In this episode of BeInCrypto’s video news show, host Juliette Lima tells you our picks for the top-7 altcoins for June 2022.
She goes over the most interesting short-term developments and briefly covers fundamental and technical approaches to IoTex (IOTX), Monero (XMR), Cardano (ADA), DeFiChain (DFI), Elrond (EGLD), Mina Protocol (MINA) Is. and Terra (Luna).
1. iotex (iotex)
IoTeX bills itself as an instant, secure and scalable blockchain like many others. However, it specifically aims to create and power an open ecosystem, in which people and machines interact with each other freely in a trusted setting. Additionally, IoTex uses an Ethereum Virtual Machine compatible blockchain. It helps decentralized applications scale by removing the concern of high gas charges.
The new mainnet, version 1.8, was recently launched on 30th May and it offers many new features. These include staking through MetaMask, improved peer-to-peer robustness, as well as improvements to its API. We believe that these new additions could bring some strength to the coin’s price over the long term, reinforcing its fundamentals.
Now, going into the technicalities. At the time of recording, the IOTX coin was trading below a descending resistance line since early April.
The downside movement reached a low of $0.021 on May 12th, but IOTX has been rising since then and finally broke above the main descending resistance line on May 23rd.
If the upward move continues, the next resistance area will lie between $0.068-$0.07. Possible price target for an upside move around 90%.
2. Monero (XMR)
Monero, better known as XMR, is a secure, confidential blockchain focused on providing complete privacy for its users. It achieves this by obscuring the addresses of both senders and recipients, using advanced cryptography.
Monero is approaching a critical security and performance update that will establish a minimum block reward to guarantee a steady income for miners. This will create a healthier environment for the miners, encouraging them to maintain the network. Tail emissions are scheduled to begin on June 9, or at a block height of 2,641,623. This means that from that date, the block rewards will be 0.6 XMR.
Moving on to the technicals, XMR has been moving inside an ascending parallel channel since May 12th, but it broke out of it a few days later.
However, despite the breakout, it has gained its footing and is currently trying to reclaim the support line of the channel which you can see here.
Since the support line coincides with the $200 horizontal resistance area, it is likely to provide strong resistance. A breakout above this level is likely to lead to a sharp rally in the price.
3. Cardano (ADA)
Cardano is a blockchain that provides security and stability to decentralized applications, or dApps, also known as dApps. Last year, it launched its own hard fork called “Alonzo”, which brings smart contract functionality to the platform.
Subsequently, Protocol has 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, many Cardano dApps will benefit from pipelining from this. This means that the network will be able to transact even faster.
For more context on what price might do during those days, the protocol’s core asset, ADA, has been declining inside a long-term descending parallel channel as it reached an all-time high in September 2021.
The downward movement finally ended on May 12, when ADA bounced off the midline of the channel. However, the bounce here was not that strong, so looking at the daily RSI, this indicator has generated a bullish divergence (green line).
Additionally, it has broken above a descending trend line. If there is a price breakout, ADA could move higher towards the next potential resistance area at $1.25. If not, the downward trend may resume.
4. DeFichain (DeFi)
DefiChain is a blockchain platform that aims to maximize the potential of decentralized finance (DeFi) within the Bitcoin (BTC) ecosystem. The protocol is tied to the bitcoin ecosystem and the platform provides a solution to the problems of security, scalability and decentralization.
We chose this protocol because it had a major update just last month and the impacts may not have been priced in yet. The update featured a new block reward adjustment that went live on May 30, and it also offered improved rewards for several tokenized stocks, including MicroStrategy and GameStop.
On 21st May, DeFi broke above an ascending support line which was previously held for 305 days. The trend cannot be considered bullish until it reclaims this support.
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 1,000x improvement in scalability relative to its previous blockchain versions. The platform can also handle 15,000 transactions per second at negligible cost. Several new developments will begin in the second quarter of 2022, such as Elrond Superwave, Elrond Gamify and its Phase 4 betting.
Its EGLD coin has been falling below a descending resistance line since March 28. This drop led to a local low of $65.68 on May 27 and is recently trying to break above the resistance line.
If there is a breakout above the resistance, the next nearest resistance area will be found for a nice 50-60% upward movement near the $122 price area.
6. Mina Protocol (MENA)
Mina is a blockchain designed to run dApps in a more efficient manner. Its blockchain size is designed to remain small, or compact, despite the increase in usage. Therefore, it is considered an “abbreviated blockchain”, as it dramatically reduces the amount of data each user needs to download in order to play it. While it was initially named “Koda Protocol”, it was rebranded as “MENA” in October 2020.
The protocol uses a novel mechanism called zero-knowledge success non-interactive arguments of knowledge (zk-SNARKs). In turn, this allows information to be authenticated without revealing it initially. Meena will launch a program for app builders called The zkApps Builders Program and will launch in the second quarter of 2022. It is a new initiative whose main objective is to remove the barriers that prevent developers from building on Mina, encourage new developers to build on it, and make improvements. Developer experience through feedback and fast iteration.
There is no clear setup on MINA here and all we can say is that between May 11 and May 28, MINA formed a double bottom pattern near $0.80 (green icon). Although this is considered a bullish pattern, it is yet to result in a sustained upward move.
There’s no clear price target for this yet, but be sure to keep an eye out for the zk-Apps Builders program, which if successful could drive massive growth on the network.
7. Terra (Luna)
Terra 2.0 is a public blockchain that emerged from Terra Classic, which was home to the UST “stablecoin”. Following the UST de-pegging and subsequent Luna crash, Luna 2.0 was airdropped on May 28 for users who had Luna (Terra Classic) before the crash.
After that, the new Terra Luna coin was also launched on Binance on May 31st, causing a strange price surge from traders who were looking to catch some of the quick movements left of the protocol. It is still unclear whether the project is going to survive with a devastated community and questionable actions taken by its founder.
Here, the Luna chart is not like anything we have seen before and there is no clear set up so we cannot predict with certainty what the price is going to do.
When LUNA 2.0 was launched, the price strangely reached $7 dollars after dropping dramatically to zero. Many analysts are saying that LUNA is now in the mem coin range, the category of altcoins that may moon or disappear in the night, so proceed with this with extreme caution.