In this episode of the BeInCrypto Video News Show, host Juliet Lima gives you our picks for the top 7 altcoins for June 2022.
It reviews the most interesting near-term developments and briefly covers the fundamental and technical outlook for IoTex (IOTX), Monero (XMR), Cardano (ADA), DeFiChain (DFI), Elrond (EGLD), Mina Protocol (MINA ), and Terra (LUNA).
1. IdOtex (IOTX)
IoTeX presents itself as a fast, secure and scalable blockchain like many others. However, this one in particular aims to create and nurture an open ecosystem, where people and machines freely interact with each other in a framework of trust. Additionally, IoTex uses an Ethereum Virtual Machine compatible blockchain. This helps decentralized applications scale, eliminating the worry of high gas fees.
The new mainnet, version 1.8, was launched recently on May 30 and offers several new features. These include staking via Metamask, improved peer-to-peer robustness, as well as improvements to its API. We believe that these new additions could strengthen the price of the coin in the long run, consolidating its fundamentals.
Now on to the technical aspects. At the time of recording, the IOTX coin had been trading below a descending resistance line since early April.
The downward move led to a low of $0.021 on May 12, but IOTX has been rising since then and finally broke out of the major descending resistance line on May 23.
If the upward move continues, the next resistance area would be seen between $0.068 and $0.07. A potential price target for around 90% upside.
2. Monero (XMR)
Monero, which goes by the name of XMR, is a secure and confidential blockchain, focused on protecting privacy for its users. It achieves this by hiding sender and recipient addresses, using advanced cryptography.
Monero is getting closer to an important security and performance update that will establish a minimum block reward for miners to guarantee them a stable income. This will create a healthy environment for miners, encouraging them to continue maintaining the network. Tailings are expected to start on June 9th at the block height of 2,641,623. This means that from this date onwards the block rewards will be 0.6 XMR.
Moving on to the technicals, XMR has been rising inside an ascending parallel channel since May 12, but it broke down a few days after.
However, despite the outage, it has regained its footing and is currently attempting to recover the channel’s support line which you can see here.
Since the support line coincides with the $200 horizontal resistance zone, it is likely to provide strong resistance. A break above this level would likely cause the price to accelerate rapidly.
3. Gimbal (ADA)
Cardano is a blockchain that provides security and sustainability for decentralized applications or also called dApps. Last year, it launched its hard fork called “Alonzo” which brought smart contract functionality to the platform.
Next, the protocol scheduled its Vasil hard fork to go live on June 29. It will focus on improving network connectivity and stability. According to founder Charles Hoskinson, this will allow many Cardano dApps to benefit from pipelining. This means that the network will be able to complete transactions even faster.
For more context on what price may be doing during these days, the protocol’s native asset, ADA, has been declining in a long-term descending parallel channel since hitting an all-time high in September 2021.
The downward move finally ended on May 12, when ADA bounced off the middle line of the channel. However, the bounce here was not that strong, so looking at the daily RSI, this indicator generated a bullish divergence (green line).
Additionally, it broke above a descending trendline. If a price break follows, ADA could rise towards $1.25, the next possible resistance zone. Otherwise, the downtrend could resume.
4. DeFiChain (DFI)
DefiChain is a blockchain platform whose purpose is to maximize the potential of decentralized finance (DeFi) within the Bitcoin (BTC) ecosystem. The protocol is connected to the Bitcoin ecosystem and the platform offers solutions to security, scalability and decentralization issues.
We chose this protocol because it just had a major update last month and the effects may not have been taken into account yet. The update featured a new block reward tweak that went live on May 30, and it also provided improved rewards for several of the tokenized stocks it offers, including MicroStrategy and GameStop.
On May 21, DFI broke out of an ascending support line that had previously been in place for 305 days. Until it recovers this support, the trend cannot be considered bullish.
5. Elrond (EGLD)
Elrond is a blockchain protocol offering fast transaction times that went live in July 2020. Its recent sharding mechanism brings about a 1000x improvement in scalability over its previous blockchain versions. The platform can also handle 15,000 transactions per second at negligible cost. Several new developments will be launched in the second quarter of 2022, such as Elrond Superwave, Elrond Gamify and its phase 4 staking.
Its EGLD coin has been declining below a descending resistance line since March 28. This downward move led to a local low of $65.68 on May 27 and recently attempted to move above the resistance line.
If a break above the resistance occurs, the next closest resistance area would be found near the $122 price zone for a nice 50-60% upside move.
6. Mina Protocol (MINA)
Mina is a blockchain designed to run dApps more efficiently. Despite the growth in its use, its blockchain size is designed to remain small or compact. Therefore, it is considered a “slim blockchain” because it drastically reduces the amount of data each user has to download to run it. While initially called “Coda Protocol”, it was renamed “Mina” in October 2020.
The protocol uses a new mechanism called Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs). In turn, this allows him to authenticate the information without initially revealing it. Mina will launch a program for app builders called The zkApps Builders Program and will launch in the second quarter of 2022. This is a new initiative whose main goals are to remove barriers that prevent developers from building on Mina, encourage new developers to build on it, and improve the developer experience through feedback and rapid iteration.
There is no clear pattern here on MINA and all we can say is that between May 11-28, MINA created a double bottom pattern near $0.80 (green icons ). Although this is considered a bullish pattern, it has yet to result in a sustained upward move.
No clear price targets for this one yet, but be sure to keep an eye out for the zk-Apps Builders program, it could trigger massive growth on the network if successful.
7. Earth (LUNA)
Terra 2.0 is a public blockchain spun off from Terra Classic, which housed the UST “stablecoin”. After the UST undocked and subsequent LUNA crash, LUNA 2.0 was released on May 28 to users who held LUNA (Terra Classic) before the crash.
After that, the new Terra LUNA coin also launched on Binance on May 31, triggering a bizarre price surge from traders looking to catch some quick moves from what was left of the protocol. It is still unclear if the project will survive with a devastated community and the questionable actions taken by its founder.
Here, the LUNA chart is nothing like what we have seen before and there is no clear pattern, so we cannot predict with certainty what the price will do.
After the dramatic drop to zero, the price oddly returned to $7 when LUNA 2.0 launched. Many analysts say that LUNA has now fallen into the category of meme coins, the category of altcoins that can vanish or vanish overnight, so proceed with extreme caution with this one.
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