Investors continue to rebalance their portfolios, with some targeting to sell cryptocurrencies in May, especially after the hemorrhages seen this week. On Wednesday, Bitcoin extended its correction to $56,500. FOMC meeting, interest rates were left unchanged. With inflation stubbornly rising in the U.S. and across major economies, focusing on crypto investments can potentially ensure a profitable portfolio in the long run.
Coin tops list of cryptocurrencies scheduled for sale in May
Bitcoin rose to an all-time high of $73,837 in March, supported by exposure to new currencies. Bitcoin ETF. While altcoins generally rise in tandem, with some reaching record levels, experts believe: altcoin season This is still to come.
Another important factor to consider is Bitcoin halvingthat third cycle occurred on April 20th. coin gape According to analysts, the impact of the halving on BTC prices and the crypto market will be enormous.
However, the possibility of a gradual decline in supply followed by an increase in demand will paint the market with a parabolic rally mirroring the bull markets of 2017 and 2021.
This is common sense up until now, but bitcoin price It causes a positive correlation with the altcoin price. Therefore, if investors identify the right altcoins to include in their portfolio, they have the potential to make huge profits during a bull market.
That said, cryptocurrencies that will be sold from portfolios in May include Shiba Inu (SHIB), Solana (SOL), and Ordinals. Various factors were considered in creating this list. However, it is essential to do your own research (DYOR) before taking any action.
Also, altcoins to buy The list has been carefully selected to benefit your crypto portfolio in 2024.
1. Shiba Inu (SHIB)
Over the past week, SHIB, the second major memecoin currency, has shown little movement, consistent with the broader market weakness. This stagnation phase is very important for cryptocurrencies as it generally encourages accumulation among investors. Overall, the market fell by 9%, resulting in significant losses for many digital currencies.
Meme coin Shiba Inu is currently facing a pivotal resistance level at $0.00002315. Breaking through this barrier could increase its value to $0.000025. Such a move could be a preparation for reaching the $0.0001 threshold.
However, a decline could push the price down to the support level at $0.000022. If market sentiment turns negative, SHIB could fall further to $0.00002. If the bearish momentum strengthens, a downtrend could be confirmed.
Daily technical analysis shows that the Shiba Inu price is on a recovery track and shows a positive outlook. The relative strength index (RSI) is a balanced 42.
2. Solana (SOL)
SOL has been trading at $136 during US business hours, contributing to the generally bullish outlook for the crypto market. According to data, the cumulative valuation was $2.31 trillion, an increase of 1.4% over the same period. CoinGecko.
Bitcoin price also rose after testing support at $56,500, as discussed in a special edition of Top 3 price predictions. The largest cryptocurrency could shape the market for further gains and reverse April's bearish trend by regaining support above $60,000.
Bitcoin is down at $58,500 at the time of writing after gaining just 2% in the past 24 hours. Ethereum, The second largest cryptocurrency is also in the green zone, but below the $3,000 support/resistance.
In preparation for the first quarter, Bitcoin ETF In the US, the fifth largest cryptocurrency peaked at $209. During the last bull market in 2021, Solana reached a historic high of $260.
In the short term, traders will focus on higher support, preferably above the 50-day exponential moving average (red line overlapping the chart) at $136.8.
A decrease in Total Value Locked (TVL) volume often indicates a long-term negative impact on the token. It is important to remember that SOL owners lock their tokens into smart contracts to participate in network security and earn additional coins.
3. Audi
The Ordi platform has recently gained attention for its innovative use of the Ordinals protocol, which embeds data directly into Bitcoin's smallest unit, SATOSHI. By leveraging the vast pool of 2,100 trillion Satoshis, Ordi enables critical data storage capabilities on the Bitcoin blockchain itself without requiring additional tokens or changing the underlying structure of the blockchain. I'll make it.
ORDI has faced strong headwinds over the past two months, going from highs near $90 to settling at $30 this week. If prices do not improve, selling pressure may increase as investors focus on the cryptocurrencies they are selling and circulate their funds to other altcoins and Bitcoin.
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