As we bid farewell to the fourth month of 2023, the crypto market continues to be in flux. The recent approval of the MiCa law in the European Parliament is set to bring a new era of crypto regulation, leaving investors clueless as to where the market will trend next.
Despite the uncertainty, there are still many opportunities to be found, including affordable cryptocurrencies that can be purchased for $1 or less. Finbold has once again delved into the crypto market, examining recent trends and important developments to compile a list of cryptocurrencies worth watching in May.
Cardano (ADA) has been drawing attention from investors lately. In April, Cardano whales, or large holders, have been betting on the token, acquiring over $200 million worth of ADA.
Despite being down 12% in the last seven days, experts believe the current correction may signal a bullish retest before ADA forms an inverse head and shoulders formation. Cardano´s chart indicates that the current price of $0.384 is a good buying opportunity and the token could potentially surge in the upcoming weeks.
Polygon (MATIC) is one of the most popular layer-2 blockchains at the moment. With the price currently sitting just below $1, at $0.99. The token is down 10% in the last month and 38% from its February 1-year high of $1.542.
Although the continuing downtrend of MATIC may be alarming for some, the current chart indicates a good entry price for many investors looking to stack on a top 10 cryptocurrency.
The next-generation Layer-1 DeFi (Decentralized Finance) platform has made quite the noise since it introduced a new mainnet upgrade, promising to speed up P2P (peer-to-peer) and block processing times by 30%, along with scaling the network to process files and search logs faster.
Since the start of the year, FTM gained over 100% in its price, despite losing 22.8% in the last week, and is currently trading at $0.4185. Looking at the chart, it’s worth noting that FTM touched a 10-month high of $0.633 back in February, suggesting that the price may come back into action in the following months.
Created by Dapper Labs, Flow is a decentralized Layer-1 blockchain that is used mainly for non-fungible tokens (NFTs) and Web3 games. The network is expected to be upgraded on May 6th, making it more scalable and efficient.
Despite the general downtrend of the last week, the FLOW token showed more resilience than the rest of the market. Down by only 4.15% in the last month, FLOW is priced just below $1, at $0.921. According to the chart, the FLOW trendline appears to be getting weaker, expecting a possible bullish breakout soon.
Layer 1 blockchain VeChain recently announced the launch of VORJ, VeChain´s Web3-as-a-Service platform that promises to bridge Web2 and Web3. VeChain is one of the most energy-efficient blockchains to date.
VET is currently trading at $0.021, making it the cheapest buy on the list. With both the 30 and 90-day performance down by 4.15% and 5%, respectively, VET is a cheap opportunity for investors looking for a promising project.
Outlook for May
When it comes to investing in cryptocurrencies, the price of an asset is just one factor to consider. While it may be tempting to focus solely on low-priced options for the sake of accumulating more tokens, investors know that a well-rounded portfolio should include a mix of promising assets, regardless of their price.
With that said, the cryptocurrencies we’ve highlighted are not only affordable but have also shown great potential for growth and development for May.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.