A new dawn is rising in the cryptocurrency space as the bull run thaws. Bitcoin’s surge last week proved to investors that there is still room for growth, with BTC price predicted to hit $100,000 before the end of the year. The approval of spot Ethereum ETFs encouraged buyers to make a comeback, considering some potential cryptocurrencies to buy including projects like Shiba Inu (SHIB), Solana (SOL), and Ethereum (ETH).
Meanwhile, Bitcoin price holds above $70,000 for the first time since last week when the coin shot up to $72,000. Ethereum warmly embraced the positive market sentiment surrounding the ETF approval news.
With most cryptos in the green and boasting modest gains, the total market value could soon reach $3 trillion. The market cap stands at $2.77 trillion at the time of writing, CoinGecko data shows.
As prices wake up, the biggest question among investors remains which cryptocurrencies to buy ahead of the bull run. This article will delve into some of the most potential projects promising at least 50X return on investment. Investors must do their own research and due diligence before deciding on the coins to have in their portfolios.
1. Cryptocurrencies To Buy – Ethereum (ETH)
ETH price today is $3,938, which represents a 2.2% increase in the past 24 hours and a 25% increase in the past 7 days. The asset continues to show signs of bullish tendencies as the Ethereum ETF news hype settles.
The Ethereum price outlook is bullish. The small surge in price witnessed last week was nothing compared to what was expected. In comparison to the rally Bitcoin experienced in the wake of its ETF approval, Ethereum may still have some upward journeying to do.
Based on technical analysis principles, in upward breakouts, the highest peak in the pattern (A) serves as the price target. While Eth’s price broke out of the falling wedge pattern, it hasn’t yet reached the point (A). This suggests that Ethereum may still have another 4-6% gains to achieve before hitting this target.
Ethereum dominance also received a major boost following the recent price spike. After rising by 21%, ETH now has over 18% dominance over the entire crypto market industry.
2. Solana (SOL)
Over the past month, the Solana price has surged more than 22%, driven by positive market sentiment. This upward momentum has been bolstered by a surge in Solana-based meme coins like WIF, BONK, BOME, and POPCAT, fueling investor enthusiasm.
In the past seven days, The altcoin Solana has seen a slight decrease of 6.72% after experiencing a period of relative stability. This minor dip in Solana’s value comes amidst broader market fluctuations and growing investor uncertainty. With the recent recovery today, the SOL price is showing signs of resilience, indicating potential for a rebound.
With the recent price recovery, the Solana price is showing signs of bullish momentum. If the bulls successfully push the price past the $170 resistance level, this could set the stage for further gains.
Breaking through this barrier might drive SOL towards the next key resistance at $190. Sustaining this upward trajectory could lead to an ambitious attempt to breach the $200 mark.
3. Shiba Inu (SHIB)
Shiba Inu sits on top of all three bull market indicators, starting with the 200-day, 50-day, and 20-day Exponential Moving Averages (EMAs) (the purple, red, and blue lines overlaying the chart).
The Moving Average Convergence Divergence (MACD) has rebounded into the positive region, reinforcing the bullish structure. Should the blue MACD line hold above the red signal line, the path of least resistance will remain upwards.
Breaching the immediate resistance at $0.000026 may encourage more people to buy SHIB, hence the FOMO in the crypto fear and greed index. This is likely to boost the price above $0.00003 and bring the next target at $0.000035 within reach.
Bottom Line
Identifying the cryptocurrencies to buy in May is key to every investor. Buying into projects like Ethereum, Solana, and Shiba Inu could pave the way to a higher return on investment. If Bitcoin rises to $100,000 in 2024 some of these tokens could go up 50x, changing the fortunes of many investors.
The post Smart Money Chases 3 Top Cryptocurrencies To Buy, Turning $20 Into $2,000 appeared first on CoinGape.
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