KAVA, XRP, TRX, RPL, and RNDR outperformed Bitcoin in May
The cryptocurrency market had a slow month in May, with Bitcoin (BTC) experiencing its worst performance since November 2022 with a 7.37% drop and Ethereum (ETH) losing 0.22%.
The average loss across the market was 5.62% on the last day of the month.
However, some outliers managed to post impressive gains due to popular investment narratives and the growth of the Ethereum staking sector.
During the first half of May, memecoins were in the headlines, with Pepecoin (PEPE) leading the narrative. The memecoin cycle used up a lot of gas on Ethereum during this time.
- Binance CCO comments on job cut reports
- Binance to have new layoffs due to regulatory scrutiny
- New metric suggests Bitcoin holders sold off above $20K
PEPE’s market capitalization reached a peak of $1.54 billion in the first week of May, according to CoinGecko. Although the token witnessed a sell-off since then as token holders booked profit, it still ended the month with over 300% gains.
Kava price analysis
The positive catalyst that propelled KAVA price came from a mainnet upgrade on May 17. KAVA price started surging a week before the update, which enhanced the blockchain’s throughput and security.
KAVA also got a boost from token holder’s suggestions to terminate the project’s grants and rewards programs by the end of 2023.
Technically, the KAVA/USD pair faces resistance from the long-term support and resistance level at $1.14. A successful breakout above this level will motivate buyers to push KAVA toward $1.50. Support for buyers to the downside lies at $0.96 and $0.80.
XRP price analysis
XRP posted a 7.29% gain over the month, with most of its price surge coming in the last few days.
The token recorded a spike in its daily transfer activity, which usually precedes a positive rally. Traders piled in with buy orders after on-chain analytics, Santiment, reported the activity on Twitter.
According to popular opinion, Ripple, the fintech company behind the XRP token, is close to winning its securities case against the Securities and Exchange Commission (SEC). The verdict could come as early as June.
Technically, XRP faces resistance from the October 2022 and 2023 yearly peak levels around $0.54. A successful breakout above this level can propel the price to the 2022 breakdown levels around $0.79.
Tron price analysis
Tron, a Layer-1 blockchain platform, has gained popularity in the last few weeks as reports around its usage in market making on centralized exchanges and the network’s revenue made headlines.
While Tron’s DeFi usage is limited, it is the leading blockchain platform for USDT issuance. The amount of USDT on Tron at $40 billion surpasses the stablecoin’s supply on Ethereum by $10 billion, according to CoinMetrics’ supply data.
Kaiko, a crypto research firm, cited that the reason for Tron’s dominance could be low fees, which makes transactions cheaper for market makers on centralized exchanges.
The stablecoin transfers led to a spike in Tron fees, making it the second highest revenue-generating blockchain after Ethereum, according to Token Terminal data.
The TRX/USD pair has a bullish breakout from an ascending triangle pattern with a target of $0.112. Before the pattern’s bullish target is reached, buyers will face resistance at the 2022 high levels of around $0.093.
Rocket Pool price analysis
Rocket Pool is the second most popular decentralized Liquid Staking Derivative (LSD) platform after Lido. It commands 3% market share of the total Ethereum staking pool and has grown two-fold in the last six months, according to Dune data from Hildobby.
The daily chart of the RPL/USD pair looks bullish with RPL forming a trend of higher lows restricted by the horizontal resistance at $52. If buyers conquer this resistance level, RPL can witness a 60% upside based target of the on the ascending triangle pattern.
The token’s all-time high is $61.90, according to CoinGecko data. If the price breaks out above this level, it will enter price discovery mode without any resistances to the upside.
On the other hand, if sellers take over, they will target local lows of $45.57 and $37.95 for correction.
Related: What are artificial intelligence (AI) crypto coins, and how do they work?
Render Token price analysis
Render Token has benefited from the recent hype around artificial intelligence, which has led to higher demand for graphics cards for training AI models.
RNDR is an ERC-20 utility token that powers Render Network, a protocol that provides a decentralized marketplace for graphics processing unit (GPU) power. Using RNDR as the medium of exchange, Render Network connects users looking to rent processing power with those who have idle GPUs.
RNDR has gained 5.5% in May, rallying strongly in the second half of the month. Smart token holding for RNDR has reduced since the start of this year, but the number of unique smart wallets holding RNDR has increased linearly during the same period, according to data from Nansen.
The RNDR/USD pair has exhibited significant volatility around the resistance and support level of $2.13. If buyers build support above it, the token could enter a crucial pivotal parallel range between $3.19 and $2.13.
There is minimal resistance above $3.19, with the potential to touch 2022 highs of $5.29. To the downside, buyers may find support around local lows at $1.62 and $0.90.
