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Bitcoin price lost the support of $26,800 yesterday as it failed to hold the support of $27,200. Sellers are dominant. Altcoins have already been battered enough since the king cryptocurrency started its decline at $30,000. We’re in the middle of a bearish period similar to the March crash, and selling may slow down soon.
5 Cryptocurrencies to Watch Out For
While most markets were bearish between May 5-12, 5 altcoins stood out positively. What was the reason for this strong stance? What awaits cryptocurrency investors from now on? We discuss the current situation specific to altcoins and evaluate possible price movements.
Kava (KAVA)
The price of KAVA has been rising since it reached $0.66 on May 8. The increase was very important for two reasons. First, the support at $0.76 was retaken. This is a very important support area and the price had previously fallen below it. Therefore, its recovery suggests that sharper rises are possible.
Then, the price broke out of a descending resistance line, supporting the possibility of a correction completion. If Bitcoin doesn’t suffer bigger losses, KAVA traders are smiling.
Bitcoin SV (BSV)
BSV Coin has fallen out of favor, but a small number of investors are still buying and selling it. The BSV price broke out of a descending resistance line on May 12. Previously, this line had been in place since August 2022. Therefore, a break of the line is a sign that the correction is over. If it succeeds, it could rise to the next resistance level of $48.
However, if the price falls below the resistance line, it could drop as low as $28.
FLOKI (FLOKI)
The Binance listing was a surprise for him. With PEPE Coin, the giant cryptocurrency exchange also listed the Floki Token. The FLOKI price has been trading in a rising parallel channel since March. These channels often contain corrective structures, suggesting that a final breakout from the channel is now imminent.
In addition, the price is trading at the bottom of this channel, further strengthening this possibility. In the short term, we are likely to see a decline towards the $0.00002 support. If the market recovers overall, Floki Coin price could target the $0.00005 resistance again.
Aragon (ANT)
At the end of March, the ANT price broke through the $3 resistance. In April, it hit a new high of $3.97. Although the price has fallen, it is still trading above the $3 horizontal area.
If the increase continues, the ANT Coin price may move to exceed $4.2. However, in the scenario where the $3 support is lost, $2.5 should be closely monitored as a critical support level.
Uma (UMA)
On May 5, it broke the $2.30 resistance. But nowadays it is back here. It is possible that the price will confirm the area as support.
A jump or fall of the UMA price may determine the future trend. The target of $3 above and $2 below remains in place.
