Prices May Skyrocket For These Top 3 China Coins; Hong Kong Opens Crypto Trading

Brian Bollinger
Updated
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Crypto Price Analysis: On May 23, the Securities and Futures Commission (SFC) of Hong Kong completed its consultation regarding the regulation of virtual asset trading platforms. This significant development has now paved the way for retail investors to engage in cryptocurrency trading and simultaneously boast crypto adoption. 

However, to protect these market participants from the volatile market only specific cryptocurrencies are made available, and certain crypto exchanges are allowed to provide these services. Following this positive development, there has been a notable surge in demand from retail traders for some Chinese-related projects

Also Read: Here’s Why Chinese Coins Could Be The Next Crypto Market Movers

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Top 3 Chinese Cryptocurrencies to Invest as Hong Kong Embraces Crypto Trading

Conflux(CFX) 

ConfluxSource- Tradingview 

After making a local top at $0.487 on March 19th, the Conflux coin price entered a correction mode. However, the resulting downfall resonated strictly between two converging trendlines which revealed the formation of a falling channel pattern.

As of now, the CFX price trades at $0.32 and rechallenges the resistance trendline of this channel pattern. A successful flip above this barrier will signal the resumption of the prevailing uptrend and provide an entry opportunity for potential buyers.

The post-breakout rally could drive the price back to the $0.487 mark indicating a potential growth of 52%.

VeChain(VET)

VeChainSource- Tradingview 

In the daily time frame chart, the sideways trend in VeChain price shows the formation of an inverted head and shoulder pattern. This chart pattern is often spotted at the market bottom and triggers a significant rally upon its completion.

By the press time, the VET price trades at $0.0203 and is developing the third portion of the pattern which is the right shoulder. Under this development, the coin price is likely to be 50% higher to break the overhead neckline resistance.

A bullish breakout from this resistance could be an early sign of trend reversal.

Filecoin(FIL)

 Filecoin

Source-Tradingview

A long-coming resistance trendline is currently carrying the ongoing downtrend in Filecoin price. The last reversal from this dynamic resistance on February 19 tumbled the coin price by 50.8% to reach the current price of $4.6.

However, as no trend remains the same in any financial asset, the FIL price is poised to rise higher and rechallenge the overhead trendline. A bullish breakout from this trendline will signal a shift in market sentiment from selling on rallies to buying on dips.

The potential bull run could even shoot Filecoin’s market value to the $11 mark.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.