Valdrin Tahiri, a cryptocurrency analyst, listed 6 altcoin projects that are thought to explode in May. He shared important developments and price expectations in these altcoins. Here are the details…
First altcoin to stand out: Kava (KAVA)
Kava.io is a decentralized finance (DeFi) platform for lending. Besides lending, it allows users to invest and earn. The platform also supports interactions between different chains. The native token KAVA is used to secure the platform. KAVA is ranked 88th with a market capitalization of $770 million. The KAVA Network 1.0 Mainnet launch will take place on May 10. This will be the full launch of Kava Network. It will allow developers to build in the Cosmos and Ethereum ecosystem with seamless interoperability.
Later, the ETH bridge will go live this month, connecting thousands of ERC-20 assets to the KAVA network. Finally, liquid staking will be implemented in the network until the end of the month. As for the price action, KAVA has been falling since breaking out of an ascending support line on April 30, according to Tahiri, but it is not showing any bullish signs despite bouncing around the $4.07 support area.
How will May be for Harmony (ONE)?
Harmony is a Blockchain platform that facilitates the creation of decentralized applications (DApps). Its uniqueness comes from the random state sharding protocol, which greatly increases the speed of creation of blocks by reducing the node verification time. To secure the protocol, Harmony uses Verifiable Random Function (VRF). The native token of the platform is ONE. ONE ranks 73rd with a market capitalization of $994 million.
Harmony will hold multiple events and conferences in May, such as the DeFi alliance cohort. Price action for the ONE is bearish as the price breaks out of a long-term descending parallel channel. Until this line is recovered, the trend cannot be considered bullish.
Analyst also analyzed Algorand (ALGO)
Algorand is a Blockchain network that supports a variety of applications. It aims to be secure, scalable and efficient and runs on a proof-of-stake (PoS) protocol. The first coin offering (ICO) was made in June 2019 and the mainnet was released the following month. ALGO was listed on the FTX exchange on April 26. However, this did not have a positive effect on the price. On the contrary, ALGO broke out of the horizontal support area of $0.70 two days later and hit the low of $0.53 on April 30.
ALGO ranks 31st with a market capitalization of approximately $4 billion. As Cryptokoin.com stated in the morning hours today, the price of ALGO gained momentum after announcing the establishment of a partnership with FIFA.
Altcoin project Astar (ASTR) will undergo significant developments
Primer is a DApp hub on the Polkadot Blockchain. It aims to eventually become a multi-chain smart contract platform that will support various virtual machines and Blockchains. As Polkadot does not support smart contracts, Astar aims to be the parachain that allows developers to build on the Polkadot ecosystem. About 15 new projects like AVAUL and KAGLA will start this month in primer farming. However, ASTR has been falling ever since it hit an all-time high of $0.338 on April 10. It’s down 58 percent so far. According to the analyst, there are no signs of an upturn in place yet.
Electra Protocol (XEP) showing no signs of bullishness
The Electra protocol is an open source platform using PoS consensus. Its native coin, XEP, powers its flagship product, Electapay. Electapay is a complete payment solution that offers low transaction fees, near instant transactions and flawless security. This month, the Electra protocol will announce a partnership with a crypto gaming project and launch its wallet. Price action shows that XEP is hovering within the $0.0065 support area but has yet to show any bullish signs.
Mist (MIST): Here are the levels to watch
Mist is a win-to-play (P2E) non-fungiable token (NFT) ecosystem built on BNB Chain . The in-game utility token is MIST, which is used for various in-game actions. The pre-alpha version of the game will be released on May 9. However, MIST has been falling in a descending wedge since May 2. Additionally, MIST is approaching the 0.786 Fib retracement level at $0.053, which supports the possibility of a rebound.
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