Prices May Skyrocket For These Top 3 China Coins; Hong Kong Opens Crypto Trading
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
Top 3 Chinese Cryptocurrencies to Invest as Hong Kong Embraces Crypto Trading
Conflux(CFX)
Source- 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)
Source- 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)
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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