Be[in]Crypto Presents Its Top Six Altcoin Picks for May

Updated by Geraint Price
In Brief
  • KAVA will implement liquid staking in May.
  • Electra Protocol will announce a partnership with a crypto gaming project in May.
  • ALGO was listed on the FTX exchange on April 26.
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Be[In]Crypto looks at six altcoins that have promising developments lined up for the month of May.

Kava.io (KAVA)

  • Current Price: $4.22
  • Market Cap: $769 Million
  • Market Cap Rank: #88

Kava.io is a decentralized finance (DeFi) platform for lending. In addition to lending, it allows users to invest and earn. The platform also supports interactions between different chains. In order to secure the platform, the native token KAVA is used. 

The KAVA Network 1.0 Mainnet launch will occur on May 10. This will be the full launch of the Kava Network. It will allow developers to build in the Cosmos and Ethereum ecosystem with impeccable interoperability.

Afterward, the ETH bridge will go live sometime this month, bridging thousands of ERC-20 assets onto the KAVA network and vice versa.

Finally, liquid staking will be implemented in the network by the end of the month.

As for its price movement, KAVA has been falling since breaking down from an ascending support line on April 30 (red icon). 

While it has bounced at the $4.07 support area, it is not showing any bullish signs.

Harmony (ONE)

  • Current Price: $0.082
  • Market Cap: $994 Million
  • Market Cap Rank: #73

Harmony is a blockchain platform that facilitates the creation of decentralized applications (DApps). Its uniqueness comes from its random state sharding protocol, which greatly increases the speed at which blocks are created by reducing node validation time.

In order to secure the protocol, Harmony uses a Verifiable Random Function (VRF). The native token for the platform is ONE.

Harmony will organize numerous events and conferences in May, such as the DeFi alliance cohort.

The price action for ONE is bearish, since the price has broken down from a long-term descending parallel channel. The trend cannot be considered bullish until this line is reclaimed.

Algorand (ALGO)

  • Current Price: $0.59
  • Market Cap: $3.98 Billion
  • Market Cap Rank: #31

Algorand is a blockchain network that supports various applications. It aims to be secure, scalable and efficient and works on a proof-of-stake (PoS) protocol. The initial coin offering (ICO) was held in June 2019, and the mainnet was released the next month.

ALGO was listed on the FTX exchange on April 26. However, this did not a positive effect on the price. On the contrary, ALGO broke down from the $0.70 horizontal support area two days later and proceeded to reach a low of $0.53 on April 30. 

The $0.70 area is now expected to provide resistance.

Astar (ASTR)

  • Current Price: $0.145
  • Market Cap: $486 Million
  • Market Cap Rank: #222

Astar is a DApp hub on the Polkadot blockchain. It aims to become a multi-chain smart contract platform, that will eventually support various virtual machines and blockchains. Since Polkadot does not support smart contracts, Astar aims to become the parachain that enables developers to build on the Polkadot ecosystem.

Roughly 15 new projects will launch this month, such as Astar farm, AVAUL and KAGLA.

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

Electra Protocol (XEP)

  • Current Price: $0.00065
  • Market Cap: $11.46 Million
  • Market Cap Rank: #883

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

Electapay is a complete payments solution that offers low transaction fees, nearly immediate transactions and impeccable security.

This month, Electra protocol will announce a partnership with a crypto gaming project, and release its wallet.

The price movement shows that XEP is hovering inside the $0.00065 support area but has not yet shown any bullish reversal signs.

Mist (MIST)

  • Current Price: $0.061
  • Market Cap: $3.45 Million
  • Market Cap Rank: #1252

Mist is a play-to-earn (P2E) non-fungible token (NFT)  ecosystem that is built on the Binance Smart Chain (BSC). The in-game utility token is MIST, which is used for various in-game actions.

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

MIST has been decreasing inside a descending wedge since May 2. The wedge is considered a bullish pattern, meaning that a breakout from it would be likely. 

Additionally, MIST is approaching the 0.786 Fib retracement support level at $0.053, supporting the possibility of a bounce.

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

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