Since the start of 2024, three cryptocurrencies have been in focus primarily due to their short-term price gains, they were: ONDO, PEPE and BEAM. Among these cryptos, ONDO crypto was the top gainer of the day at the time of writing and had surged over 200% in the last two months.
ONDO is the governance token of Ondo Finance and its Flux Finance protocol, which gained steadily amidst the market correction. It was among the top gainers throughout the month.
ONDO Pumped Above $1 Mark: Will the Saga Continue?
Currently, ONDO token price trades at its ATH (All-Time-High) above $1 mark and looks extremely bullish. Recently, the token exhibited a range breakout and might continue in the rally ahead.
Despite the month on month rally, the price action indicates strong buying momentum and the token might continue to outperform.
Source: TradingView
At the moment, buyers have an edge, while sellers are staying on the backfoot and threatened due to the follow on rise. Analysts were extremely bullish on ONDO and suggest that the token has much more space to stretch the rally ahead.
$ONDO looks in current market.
— gMAK⚡️ (@gMAKcrypto) May 24, 2024
Imagine in peak bull cycle. FDV gonna be stupid lol pic.twitter.com/x7Br3Vg8iP
Source: Twitter
Will PEPE Join the Race of Market Gains?
The frog-theme based Pepe token also outperformed well in the past weeks and rose over 130% this month. From the memecoin space, PEPE crypto has revealed strong performance.
A rounding bottom pattern breakout was seen and the memecoin has escaped the trajectory hurdle of $0.00001100. Afterward, follow on buying action was witnessed.
However, the technicals suggest profit booking ahead, as the memecoin looks overbought and might pause the bullish momentum ahead.
Source: TradingView
Analyst @Altcoin Sherpa has guided their explanation in his tweet that, with strong liquidity and trading volume, PEPE looks bullish and has a bullish structure.
$PEPE not trading this 1 at all but still had some nice buys in the green box https://t.co/r3AGJHF4Q4 pic.twitter.com/stSjPkcy3Y
— Altcoin Sherpa (@AltcoinSherpa) May 24, 2024
Source: X
Can BEAM Gain Strength as Selloffs Continue?
For weeks, the BEAM token trades inside a flailing channel and has eroded over 22% of gains last month. Meanwhile, the token has reached the trendline barrier of $0.02700 and buyers are looking to exit the channel.
Amidst the retracement, the BEAM crypto has done the correction and might shift the gains above the $0.0300 mark soon.
Source: TradingView
BEAM token has the potential to recover the gains and will retain the 52 week high mark of $0.04500 soon. Mister Crypto on X noted that the token might flip gains and will reflect a sharp uptick ahead.
$BEAM is looking extremely bullish here. pic.twitter.com/WTHyuve05B
— Mister Crypto (@misterrcrypto) May 23, 2024
Source: X
Here’s a Weekly Performance Comparison
Per the price performance data on the weekly charts, ONDO crypto displayed a consistent upmove, while PEPE crypto delivered volatile moves. Meanwhile, users of BEAM crypto started securing their gains and profit booking was noted.
Source: Santiment
Factors that Influence these Cryptos to Rally
Some of the factors to consider are:
Community Growth
As the community of these cryptos has grown rapidly, investors have shown their interest, which led to a tremendous short-term spike.
Development Milestone:
These cryptos have displayed consistent development growth and reached the month-on-month milestones, which influenced the asset growth.
Potential Picks
A few hours after the launch, these crypto revealed a sharp uptick and displayed the potential to pick for the long term. Investors have found these assets reliable and added to their portfolios.
