May(2021) has been a particularly bearish month for the cryptocurrency market. While a few currencies saw gains, Bitcoin (BTC) had a 31% decline. On May 19, one of the sharpest declines ever accentuated the dip.
The three altcoins that increased the most in May are:
- TEL: 241%
- MATIC: 137%
- ETC: 96%
Telcoin (TEL)
TEL is a decentralised cryptocurrency built on the Ethereum (ETH) blockchain. It attempts to link the telecommunications and cryptocurrency industries. It wants to make it possible to send mobile money instantly and cheaply.
It aims for an average cost of 2% per transaction given its focus on the remittance markets.
TEL has been moving in the direction of a descending resistance line (dashed) ever since it hit an all-time high on May 4 of $0.0649. On May 25, it broke out over this line. In order to confirm an ascending support line that has been in place since May 19, when TEL produced a bullish hammer candlestick, it has now returned.
Polygon (MATIC)
The MATIC platform was created for scaling and building on Ethereum (ETH). Decentralized applications (dApps) continue to be successful, but the current ecosystem is struggling to meet the demand for scale. High gas fees and slow block confirmations are the results of this .
MATIC builds a multi-chain system by incorporating features of the Ethereum blockchain. As a result, it can tackle the issues of slow speeds and high gas fees without compromising security.
Similar to other multi-chain systems like Cosmos (ATOM), Avalanche (AVAX), and Polkadot (DOT), the system also benefits from the Ethereum network.
MATIC reached a low of $0.74 on May 23 and began an upward movement, which looks to be the beginning of a new bullish impulse. In order to this, MATIC has broken out from a descending resistance line.
Ethereum Classic (ETC)
The first Ethereum chain, ETC, was introduced in 2016. Different people had differing views on how to respond to a network hack; the major point of contention was whether or not to roll back the blockchain.
Additionally, Grayscale uses it as one of their investment funds.
ETC has decreased every day since May 6. Its all-time high price at the time was $176. The decline confirmed $44.50 as support and the prior all-time high resistance zone.
Following this confirmation, ETC started to rise once more.
