Just like Bitcoin, altcoins haven’t been in the greenest state. In fact, while Bitcoin is recording promising price rebounds, many altcoins are still struggling to recover from the May crash.
So far, while some altcoins didn’t lose as much during the bloodbath, others shaved off a massive amount, and are recently showing signs of recovery. Some of these altcoins are the biggest in the market, and interestingly, they seem to be some of the most promising this month.
Luna, the native token for Terra, the blockchain protocol designed to issue algorithmic stablecoins and create decentralized financial infrastructure was hit hard during the bloodbath.
Luna was the second-best performing DeFi coin in the first quarter, surging as much as 2,784% and hitting an ATH of $22, after starting the year with only $0.65. However, Luna’s perfect run would hit a temporary stop with the arrival of the bears, as prices dropped over 50%, sending the asset to as low as $5.
Luna has only started making a comeback, as weekly losses cleared up, sending the asset to $7 at press time, courtesy of the bulls beating resistance, signaling that demand has surpassed supply and essentially making Luna one of the most promising at this time.
Pancake Swap (CAKE)
Like Luna, CAKE was one of DeFi’s best players. In fact, CAKE emerged first as the best performing DeFi coin in the first quarter, surging as high as $42.67 in May.
CAKE opened the year at $0.62 and by April, it had already surged by 3,031%. At press time, CAKE is trading at a price of $13.81, more than half of its all-time high. Although bears are holding on to the 50-day SMA at the $15 range, dip buyers pushing the price above the 50-SMA could send CAKE as high as $18. With daily gains hitting 6%, bears are actively showing up and CAKE could take off anytime soon.
Chainlink is also another altcoin to pay attention to. After playing a significant role in ushering altcoins into the altseason in the previous months, LINK hit a high of $52.43, but took a hit during the bear market and dropped to as low as $17. For a long time, analysts had predicted Chainlink closing the year at $100. And while the bloodbath clearly delayed this journey, LINK has managed to clear off weekly losses to a decent level.
While there is a pushback from the bears at Chainlink’s current price of $16.36, persistence from the bulls could send it to the $20 level. Upon arriving at that price level, analysts reckon there is massive room for more upside movement.
Market players are now keeping their fingers crossed to see if LINK successfully breaks $20 this week, and so far the bears have been promising.
Binance Coin (BNB)
The Binance coin is easily one of the most promising at this time. Although BNB surged as high as $690 in May and lost around half of that price, Binance Coin has been one of the fastest altcoins to correct losses.
Opening the new month at $303 and taking a dip to $287 shortly after, BNB bulls have resumed the fight to reclaim previous highs as the dip was quickly rejected, sending the price to $313 at press time. Weekly gains are nearing 10% and daily gains have hit 4%. BNB is currently one of this week’s best performers and the week ahead could get even greener for the asset.