In my previous Crypto Corner video episode I promised to talk about my top Altcoins for the month of March, so this is the topic of this post.
As always, a reminder that this is not financial or investment advice, but merely my personal opinion and projections based on my own research and technical analysis and I could be wrong about pretty much anything I think and say.
With that said, let’s dive into my selection of alts and time will tell if I am right or wrong about these. It is also very convenient that all of these are coins that you will find on Binance Exchange: https://www.binance.com/en/register?ref=18518380
Yesterday Cardano launched their ”Mary” hard fork, making it one of the most important events for this month. The upgrade is expected to bring Cardano closer to realizing its potential in regards to NFTs, DeFi and stablecoin use, by providing users with the opportunity to issue and distribute tokens on the Cardano blockchain.
Mary is only the second out of three hard forks that pave the way for the integration of smart contracts and add the ability to build decentralized applications (dApps) on the Cardano platform.
As for its price movement, ADA finally reached a new all-time high price of $1.54 on Feb. 27, but has decreased slightly since. Nevertheless, ADA is still trading above the previous all-time high resistance area at $1, and the trend can be considered bullish as long as it is doing so.
The price rallies seem to be correcting approximately 30% since hitting the $1 level. Therefore, if something similar were to happen this time, Cardano could drop 15% from its current price at $1.23 before it kickstarts a bull rally.
In my newsletter I said that the Cardano upgrade is coming on 15th March, but this was a mistake on my part, I got it mixed up with the NEM upgrade. Sorry about this, but let’s look at NEM for this reason.
NEM plans to release their ”Symbol” mainnet on March 15. Even though it is similar, the mainnet will provide upgrades in the speed, usability and security over the current NEM blockchain.
Furthermore, XEM holders (the native currency of NEM) will receive one XYM (the native currency of Symbol) for each XEM that they hold at the time of the snapshot on March 12.
As for its price movement, despite the considerable increase in February, XEM is not close to reaching its all-time high price, and has in fact been rejected by the 0.382 Fib retracement at $0.8, creating a very long lower wick before decreasing to the current price of $0.6.
SKALE network aims to provide a solution to Ethereum’s scalability issues. Dubbed the “elastic” blockchain network, the project was in development for several years before its first exchange listing last year.
SKALE proposes to solve the issue of Ethereum scalability by allowing developers to create secondary blockchains. These fully decentralized chains would be instantly compatible with the Ethereum network. Building such chains enables developers to connect projects directly to the popular platform.
However, SKALE’s technical proposition is to enable developers to use SKALE’s elastic chains. These chains, which can process 2,000 transactions per second, let developers create computationally intense applications.
THETA (Theta Network)
THETA also plans to join the decentralized exchange (DEX) trend by releasing ThetaSwap v1, the first DEX built on the Theta blockchain.
It also plans to launch a non-fungible token (NFT) marketplace later in the first quarter of this year, alongside the second THETA hackathon.
As for its price movement, THETA reached a new all-time high of $4.01, alongside its parabolic ascending support line on Feb. 18, but since then has shown considerable weakness in the form of bearish divergence in the RSI. Once it pulls above these corrective levels, we can expect another strong leg upwards.
Kusama is a scalable network of specialized blockchains built using Substrate and nearly the same codebase as Polkadot. The network is an experimental development environment for teams who want to move fast and innovate on Kusama, or prepare for deployment on Polkadot.
Kusama was founded in 2019 by Gavin Wood, founder of Polkadot and co-founder of Ethereum and has found its place in the top alts after an excellent performance throughout last year. Strong fundamentls and a great market performance during this recent correction are very bullish indicators in my view.
IOST (IOS Network)
IOS is a next-generation blockchain technology that provides the network infrastructure to support a service-oriented ecosystem and plans to enter the decentralized finance (DeFi) sector for the second half of 2021. In order to do that, it has secured numerous partnerships, one of them being Donnie Finance, who plans on launching seven new products this year.
In March, an airdrop of their native token DON is planned to be made to all IOST holders, in which 10% of the entire supply of DON will be distributed through the airdrop.
As for its price movement, after being rejected briefly prior to reaching an all-time high price, IOST has returned to the $0.037 support area, and is expected to bounce as long as it is trading above it. In the video (above) I talk more about its technicals – support and resistance levels, so make sure you check it out.
HBAR (Hedrera Hashgraph)
In the first quarter of 2021, HBAR plans to improve its consensus service, in order to be able to scale at least 10,000 transactions per second. Similarly to THETA, HBAR plans to release a demo application which showcases the use of a layer-2 network, in order to issue NFTs.
As for its price movement, HBAR has been decreasing since reaching a high of $0.165 on Feb. 19, but is currently trading inside the $0.11 support area, a level which could potentially initiate a bounce.