Top 5 Penny Cryptocurrencies to buy in May 2022: VET, XLM, BAT, CHZ, ZIL

The penny cryptocurrencies are those that are priced under $1.00. It has much lower transaction fees than larger coins, meaning you can buy more coins with your budget.

Further, they are less volatile than larger coins, meaning you have a better chance of long-term growth. Penny cryptocurrencies are often still undervalued, so they may be worth more in the future. Here we have the top penny cryptocurrency to buy in May 2022.

VeChain (VET)

VeChain is a DLT platform that aims to improve supply chain management and business processes. It’s designed to streamline the management of these processes and information flow between different organizations/companies while also improving the quality of these processes. VeChain (VET) seems like a solid coin to invest in, but it’s important to remember that it may fluctuate in price over time. 

VET is currently priced at $0.04814 and ranks #37 on CoinMarketCap. VET has a supply of 86,712,634,466 coins with a market cap of 3.1 billion dollars.

On 1w timeframe, the price action $VET/USDT formed out the descending triangle pattern where the price action currently respecting out the Horizontal Support level. Have to wait for the weekly closure so we can check out the further movements

Descending Triangle Pattern
Descending Triangle Pattern

Stellar (XLM)

Stellar is a decentralized protocol with open-source code for digital currency conversions. Stellar is a cross-border payment platform that enables the swapping of fiat currency and any other digital asset. This improves global trade because it creates a single standard for all assets, allowing for integration across different financial institutions.

XLM is currently priced at $0.1781 and ranks #30 on CoinMarketCap. XLM has a supply of 50,001,806,812 coins with a market cap of 4.4 billion dollars.

On the weekly timeframe, the price action of $XLM/USDT formed out of the Descending Triangle, where the price action has broken out of the Resistance Trendline and is currently consolidating at the level of Horizontal Support.

Descending Triangle Pattern
Descending Triangle Pattern

Basic Attention Token (BAT)

The Basic Attention Token (BAT) is a blockchain-based system that tracks how much time and attention media consumers spend on different websites. It does this using Brave, an open-source browser. The goal of BAT is to distribute advertising money to publishers, content creators, and advertisers more fairly than ever before.

BAT is currently priced at $0.6223 and ranks #83 on CoinMarketCap. BAT has a supply of 1,500,000,000 coins with a market cap of 932 million dollars.

On the 1D timeframe, the price action of $BAT/USDT Formed the Bearish Harmonic Bat pattern. The price action filled out the resistance level liquidity and got reversed from the Potential reversal zone level and went down to the Horizontal Support level.

 Bearish Harmonic Bat Pattern
Bearish Harmonic Bat Pattern

Chiliz (CHZ)

The CHZ token is used to power the Socios platform, where soccer and e-sports fans can buy voting to help shape their favorite teams, such as FC Barcelona and Juventus. It might be that there’s a strong bullish trend for CHZ. There were no significant price movements in 2019 & 2020, but CHZ saw an increase in value in 2021.

CHZ is currently priced at $0.1886 and ranks #70 on CoinMarketCap. CHZ also has a supply of 8,888,888,888 coins with a market cap of 1.1 billion dollars.

On 1w timeframe, the price action of $CHZ/USDT has formed out the Descending Triangle Pattern where the price action got rejected out from the resistance level and is currently at the Support level.

Descending Triangle Pattern
Descending Triangle Pattern

Zilliqa (ZIL)

Zilliqa provides a smart sharded structure that makes it perfect for more complex tasks such as data mining, financial modeling, and neural network training – making it perfect for the most demanding use cases. Zilliqa is a good place for investors to put their money. In the next 1-2 years, you might be able to earn more than 100% in return if you follow popular investment patterns like buying on dips.

ZIL is currently priced at $0.083 and ranks #75 on CoinMarketCap. ZIL also has a supply of 21,000,000,000 coins with a market cap of 1 billion dollars.

In the 4H timeframe, the price action of $ZIL/USDT formed the Bullish Harmonic Shark Pattern, where the price action broke down the Horizontal Support level but was still in the ranges of the Potential reversal zone level.

Bullish Harmonic Shark Pattern
Bullish Harmonic Shark Pattern

For on-demand analysis on any token or coin at any time, you can join our Telegram channel.

Closing Thoughts

Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we just discussed about might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.

Disclaimer: Our analysis is for educational purposes.

Pratyaksh
Pratyaksh

Newsletter

Crypto News, NFTs and Market Updates

Crypto Products

Can’t find what you’re looking for? Type below and hit enter!

Can’t find what you’re looking for? Type below and hit enter!