Bitcoin played second fiddle as KAVA, XRP, TRX, RPL and RNDR led the crypto market in May

The cryptocurrency market had a lackluster month, as Bitcoin (BTC) decreased by 7.37%, its most severe decline since November 2022, and Ether (ETH) decreased by 0.22% in May.

The market’s average loss on the day prior to the end of the month amounts to 5.62%.

Despite this, some exceptions achieved noteworthy increases due to popular investment stories and the expansion of the Ethereum staking sector.

In the initial weeks of May, memecoins were a major topic of discussion, with Pepecoin (PEPE) taking the spotlight. The memecoin cycle consumed a substantial amount of Ethereum’s gas during the first half of May.

PEPE’s market capitalization soared to a maximum of $1.54 billion during the first week of May, according to CoinGecko. Subsequently, tokenholders cashed in their profits, causing the token to experience a sell-off. Despite this, the token still finished the month with a gain of more than 300%.

Kava price analysis

The impetus behind the surge in Kava (KAVA) prices was the mainnet upgrade on May 17. Before the upgrade, KAVA’s price had already been climbing, and the update further improved the blockchain’s throughput and security.

KAVA was further bolstered by tokenholders’ proposals to cease the project’s grants and rewards programs by the conclusion of 2023.

Technically, the KAVA/USDT pair is facing resistance from the long-term support and resistance level at $1.14. Should the breakout above this level be successful, it will likely encourage buyers to propel KAVA towards $1.50. Buyer support on the downside is situated at $0.96 and $0.80.

XRP price analysis

XRP (XRP) saw an increase of 7.29% during the month, with the majority of its rise in value occurring in the last few days.

The token experienced a rise in its daily transfer operations, which is often a sign of an upcoming positive rally. After the on-chain analytics company Santiment announced the activity on Twitter, traders began to submit buy orders.

It is widely believed that Ripple, the financial technology company behind the XRP token, is close to emerging victorious in its legal battle with the Securities and Exchange Commission, with a possible ruling coming as soon as June.

Technically, XRP is confronted with resistance from the yearly peak levels of $0.54 in October 2022 and 2023. If a breakout above this point is accomplished, the price could be driven up to the 2022 breakdown level of approximately $0.79.

Tron price analysis

In recent weeks, Tron (TRX), a layer-1 blockchain platform, has seen an increase in popularity due to news of its utilization in market-making on centralized exchanges and the network’s revenue.

Although the utilization of decentralized finance on Tron is somewhat restricted, it is still the foremost blockchain platform for the issuance of Tether (USDT). Coin Metrics’ supply data reveals that the amount of USDT on Tron is approximately $40 billion, which is $10 billion more than the stablecoin’s supply on Ethereum.

Kaiko, a crypto research firm, suggested that the cause of Tron’s prevalence may be the low fees, making it less expensive for market makers to transact on centralized exchanges.

Tron fees experienced a surge due to the stablecoin transfers, making it the second-highest revenue-generating blockchain after Ethereum, according to Token Terminal data.

The TRX/USD pair has broken out of an ascending triangle pattern in a bullish manner, with a target of $0.112. Before this target is achieved, buyers will encounter resistance at the $0.093 level, which is the high point of 2022.

Rocket Pool price analysis

Rocket Pool is the second most popular decentralized liquid staking derivative platform after Lido, holding 3% of the total Ethereum staking pool market share. According to Dune data from Hildobby, it has seen a twofold increase in the last six months.

The RPL/USD pair on the daily chart appears to be bullish, with RPL making a series of higher lows constrained by the horizontal resistance at $52. If buyers can break through this resistance, RPL could experience a 60% increase in value based on the ascending triangle pattern.

The token has never been higher than $61.90, according to CoinGecko data. If it breaks out beyond this price point, it would enter a period of price exploration without any barriers preventing further growth.

In the event of a correction, sellers will aim for local lows of $45.57 and $37.95.

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Render Token price analysis

RNDR Token has taken advantage of the current enthusiasm surrounding artificial intelligence (AI), resulting in an increase in the number of businesses needing graphics cards for training AI models.

RNDR is a utility token based on the ERC-20 standard, which provides the power for the Render Network protocol. This protocol creates a decentralized market for GPU processing power, with RNDR as the currency of exchange. Thus, the Render Network links up people who need GPU processing power with those who have unused GPUs.

In May, RNDR saw a 5.5% rise in value, with a particularly strong rally in the second half of the month. Despite this, Nansen’s data reveals that the amount of smart tokens held for RNDR has decreased since the beginning of the year; however, the number of distinct smart wallets possessing RNDR has grown steadily over the same timeframe.

The RNDR/USD pair has demonstrated considerable fluctuation around the resistance and support price of $2.13. If buyers create a base above this level, the token may enter a pivotal trading range between $3.19 and $2.13.

There is little opposition above $3.19, with the possibility of reaching the 2022 peak of $5.29. On the downside, purchasers could find assistance around the local troughs at $1.62 and $0.90.

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