Crypto market participants are eagerly awaiting the start of the altseason, which historically began some time after the Bitcoin (BTC) halving.
The editors of BeInCrypto analyzed cryptocurrencies that could potentially reach new highs (ATH) as early as May.
BNB aims to break three-year-old record
BNB Coin, the native token of the world's largest cryptocurrency exchange Binance, is trying to absorb the previous ATH of $686. The last time BNB reached these levels was almost three years ago, in May 2021.
Over the past two months, the price has failed to overcome the resistance level of $640, and at the time of writing it was around $612. However, according to the relative strength index (RSI), the altcoin has room for further growth.
The RSI index indicates whether an asset is overbought (above 70) or oversold (below 30), which helps assess potential trend reversals. As long as BNB is below the overbought zone, it can continue to rise.
BNB/USDT 12-hour chart. Source: TradingView
However, BNB could trigger a correction as broader market signals are not clearly bullish. If the token falls through the $520 support level, the bullish scenario will be nullified.
Bitcoin (BTC) is still in the game
Bitcoin price is hovering between $70,000 and $65,000 after rallying a month ago. Since then, one of the most anticipated events in the crypto industry has taken place on the cryptocurrency network: the fourth halving took place. The miners' reward for mining a block decreased from 6.25 to 3.125 BTC.
Read also: Bitcoin (BTC) mining difficulty reached its maximum immediately after halving
While there was no immediate jump in BTC value, supply shortages are expected to push the price higher eventually. This will take it above the current ATH of $73,737.
On a longer time frame, the price follows the Wyckoff pattern, according to which the long-term forecasts for BTC are bullish.
BTC/USDT 3-day chart. Source: TradingView
However, if bullish sentiment weakens before the price forms a new ATH, Bitcoin could fall below $60,000. This will invalidate the bullish scenario and leave BTC vulnerable to further declines.
Read also Bitcoin forecast: investors pointed out the risks of BTC falling
BGB price and two resistance levels
Bitget Token price is largely focused on the breakout of two critical resistances on the way to a new ATH. Since peaking at $1.38 in early April, BGB has faced challenges from bears.
The altcoin is currently trading around 15% below ATH. This high could be broken if the crypto asset turns resistance at $1.24 into support and bounces off it to test $1.38.
This is also indicated by the MACD indicator, which helps identify potential buy and sell signals based on intersections and divergences of two moving averages. It is currently on the verge of a bullish crossover, indicating bullish prospects for the coin.
4-hour chart BGB/USDT. Source: TradingView
However, if the $1.15 support fails, the bullish outlook will be invalidated, further moving BGB away from the new ATH.
Read also: Top 6 tokens of centralized exchanges that are worth a closer look
Ondo (ONDO) needs to complete consolidation
Ondo price has been stuck in a consolidation phase for the past month and a half and is now at the support level of $0.797, a rebound from which will allow it to return to the ATH of $0.977. This would represent a potential growth of 20+%.
The RSI above the neutral 50.0 line is supporting the altcoin as it hints at potential room for growth.
12-hour chart ONDO/USDT. Source: TradingView
However, if the $0.797 support is broken and ONDO falls to and below the $0.738 level, the bullish scenario will be completely neutralized. This will cause the altcoin to fall below $0.700.