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5 promising altcoins to follow in May 2023

Top 5 cryptocurrencies to watch in the cryptocurrency market in May 2023: Avalanche (AVAX) will hold its second annual summit in Barcelona between May 3-5. Vechain (VET) will issue a mobile wallet upgrade, while Lido DAO (LDO) and eCash (XEC) will undergo a network upgrade. Gala (GALA) will issue a token drop.

The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). Below, 5 digital currencies that had positive developments in the month of May are analyzed in order to assess their potential.

Avalanche (AVAX) holds its annual summit

  • Price: $17.09
  • Market value: $5614 billion
  • Ranking: #16

the second avalanche top It will take place between May 3 and 5. It will feature more than 300 speakers and include more than 125 sessions with a variety of blockchain topics.

The top could provide the much needed support for AVAX price, which has been falling below its descending resistance line since the beginning of February.

The price also deviated above the resistance line (red icon) in mid-April before falling below it thereafter. Now, the altcoin price is trading at an ascending (dashed) support line that has been there since the beginning of the year.

In combination with the resistance line, this results in a symmetrical triangle, which is considered a neutral pattern. Therefore, it indicates that both a breakout and a breakdown are possible.

AVAX/USDT daily chart. source: TradingView

The digital asset could move to the $21.50 resistance area in case of a breakout. However, in the event of a crash, a drop to $15 could be on the cards.

Gala (GAL) will issue a drop token

  • Price: $0.038
  • Market value: $265 million
  • Rank: #129

the GALA launch (Version 2) It will be on May 15th. This upgrade will bring many new improvements, such as better burning and security mechanisms. All GALA (v1) holders will receive the new token in a 1:1 drop, after which the GALA (v1) token will no longer be supported.

Despite the positive news, the altcoin collapsed from an ascending support line on April 25th. Previously, the line had been in place since the beginning of the year. These breakdowns usually mean that the previous trend has come to an end.

Gala (GALA) Altcoin price movement
GAL/USDT daily chart. source: TradingView

If the decline continues, the nearest support area will be at $0.031. On the other hand, if GALA price regains the support line, it could rise to the next resistance at $0.049.

eCash (XEC) is subject to a network upgrade

  • Price: $0.00003
  • Market value: $566.144 million
  • Rank: #77

eCash Network will be subject to a major upgrade On May 15, the upgrade will include several features, such as removing the limit on chain transactions and moving miners’ funds out of the consensus rules.

eCash (XEC) altcoin price movement
XEC/USDT daily chart. source: TradingView

Similar to AVAX, XEC price is trading inside a symmetrical triangle which is a neutral pattern. If it breaks down, the next closest support will be at $0.000026. However, in the event of a breakout, the next resistance would be $0.000033.

Lido DAO (LDO) Mainnet upgrade launched

  • Price: $2.03
  • Market value: $1.780 billion
  • Ranking: #35

Lido DAO is expected to launch its new device mainnet upgrade In the middle of May. While this is a positive development, the price action is showing bearish signs. LDO price is struggling to start a bounce at the $2 horizontal support area. In addition, it has created a head and shoulders pattern, which is considered a bearish pattern.

Lido DAO (LDO) price action
LDO/USDT daily chart. source: TradingView

If the altcoin breaks down from the $2 region, it could drop to $1.30. This bearish forecast will be invalid if the LDO rebounds and breaks through the descending resistance line instead. In this case, the price could rise to $2.80.

Issuing Vechain (VET) wallet upgrade

  • Price: $0.02
  • Market value: $1.592 billion
  • Rank: #38

The Vechain Thor Mobile wallet upgrade This will happen on May 4th. This could provide much needed support for VET price, which is struggling to start a rally from the $0.022 support area. Besides being a horizontal support area, this is also the 0.618 Fibonacci retracement support level.

VeChain (VET) price movement
VET/USDT daily chart. source: TradingView

If successful, an increase to $0.027 could follow. However, a breakdown from it could lead to a decline towards the $0.020 support area.

For the latest cryptocurrency market analysis from BeInCrypto, click here.

Disclaimer

In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.

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