Almost halfway down in 2024, the major bullish catalysts, like the launch of Bitcoin Spot ETFs and the Bitcoin Halving, have played out. With the latter failing to boost the crypto market, Bitcoin and the altcoins are at a pivotal stage.
Despite the downside risk, certain altcoins pose a bullish setup with an upside potential of 5x growth. Will the highly anticipated bullish turnaround lead to a boost in altcoins in May?
With the increased volatility, predictions are hard, but here are our top 5 altcoins to stack in May for at least 5x growth.
Baby Doge Coin (BABYDOGE)
Being an underrated low-cap meme coin, the Baby Doge Coin shows immense underlying potential for a bull run. Despite the recent drop of more than 60% within five weeks, the BABYDOGE price action finds a reversal spot.
The bullish revival comes as a post-retest reversal of a long coming resistance trendline breakout.
With a potential morning star pattern under construction, the altcoin could shortly give a massive bull run. As per the Fibonacci levels, the BABYDOGE could surge to the $0.0000000053 mark.
Golem Network (GLM)
With a massive jump of 41% today, the GLM price trend shows a resistance trendline breakout entry opportunity. As the altcoin sustains a positive trend in 2024, the upcoming month could be extremely bullish with the breakout rally.
The MACD and signal lines give a positive crossover, supporting the bullish prospect and reflecting an immense rise in the underlying demand. After surpassing the psychological mark of $0.50, the uptrend is heading towards the $1 milestone.
Considering the momentum of the broader market gains, the breakout rally in GLM could hit $5.
Guild of Guardians (GOG)
As the first gaming token on our list, the Guild of Guardians is experiencing a constant rise in the number of users. The GOG token price shows a similar rise in the market value, as it maintains a rising channel.
The buyers are dominant, with a positive crossover in the MACD indicator and a 46% rise in the last two days. As per the trend-based Fibonacci levels, the GOG price could break the rising channel to $0.60.
On a more optimistic approach, if the uptrend surpasses the $1 peak, the breakout rally could easily top the $3 mark.
HighStreet (HIGH)
As a Solana-based token, another gaming token, Highstreet, shows bull run potential in May 2024. Moreover, with a rounding bottom reversal in the daily chart, the HIGH token price is heading for the $4 breakout.
The breakout rally will surpass a critical supply zone and mark a double-bottom reversal. Further, if the broader market sentiment improves, the altcoin shows potential to hit the $20 peak, the launching price in 2021.
Metaplex (MPLX)
Another Solana-based token, Metaplex, shows a bullish entry opportunity for massive gains in May. Further, with a support trendline at play, the uptrend continues and aims to hit the $0.50 psychological mark.
Similar to most altcoins projecting trend reversal, the MACD indicator shows a positive crossover. With immense potential, the MPLX coin could hit the $1 mark in the coming weeks. Optimistically, the altcoin could hit the $2 mark by the end of May 2024.
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