4 cryptocurrencies that could reach all-time highs in May 2024

Many cryptocurrencies saw exceptional gains in March and April and came close to hitting all-time highs.

BeInCrypto analyzes potential digital assets that could hit another all-time high (ATH) in May as the market enters the month following the halving.

BNB comes closest to breaking 3-year-old record

BNB Coin, the native token of the world's largest crypto exchange Binance, is attempting to surpass its previous ATH of $686. The last time BNB reached this price was almost three years ago, in May 2021.

BNB has struggled to break above the $640 resistance level over the past two months and is currently trading at $612. However, according to the Relative Strength Index (RSI), there is room for further growth for the altcoin.

The RSI measures the speed and variability of price movements, indicating overbought (above 70) or oversold (below 30) conditions, which helps assess potential trend reversals. As long as BNB Below the overbought zone, it may continue to rise.

BNB Coin stands at just over 12% and has a good chance of rising in May.

Read more: CZ, the emperor of digital currency platform Binance, where does he come from and where is he going?

However, BNB is vulnerable to corrections because broader market signals are not explicitly bullish. If the exchange token crosses the $520 support, the bullish result is invalidated.

Bitcoin (BTC) is still in the game

The price of Bitcoin has been hovering between $70,000 and $65,000 since hitting a high a month ago. Since then, the cryptocurrency has witnessed one of the most anticipated and bullish events of the last four years: the halving.

Although the BTC If you don't see an immediate rise in value, a supply shock should eventually occur. This will take Bitcoin price past the ATH of $73,737, or 14% of the trading price of $64,530.

Learn more: Bitcoin Halving 2024: Will it lead to a big price increase?

Over a longer time frame, the price of Bitcoin follows a Wyckoff pattern, where the long-term outlook for BTC is bullish. Thus, an increase would further confirm the trend.

However, if the uptrend dissipates before a new ATH is formed, Bitcoin price could fall below $60,000. This would invalidate the bullish result, leaving BTC vulnerable to further decline.

Bitget Token (BGB) faces two resistances

Focus on prices Bitget Token Largely about breaking down two crucial resistances en route to posting a new ATH. Since hitting a high of $1.38 in early April, BGB has been facing bearish issues.

As a result, the altcoin is currently trading at $1.19, or 15% of the ATH. This rally could be interrupted if the crypto asset turns the $1.24 resistance into support and bounces off it to test $1.38.

The Moving Average Convergence Divergence (MACD) indicates the same thing. The MACD is a trend indicator that shows the relationship between two moving averages. It is helpful to identify potential buy and sell signals based on crossovers and divergences.

The indicator is on the cusp of a bullish crossover, which means a bullish outcome for the cryptocurrency.

However, if the $1.15 support is broken, the bullish thesis is invalidated, taking BGB away from the new ATH.

Ondo (ONDO) must break consolidation

Price shadow Ondo It has been stuck in consolidation for the past month and a half, currently trading at $0.799. The altcoin sits at the $0.797 support level, and a bounce would allow it to move back up to the ATH at $0.977. This would represent a potential increase of 22%.

The RSI, above the neutral line at 50.0, indicates upside support for the altcoin, as it indicates room for potential growth.

However, if the $0.797 support is broken and ONDO falls to $0.738 or below, the bullish thesis is completely invalidated. This would push the cryptocurrency below $0.700.