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The latest climb in Bitcoin's price beyond $65,000 on Wednesday sparked a new relief rally in the cryptocurrency market. Top altcoins are also profiting from the upward momentum, recovering from recent downturn tendencies.
With market sentiment becoming bullish about a potential rise following the completion of the Fourth Bitcoin halving, some tokens are showing signs of big gains, with profits projected to be 2x to 5x by the end of May.
Fetch.ai (FET), Floki, Bonk, AAVE, and Ethena (ENA) are among the top challengers demonstrating encouraging indicators of rapid growth, as per Coinpedia.
Fetch.AI (FET)
FET is an Ethereum token that drives Fetch.ai, an open platform that offers tools for developing new AI apps and services. During the recent market consolidation, the FET price has been trading sideways, echoing between two converging trendlines of the triangular formation.
By press time, Fetch. Ai coin trades at $2.35 and has a market capitalization of $2 billion. If the bullish pattern maintains, the FET price will break the overhead trendline and move its potential goal to $3.48, followed by a $5 psychological threshold.
FLOKI
The popular Dog-themed joke cryptocurrency Floki has seen a significant increase this week, as the Bitcoin price has risen to $67000. Because of their intrinsic volatility and influence from speculative trading, meme sectors frequently exhibit dramatic movements in response to fresh market changes.
On May 15th, the Floki price decisively broke through the $0.0002 neckline resistance of an ascending triangle pattern. This continuation pattern is known to accelerate bullish momentum and produce a long-term rebound.
If the breakout continues, the FLOKI price may attempt the $0.00031 high and $0.45.
BONK
In mid-April, the Solana-based Memecoin price reverted from the $0.000012 support level, signaling a new recovery. The fresh buying interest increased the coin's value by 160%, challenging the $0.000029 resistance.
An examination of the daily chart reveals that this recovery evolved into an inverted head and shoulder pattern. Furthermore, the bullish reversal is frequently seen around market lows and indicates a shift in market sentiment.
A probable breakout from the $0.000029 neckline will boost bullish momentum and propel the BONK price to $0.000047, followed by $0.000071.
AAVE
AAVE token price remains strong above the $80 level despite the current market slump. Furthermore, the altcoin bounced numerous times off the aforementioned support, demonstrating that investors actively bought this asset amid market downturns.
On May 15th, the AAVE price reverted to $80 support and rose 11.35% in four days to $88.6. If the bullish momentum continues, buyers will break over the resistance trendline and aim for the $153 target.
However, the possible rebound could run against opposition at $97.5, followed by $109.
Ethena (ena)
ENA, the native utility token of the synthetic dollar system Ethena, has been on a downward trend for the previous five weeks. Furthermore, the downtrend caused by two converging trendlines suggests the construction of a falling wedge pattern.
The decreasing range of this chart arrangement shows that bearish momentum is fading and buyers have an opportunity to reclaim control. Furthermore, the ENA price is currently trading at $0.74, representing a 3% intraday gain.
A potential breakthrough from the wedge formation will signify the end of the correction pattern, allowing the ENA price to reach a $1.5 high.
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