The crypto market is on a bullish trajectory today, May 12, after Bitcoin (BTC) broke above $105,000 for the first time in three months. Altcoins are also recording major gains, as most register double-digit percentage gains in the last one week. These gains will likely continue after US President Donald Trump dismissed inflation concerns.
The recent altcoin gains are an extension of a rally that started early last month, with TradingView data showing that the total altcoin market cap has increased from $877 billion on April 9 to $1.2 trillion at press time.
Amid these notable gains, several factors suggest that some altcoins are set for even more explosive rallies in May that will be catalyzed by a bullish technical outlook and macroeconomic factors.
Trump Dismisses Inflation Ahead of US CPI Data
In a recent post on Truth Social, President Trump noted that the prices of most consumer products have dropped significantly, and eliminated the threat of inflation.
“Gasoline, Energy, Groceries, and all other costs, DOWN. NO INFLATION!!”
Trump’s remarks come ahead of the US April CPI data release on May 13. As Coingape recently reported, experts expect the year-on-year inflation for the month of April to come in between 2.4% and 2.5%.
The CPI data comes barely a week after the Federal Reserve decided to leave interest rates unchanged last week. This decision led to Trump calling out the Fed Chair Jerome Powell, saying that he could not understand his hawkish decision as there was “virtually no inflation.”
Despite Trump’s attempts to divert market fear towards the upcoming CPI print, data from the CME FedWatchTool shows that 92% of investors expect Powell to also leave rates unchanged between the 4.25% and 4.50% range next month.
Nevertheless, if the April CPI data comes in lower than expectations and aligns with Trump’s sentiments about there being no inflation concerns, it could fuel speculation about future rate cuts and drive more gains for altcoins.
Top Altcoins to Buy
The soon-to-be-released US CPI data may bring more gains for three altcoins in May that have already been pumping but have yet to achieve their full potential. These three altcoins that investors should consider to buy include Ripple (XRP), Pi Network (PI), and Pepe Coin (PEPE).
XRP Price Targets $3 Amid Inverse Head and Shoulders
XRP price trades at $2.60 today after a 10% increase in the last 24 hours, making it the top gainer among the ten biggest cryptos by market cap. Ripple targets $3 this week after it created an inverse head and shoulders pattern on the daily price chart, and broke out above the neckline, indicating that a 39% rally towards $3.11 is looming. Once XRP breaks above the $3 barrier, the altcoin will kickstart an uptrend towards its previous all-time highs.
Pi Network Price Hits March Highs
Pi Network price is one of the best-performing altcoins to buy today, May 12, after the PI team teased a major announcement this week. At press, Pi Coin trades at $1.30 after its recent rally brought its seven-day gains to above 100%. This rally has stirred speculation about whether PI will reach $2.83 after clearing the $1.79 resistance level. The ADX supports the likelihood of this breakout happening as its upward move suggests that the bullish trend is strong.
PEPE Price Eyes $0.00002 Amid Looming Golden Cross
PEPE might also be among the altcoins that have yet to explode in May amid a looming golden cross on the daily chart that teases towards a bullish crossover of the 20-day EMA above the 200-day EMA. Once the breakout is confirmed, the Pepe Coin price prediction will be bullish as the meme coin aims for the 161.8% Fibonacci level of $0.000024, and the positive AO bars that are growing longer suggest this uptrend is likely to happen soon.
Summary of Top Altcoins to Buy
The upcoming US CPI data and recent remarks by US President Donald Trump dismissing inflation concerns have sparked a bullish sentiment across the crypto market as traders eye further upside. Some of the top altcoins to buy that can easily outperform the market and explode in the last three weeks of May include XRP, PI, and PEPE.
The post 3 Altcoins Yet to Explode in May As Trump Dismisses Inflation Ahead of US CPI appeared first on CoinGape.
