Hong Kong’s latest step in regulating cryptocurrencies sets a precedent for other countries that either completely ignore the asset class or delay its regulation. Analyst Akash Girimath has selected the top 5 Chinese coins to buy after this development.
Hong Kong embraces cryptocurrencies’
The SFC’s consultation ended with the decision to allow certain registered crypto platforms to serve individual investors. Protecting these investors and providing regulatory clarity will also be a focus. As a result of this rise, Chinese crypto projects have seen a high influx of demand from retail traders. cryptocoin.comAs you follow, the Chinese coin narrative continues at full speed. Here are China’s top five cryptocurrencies.
- Conflux (CFX)
- NEO (NEO)
- VeChain (VET)
- Alchemy Pay (ACH)
- Filecoin (FIL)
The only common point between these altcoins is that they are all projects related to China. Let’s take a look at the charts to understand what to expect in the near future.
First Chinese coin Conflux (CFX) price prediction
On either side, there are two key levels that Conflux (CFX) price must cross to trigger a volatile move. On the upside, $0.335 and $0.358 stand as resistance levels. Clearing these blockages will allow CFX to sweep the equal highs at $0.443.
A breakdown of the $0.286 and $0.271 support bases could potentially drag Conflux price towards the 200-day Exponential Moving Average (EMA) at $0.167.
Next Chinese coin NEO (NEO) price prediction
NEO is facing a sell-off as it retests the 50-day EMA at $10.78. For the altcoin to rise 16% and break the $13.22 barrier, it is key that the $11.38 barrier turns into a stable support base.
On the other hand, a break of the $9.37 support level, which roughly coincides with the 200-day EMA, could trigger a 14% drop to $8.07.
VeChain (VET) price prediction
The VET price is slightly different from other Chinese coins as it hasn’t been pumped in response to Hong Kong’s new regulations. Moreover, the price is holding below a critical $0.0194 support level. Which leaves it open to a steep correction. A steady break through this barrier can result in a 14% drop. Thus, it is likely to cause the altcoin to retest the $0.0166 support base.
On the contrary, if VeChain manages to turn the $0.0194 hurdle into a support base, it is possible to retest the 200-day EMA at $0.0215.
Alchemy Pay (ACH) Price Prediction
ACH price is also facing a major hurdle on the upside. This hurdle is the $0.0315 resistance level and the meeting point of the 50-day and 100-day EMAs at roughly $0.0324. Failure to overcome this consolidation would bring the ACH down to the $0.0225 tag, which closely coincides with the 200-day EMA. It is possible that this will lead to a pullback that will turn into a steep correction.
If Alchemy price overcomes the $0.0324 confluence, it could potentially trigger a 40% rise to $0.449.
Latest Chinese coin Filecoin (FIL) price prediction
Filecoin (FIL) price is also under pressure like VET or ACH. FIL is stuck between the $4.14 and $5.00 levels. The upper limit of this range coincides with the 200-day EMA. This makes it a formidable obstacle. The FIL will likely head south. Besides, a 16% drop to $3.44 is possible if it breaks the $4.14 support level.
Even if Filecoin price manages to overcome the $5.00 resistance confluence, it will face the 50-day and 100-day EMAs of $5.20 and $5.71, respectively.
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