Be[In]Crypto presents its Top 6 best altcoins for the month of May – BeinCrypto

Be[In]Crypto has picked out six altcoins that feature interesting events scheduled for the month of May.

Kava.io (KAVA)

  • Current price: $4.22
  • Market cap: $769 million
  • Market Cap Ranking: #88

Kava.io is a decentralized finance (DeFi) platform for lending. In addition to loans, it allows its users to invest and generate profits. The platform also supports interactions between different channels. Its native KAVA token is used to secure the platform.

The launch of the KAVA 1.0 mainnet will take place on May 10. This will be the full launch of the Kava network. This will allow developers to build within the Cosmos and Ethereum ecosystem with seamless interoperability.

Subsequently, the ETH bridge will go live later this month, connecting thousands of ERC-20 assets to the KAVA network and vice versa.

Finally, liquid staking will be integrated into the network by the end of the month.

In terms of price action, the KAVA token has been falling since breaking below an ascending support line on April 30 (red arrow).

Although it bounced off the $4.07 support zone, it shows no bullish signs.

Chart By TradingView

Harmony (ONE)

  • Current price: $0.082
  • Market cap: $994 million
  • Market Cap Ranking: #73

Harmony is a blockchain platform allowing the creation of decentralized applications (dApps). Its uniqueness comes from its random state sharding protocol, which considerably increases the speed of block creation, while reducing the validation time of nodes.

In order to secure the protocol, Harmony uses a verifiable random function (VRF). The native token of the platform is ONE.

Harmony will organize many events and conferences in May including the cohort of the DeFi alliance.

The price action of ONE is bearish, as the token moved below a long-term descending parallel channel. The trend cannot be considered bullish until the price has regained this line.

ONE token channel
Chart – TradingView

Algorand (ALGO)

  • Current price: $0.59
  • Market cap: $3.98 billion
  • Ranking by market cap: #31

Algorand is a blockchain network that supports various applications and aims to be secure, scalable and efficient. It operates on a Proof of Stake (PoS) protocol. Its initial coin offering (ICO) took place in June 2019, and the mainnet was released the following month.

The ALGO altcoin has been listed on the FTX exchange on April 26. However, this did not have a positive effect on its price. On the contrary, ALGO’s price broke below the $0.70 horizontal support zone two days later, dropping to a low of $0.53 on April 30.

The $0.70 area should now act as resistance.

Fall of ALGO
Chart – TradingView

Astar (ASTR)

  • Current price: $0.145
  • Market cap: $586 million
  • Ranking by market cap: #222

Astar is a dApp hub based on the Polkadot blockchain. It aims to convert into a multi-chain smart contract platform, which will eventually support various virtual machines and blockchains. Knowing that Polkadot does not support smart contracts, Astar aims to become the para-chain system that will allow developers to create projects in the Polkadot ecosystem.

Approximately 15 new projects will be launched this month, including Astar farm, AVAUL and KAGLA.

However, the price of the ASTR token has been falling since hitting an all-time high of $0.338 on April 10. So far it has decreased by 58%. There are no bullish reversal signs in place yet.

Decline of ASTR
Chart – TradingView

Electra Protocol (XEP)

  • Current price: $0.00065
  • Market cap: $11.46 million
  • Ranking by market cap: #883

The Electra protocol is an open-source platform that uses proof-of-stake type consensus. Its native cryptocurrency is XEP, while its flagship product is Electapay.

Electapay is a complete payment solution that offers low transaction fees as well as almost immediate transactions and impeccable security.

This month, Electra Protocol will announce a partnership with a crypto game projectand will publish its portfolio.

The price action shows that XEP is inside the $0.00065 support zone but has yet to show signs of a bullish reversal.

XEP support
Chart – TradingView

Mist (MIST)

  • Current price: $0.061
  • Market cap: $3.45 million
  • Ranking by market cap: #1252

Mist is a play-to-earn (P2E) non-fungible token (NFT) ecosystem powered by Binance Smart Chain (BSC). The game’s utility token is MIST, and is used to perform various in-game actions.

The pre-alpha version of the game will be released on May 9.

The price of the MIST token has been declining inside a falling wedge since May 2. The wedge is considered a bullish pattern, which means that a price move above it would be likely.

Moreover, the MIST is approaching the support level of the 0.786 Fibonacci retracement located at $0.053, supporting the possibility of a rebound.

MIST Bevel
Chart – TradingView

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Be[In]Crypto presents its Top 6 best altcoins for the month of May – BeinCrypto


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