Which three of these cryptocurrencies have the best chance of beating Bitcoin in May, according to BeInCrypto's analysis?
The Competition Is Still Open for Binance Coin (BNB)
For more than a month and a half, the price of Binance Coin has been consolidating while trying to close over $640. The altcoin hasn't succeeded in doing so, though, and is now stuck trading between $560 and $620.
Bullish market cues and investor backing, however, work in favor of BNB. The native exchange token has dropped by less than 16% from its $686 peak. If it were breached, Binance Coin would see an increase in value.
However, persistent consolidation remains a possibility and may prolong the period of time until a new ATH appears.
PEPE Refuses to Stop
Pepe (PEPE) has shocked the market with its recent run, even though dogwifhat (WIF) is a fierce competitor. The meme currency with a frog motif has grown by 586% in the last three months.
Regaining $0.00001000 as support is possible if the meme currency maintains its position above the 50-day Exponential Moving Average (EMA).
Regaining It with Tron (TRX)
From the lows of $0.109, Tron's price recovered, almost preventing the construction of a death cross. The 200-day moving average crosses over the 50-day moving average, indicating a bearish trend. But the aversion of this death cross was caused by an abrupt increase in the price of Tron.
Given that the Relative Strength Index (RSI) is in the positive zone, this has given TRX the opportunity to potentially climb.
An indicator of overbought or oversold conditions, the Relative Strength Index (RSI) is a momentum oscillator that gauges the rate and direction of price moves. The scale goes from 0 to 100, and its usual application is to spot possible trend reversals.
April 2024, Cryptoniteuae