Towards the end of April, after the halving, there were expectations that Bitcoin prices would rise. However, when this backfired, investors turned their attention to altcoins. While many eagerly awaited the altcoin season, three altcoins were under scrutiny.
Ethereum Chart and Price
Ethereum has recovered from a drop below the $3,000 level and is currently trading at $3,007. In March, ETH was trapped in a descending wedge formation from which it could not escape.
Despite past failures, ETH, the world’s second-largest cryptocurrency by volume, could bounce back from the $2,991 support level and rise.
The falling wedge formation, defined by converging downward-sloping trend lines, indicates a potential reversal from a bearish outlook.
If investors consider this formation, the price target for ETH is set at $3,695, which is 16.7% above the upper trend line.
However, a potential break of the $2,991 support level could lead Ethereum to drop to $2,800, invalidating the bullish trend.
Helium (HNT) Price Outlook
Helium price, after dropping to $3.63, experienced a noticeable recovery last week. During the downturn, the altcoin formed a deathcross. This occurs when the 50-day Exponential Moving Average falls below the 200-day EMA and is generally interpreted as a potential bearish trend.
Moreover, the recent price recovery not only approaches breaking the death cross but also appears close to forming a golden cross.
This situation could push HNT’s price beyond the $6.33 resistance level and turn it into support. A potential rise could offer investors a 26% rally, supporting prices at $7 and above $8.
However, if the death cross prevails in a potential breakout scenario, a drop to $3.6 could be observed.
Shiba Inu (SHIB) Will It Rise?
Shiba Inu’s price continues to move in a falling channel formation. However, if the 50 and 200-day EMAs continue to act as support, an upward movement could occur in the coming days.
A breakout above the upper trend line, at the $0.00002584 level, could bring a 29% growth for the meme coin, potentially raising it to $0.00003332.
If a downward scenario does not occur, this event could happen in May. Additionally, permanently losing the $0.00002268 support could cause SHIB to fall below $0.00002000.
