The changing dynamics of the cryptocurrency market have opened the way for Harmony (ONE), Render (RNDR), Near Protocol (NEAR), dogwifhat (WIF), and Stellar Lumens (XLM) to make potential profits.
BeInCrypto has analyzed the direction these cryptocurrencies could take and how they will impact the entire cryptocurrency market.
Harmony (ONE) reaches a new stage
ONE transaction volume has successfully exceeded $1 million. This indicates that the chain is indicating an increase in usage and demand, which may also boost the price action.
At writing, the altcoin can be seen moving in a descending wedge, a breakout of which could occur in the following month. Therefore, based on this pattern, ONE could rise more than 36% to reach the target at $0.034, marking a two-month high.
The chances of this happening are very high, given the Average Directional Index (ADX). This indicator analyzes the strength of the active trend, and since it is above the 25.0 threshold, the current trend is getting stronger.
Read more: Harmony (ONE) Price Forecast for 2024
However, if the altcoin breaks down below this wedge, it could lose its upside potential and fall below $0.015, which would represent a three-month low for Harmony price.
Dogwifhat (WIF) Is Heading the Coin Market Meme Storm
While the Solana meme coins were already competing with PEPE for dominance, WIF came along and ended the discussion right away. The meme coin has surpassed PEPE to become the third largest meme coin in the world; This growth looks set to continue next 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 the WIF price is expected, which could send the memecoin to $4.8. This would represent a 51% increase in the number of dogs reinforcing their dominance.
Read more: Dogwifat (WIF) Price Forecast 2024/2025/2030
However, it is also possible to lose support for the lower trend line 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 negate the upside result.
Near Protocol (NEAR) is close to a 2024 high
NEAR price will mostly benefit from the impact of the Bitcoin halving event, which is expected to push altcoin prices higher. The altcoin recently bounced off the $5.2 support level to trade at $7.2 at the time of writing.
The altcoin is inches away from the 61.8% Fibonacci retracement from $8.8 to $5.2. This level at $7.4 is known as the bull market support floor. Its recovery will allow the NEAR price to rebound and break through the $8.8 barrier, effectively setting a new high for 2024.
Read more: What is the NEAR (NEAR) protocol?
But if the altcoin price drops to $6.0 or lower, the 23.6% Fib line will also be lost. This could leave the altcoin vulnerable to further correction, invalidating the bullish outlook.
Introducing (RNDR) Banks on Artificial Intelligence
Optimism surrounding artificial intelligence (AI) resurfaces in Q2, with AI tokens expected to surge higher. One such token is Rander, which has been on a downtrend over the past month.
Increased interest in AI will make the price of RNDR a potential recovery asset. A bounce off the support at $8.0 to break through the potential resistance at $10.0 and flip to rally towards an all-time high is the expected outcome for RNDR price.
Read more: RNDR Price Forecast 2024/2025/2030
However, missing the $8.0 support will send the RNDR price rising to $6.8. A fall through it can eliminate the potential for an upside outcome.
Stellar (XLM) is a good bet
Although Stellar does not notice any major development, it is definitely among some of the most underrated assets in the cryptocurrency market. XLM price is currently trading in a descending wedge.
According to this pattern, a breakout could send XLM to $0.142, representing a 23% gain for the altcoin. This would enable XLM to chart a new all-time high by surpassing $0.160.
Read more: Stellar (XLM) Price Forecast 2024/2025/2030
Although the RSI is below the neutral mark, showing chances of the uptrend losing steam, there is a chance the decline will continue. If this is the outcome for XLM, the cryptocurrency asset could lose $0.10 support. This will eliminate the bullish result and send the altcoin below $0.09.
Disclaimer
In line with Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and 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 Disclaimer have been updated.