The crypto market in April hasn't been stable. It has been filled with so much volatility, with top cryptocurrencies going up and down. Within the moment of extreme volatility, some altcoins took a hit in the process. According to experts, some of these cryptocurrencies may take quite some time to recover.
For May, there are certain cryptocurrencies you may have to part ways with as it is predicted to experience further bearish trends. Some would experience a natural token dump after pumping for some time. If you have these tokens in your portfolio, you can either leave them or sell them before the massive bearish trends. So we would share with you some of these cryptocurrencies predicted to take more hits in May.
1. Polkadot (DOT)
Polkadot would be experiencing some token dump in May. Things are not looking good for the token, which might extend to May. Looking at its monthly charts, things haven't been going quite well for Polkadot.
It has been down by nearly 4% in the monthly charts and is currently at $5.92. With the current market situation, it does not look like the situation will improve for Polkadot. It is expected to go down to $5 if it takes a massive hit. It is only after May that the crypto stands the chance of making some astronomical moves in the market.
2. Polygon (MATIC)
MATIC is definitely not a token to buy now, as it would take a massive dump after staying mostly bullish since 2023 started. Polygon has been having good days before April. Assuming it didn't take a hit in April, it would have been one of the tokens to buy now. But despite starting the year well, Polygon broke out of its ascending trend and began to experience massive bearish trends. So many support levels were broken, and the token was forced to retrace its steps.
With its ascending movements destroyed by the bear market, Polygon is nearly struggling to stay above $1 at the time of writing. If it breaks down the $1 support level, traders might see the token go down to $0.7. All these retracements are expected to happen in May, so it might be a long and hard month for MATIC.
Also Read: 5 Bull-worthy Altcoins Despite Rally Halt
3. Optimism (OP)
The Optimism (OP) situation is significantly worse than other tokens. Since the year started, its bearish trends began in February.
It has remained the way, as it has only gone through minor bullish trends since then. May will not be different, as it has been predicted that things will only get worse for the token. Holding Optimism (OP) now wouldn't be the best suggestion from experts.
4. Cardano (ADA)
ADA is expected to make some retracement in May too, so traders should expect some massive price decline. ADA has had a year filled with ups and downs, and May would be part of the downs. After breaking the $0.42 price range, the token started experiencing some massive retracement which saw its price go down to $0.40.
According to analysts, the token is expected to take more hits within May. So having ADA in your portfolio during this period would be tough as you will witness many bearish trends. Once the $0.40 support level is broken, the token might go down to $0.38.
5. PancakeSwap (CAKE)
PancakeSwap token is not among the list of tokens to buy now. Data from crypto analysts suggest that it may pass through severe bearish trends in May. These bearish trends may see it fall to a new yearly low. The CAKE bear market started on April 19th when it stopped within its ascending movement tracks.
At the time of writing, CAKE is still standing at $2.7. But the price is still poor considering its weekly charts. It has been down by almost 20%, and it seems it would likely increase on the negative in May.
6. Graph (GRT)
Studying Graph (GRT) price charts shows that May isn't a month for bullish trends. It seems like the ascending movement is completed. Graph (GRT) experienced sudden massive bullish trends starting from March 10, but it was quick to reverse the process on April 21st. It seems the token would be going through some massive price restructuring.
Analysis of its chart shows that its upward movements have been completed. So it now remains a downward movement. This downward movement could take Graph (GRT) to its year's lows.