Be[In]Crypto looks at seven altcoins that show promise for the month of June and the developments surrounding their respective projects.
- Current Price: $0.039
- Market Cap: $376 Million
- Market Cap Rank: #102
IoTeX is a fast, secure, and scalable blockchain. It aims to create and power an open ecosystem where people and machines interact freely with each other in a trusted setting. Additionally, IoTex employs an EVM-compatible blockchain, which also helps decentralized applications (DApps) scale, since it removes the concerns of high gas fees.
The new mainnet, version 1.8 launched on May 30. It provides several new features, including:
- Staking via Metamask
- Improved peer-to-peer robustness
- Application Programming Interface (API) improvements
IOTX had been trading underneath a descending resistance line since the beginning of April. The downward movement led to a low of $0.021 on May 12. IOTX has been increasing since then and broke out from the descending resistance line on May 23.
If the upward movement continues, the main resistance area would be found between the 0.5-0.618 Fib retracement resistance levels at $0.068-$0.079.
- Current Price: $204.5
- Market Cap: $3.71 Billion
- Market Cap Rank: #26
Monero is a secure, confidential blockchain that focuses on providing complete privacy for its users. It achieves this by obscuring the addresses of both senders and recipients using advanced cryptography.
XMR had been increasing inside an ascending parallel channel since May 12 but broke down from the channel on May 27. Despite the breakdown, it has regained its footing and is currently attempting to reclaim the support line of the channel.
Since the support line coincides with the $200 horizontal resistance area, it’s likely to provide strong resistance. A breakout above this level would likely cause the price to accelerate quickly.
- Current Price: $0.65
- Market Cap: $21.9 Billion
- Market Cap Rank: #6
Cardano is a blockchain that provides security and sustainability to decentralized applications (dApps) and uses proof-of-stake technology. Charles Hoskinson created the platform in 2017. The 2021 hard fork “Alonzo” brought smart contract functionality to the platform.
The Vasil hardfork will go live on June 29. This is the second significant upgrade after Alonzo and will focus on improving network connectivity and stability. According to the founder, this will cause many Cardano dApps to benefit from pipelining.
ADA has been decreasing inside a descending parallel channel since reaching an all-time high in September 2021. The downward movement ended on May 12, when ADA bounced at the midline of the channel.
The daily RSI has generated a bullish divergence (green line). Additionally, it has broken out above a descending trendline.
If a price breakout follows, ADA could increase toward $1.25.
- Current Price: $2.31
- Market Cap: $1.17 Million
- Market Cap Rank: #212
DefiChain is a blockchain platform whose aim is to maximize the potential of decentralized finance (DeFi) within the Bitcoin (BTC) ecosystem. Thus, it is connected to the BTC ecosystem through the use of a Merkle root. The platform offers solutions to problems of security, scalability, and decentralization. Its nodes are distributed globally throughout the U.S., Europe, India, Canada, and Singapore.
The new block reward adjustment schedule went live on May 30, at the height of block 1,928,200. It provided improved rewards for several stock tokens, including Microstrategy and Gamestop.
On May 21, DFI broke down from an ascending support line that had previously been in place for 305 days. Until it reclaims this support, the trend cannot be considered bullish.
- Current Price: $82.31
- Market Cap: $1.81 Billion
- Market Cap Rank: #38
Elrond is a blockchain protocol that offers extremely fast transaction times due to its sharding mechanism. This mechanism brings a roughly 1000x improvement in scalability relative to its previous blockchain iterations. Moreover, the platform can handle 15,000 transactions per second at a negligible cost. Its mainnet went live in July 2020.
The native token for the platform is EGLD. It has use cases in staking, rewarding validators, and paying network fees.
Several new developments will launch in the second quarter of 2022, such as Elrond Superwave, Elrond Gamify, and Phase 4 of staking.
EGLD has been decreasing underneath a descending resistance line since March 28. This downward movement led to a low of $65.68 on May 27.
If a breakout above the resistance transpires, the closest resistance would be found near $122. This is the 0.382 Fib retracement resistance level when measuring the most recent drop.
Mina Protocol (MINA)
- Current Price: $0.97
- Market Cap: $513 Million
- Market Cap Rank: #88
Mina is a blockchain that is designed to run dApps in a more efficient manner. Despite its growth in usage, its size is designed to remain constant. Therefore, it is considered a “succinct blockchain.” While it was initially named “Coda Protocol,” it was rebranded to “Mina” in October 2020.
The protocol uses a novel mechanism called Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs). In turn, this allows it to authenticate information without initially revealing it.
The zkApps Builders Program will launch in Q2 of 2022. It is a novel initiative whose main objectives are:
- Remove barriers that prevent developers from building on Mina.
- Encourage new developers to build on Mina
- Improve developer experience through feedback and fast iteration.
Between May 11 and May 28, MINA created a double bottom pattern close to $0.80 (green icons). While this is considered a bullish pattern, it has yet to result in a sustained upward move.
- Current Price: $8.77
- Market Cap: $1.84 Million
- Market Cap Rank: #2806
The new Terra launched on Binance on May 31.
LUNA debuted on Kucoin at $4.12 and is currently trading at $8.30.