Will the Altcoin Season Begin in May 2024? 3 Cryptos to track

Following the halving that occurred at the end of April, the price of Bitcoin is expected to rise. But when that didn't happen, investors turned to altcoins.

While many believe that the altcoin era will happen soon, the chances seem low except for these three altcoins.

Bitcoin dominance is growing again.

By mid-April, Bitcoin's dominance reached 56.32% and began to decline to 54.34%. But in the last few days, this dominance has increased by almost 55%, breaking altcoins and citing the potential threat of an altcoin period in the market.

In fact, an altcoin season usually occurs when 75% of the top 50 coins outperform Bitcoin over the past 90 days. This figure is currently at 35%, which is below the threshold for a proven altcoin.

Therefore, the chance of the altcoin season in May is very low, so it may extend to June instead. Nevertheless, these three altcoins are looking to take off in the coming month.

Ethereum (ETH) is in a bullish reversal pattern.

Ethereum price trading at $3,063 failed to break the upper trendline of the bearish line that has been stuck since March. Following failed attempts in the past, the world's second largest crypto asset is likely to break out after breaking the $2,991 support.

A falling wedge is a weighted chart pattern that combines downward sloping trend lines, indicating a potential reversal from a downtrend. Based on this pattern, the target set for ETH is 16.7% above the upper line, marked at $3,695.

Read more: Ethereum ETF explained: what it is and how it works

However, if the $2,991 support is broken, Ethereum could fall to $2,800, invalidating the bullish thesis.

Helium (HNT) was developed to reverse the death cross.

Helium prices rebounded sharply after falling to $3.63 last week. During its demise, the altcoin formed a death cross. This occurs when the 50-day exponential moving average crosses below the 200-day EMA, usually indicating a bearish trend or market weakness.

However, recent restorations have not only damaged the Death Cross, but also come close to establishing a Golden Cross. This could push the price of HNT to reverse from the resistance level of $6.33 to support. A rally would allow Helium to enter the 26% rally to find $7 and $8 as support.

Read More: Helium (HNT) Price Forecast 2024/2025/2030

But if the death cross is heavier than it can be made, it can be reduced to $3.6. Missing this level will destroy the value of the bully study.

Can the Shiba Inu (SHIB) escape from the descending channel?

The price of the Shiba Inu is moving in a descending channel, but with the support of the 50 and 200-day EMA, a bullish breakout may occur in the coming days.

A break above the upper trend line at $0.00002584 could translate into a 29% gain for MemCoin, which could send it to $0.00003332.

Read more: How to buy a Shiba Inu (SHIB) and everything you need to know

This increase is likely to come in May, as long as MemCoin does not show a decline on the daily chart. A loss of $0.00002268 support could send SHIB lower below $0.00002000. This devalues ​​the bankruptcy thesis, increasing the likelihood of bankruptcy.