Crypto analyst Valdrin Tahiri shares the top 5 altcoin projects worth watching in the crypto market in May. Analyst explains the reasons for this and explains his goals for altcoins
First altcoin Avalanche (AVAX) holds annual summit
- Price: $17.09
- Market Cap: $5.614 billion
- Row: 16
The second Avalanche summit will take place between 3-5 May. More than 300 speakers will take part in the summit. In addition, there will be over 125 panel sessions covering various Blockchain topics. The top is likely to provide a much-needed boost to AVAX, which has fallen below a descending resistance line since early February.
The price also broke above the resistance line (red icon) in mid-April. However, it later fell below this line. Now, the altcoin price is trading at a rising support line (dashed) since the beginning of the year.
AVAX daily chart / Source TradingViewCombined with the resistance line, this creates a symmetrical triangle that is considered a neutral pattern. Therefore, it indicates that both a breakout and a collapse are possible. If a breakout occurs, AVAX is likely to move to the $21.50 resistance area. However, if a malfunction does occur, there’s likely $15 off the cards.
Gala Games (GAL) will airdrop, will it affect the price?
- Price: $0.038
- Market Cap: $265 million
- Row: 129
As Cryptokoin.com has announced, the launch of GALA(v2) will take place on May 15th. This upgrade will bring various new improvements such as improved combustion and security mechanisms. All GALA(v1) holders will receive a 1:1 airdrop of the new token. Also, the GALA (v1) token will no longer be supported from now on.
Despite the positive news, the altcoin broke down an ascending support line on April 25. Previously, this line has been in place since the beginning of the year. Such breakouts usually mean the end of the previous trend.
GAL daily chart / Source: TradingViewIf the decline continues, the nearest support area will be $0.031. On the other hand, if GALA price retraces the support line, a rise to the next resistance at $0.049 is possible.
Third altcoin eCash (XEC) undergoing network upgrade
- Price: 0.00003 dollars
- Market Cap: $566,144 million
- Row: 77
eCash Network will go through a major upgrade on May 15th. The upgrade will include numerous features such as removing the on-chain transaction limit and removing miner funds from consensus rules.
XEC daily chart / Source: TradingViewSimilar to AVAX, XEC price is trading inside a symmetrical triangle, which is considered a neutral pattern. If it breaks, the next closest support will be $0.000026. However, if a breakout occurs, the next resistance will be $0.000033.
Lido DAO (LDO) main-net upgrade launch
- Price: $2.03
- Market Cap: $1.780 billion
- Row: 35
Lido DAO is expected to release the new mainnet update in mid-May. This is a positive development. However, price action is showing bearish signs. Altcoin price is struggling to start a bounce off the $2 horizontal support area. It also formed a head and shoulders, which is considered a bearish pattern.
LDO daily chart / Source: TradingViewIf the altcoin breaks down from the $2 zone, a drop to $1.30 is possible. This bearish prediction will be invalidated if LDO instead bounces off and exits the descending resistance line. In this case, it is possible for the price to rise to $2.80.
Latest altcoin Vechain (VET) released wallet upgrade
- Price: $0.02
- Market Cap: $1,592 billion
- Row: 38
The VechainThor mobile wallet upgrade will take place on May 4. It is possible that this will provide much-needed support to VET, which is struggling to start a rally from the $0.022 support area. Along with being a horizontal support area, this is also the 0.618 Fib retracement support level.
VET daily chart / Source: TradingViewIf successful, it is likely to follow an increase to $0.027. However, disruption of this could lead to a decline towards the $0.020 support area.
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