk, AAVE, and Ethena (ENA), are among the top contenders showing promising signs of robust growth.
FET is an Ethereum token that powers Fetch.ai, an open platform that provides tools to build innovative AI apps and services. Amid the recent market consolidation, the FET price has been trading sideways, resonating within two converging trendlines of the triangle pattern.
By the press time, Fetch. Ai coin trades at $2.35 and holds a market cap of $2 Billion. If the bullish pattern holds true, then the FET price will breach the overhead trendline and change the potential target of $3.48, followed by a $5 psychological level.
The popular Dog-themed meme cryptocurrency Floki has shown a notable upswing this week as Bitcoin price surged to $67000. The meme sectors often show drastic moves to new market change due to their inherent volatile nature and influence from speculating trading.
On May 15th, the Floki price gave a decisive breakout from the $0.0002 neckline resistance of an ascending triangle pattern. This continuation setup is known to accelerate bullish momentum and drive prolonged recovery.
If the breakout is sustained, the FLOKI price could challenge the $0.00031 high and $0.45.
The Solana-based Memecoin entered a new recovery in mid-April as the price reverted from $0.000012 support. The renewed buying interest surge uplifted the coin value by 160% to challenge the $0.000029 resistance.
An analysis of the daily chart shows this recovery developed into an inverted head and shoulder pattern. Further, the bullish reversal is often observed at market bottoms and signals a change in market sentiment.
A potential breakout from the $0.000029 neckline will intensify the bullish momentum and drive the BONK price to $0.000047, followed by $0.000071.
AAVE token price showcases strong resilience above the $80 level amid the recent market correction. Moreover, the altcoin rebounded several times from the aforementioned support, indicating that investors actively accumulated this asset during market dips.
On May 15th, the AAVE price reverted from $80 support and surged 11.35% within four days to reach the $88.6 mark. If the bullish momentum persists, the buyers will pierce the resistance trendline and aim for a $153 target.
However, the potential recovery could face between resistance at $97.5, followed by $109.
ENA, the native utility token of synthetic dollar protocol Ethena, has been under a correction trend for the past five weeks. Moreover, the downtrend led by two converging trendlines indicates the formation of a falling wedge pattern.
The narrowing range of this chart setup indicates the weakening of bearish momentum and the opportunity for buyers to regain control. Further, the ENA price currently trades at $0.74 and shows an intraday gain of 3%.
A potential breakout from the wedge pattern will signal the end of the correction pattern and bolster the ENA price to chase a $1.5 high.
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