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The Hong Kong SFC’s announcement to allow trade in specific cryptocurrencies has triggered an uptick in crypto adoption among market participants. Amid this development traders also showed significant interest in Chinese-related crypto projects and are expected to witness a notable surge in the near future. Thus, in this article, we’ll analyze some of the top China coins to determine their future trend and trading opportunity.
Also Read: While US Patiently Awaits Hong Kong To Get Its First Spot Bitcoin ETF
Conflux(CFX) Price Analysis: Pullback Opportunity
Source- Tradingview
On May 29th, the Conflux coin price witnessed a bearish reversal from the resistance trendline of the flag pattern. This reversal triggered another bear cycle within the chart pattern and put the altcoin at risk of a deeper correction.
Currently, the CFX price trades at the $0.268 mark, and with the potential downfall it could tumble 30% to reach the combined support of a lower trendline and $0.175. However, the falling channel pattern is famous for a massive price rally upon the breakout of its resistance trendline.
A potential breakout from the overhead trendline will increase the bullish momentum in the conflux price and push a rally to $0.487 mark.
Neo(NEO) Price Analysis; Edging Close to Breakout
Source- Tradingview
A V-shaped recovery from the lower trendline of the channel pattern has surged the NEO price by 23% within a month. With sustained buying, the coin price will flip the overhead barrier of $11.37 and continue the price rally by another 8-10% to challenge the overhead trendline.
However, Until this downsloping trendline is intact, the NEO price will remain in its short-term correction phase. Therefore, the potential buyers waiting for an entry opportunity should wait for a breakout above the resistance trendline.
A breakout above with daily candle closing may offer buyers reliable support to drive a bullish rally of a $15.8 peak.
Filecoin(FIL) Price Analysis: Coiling Before a Massive Rally
Source- Tradingview
In the weekly time frame chart, the sideways trend in Filecoin price rebounded strictly from two converging trendlines revealing the formation of a symmetrical triangle pattern. The FIl price currently trades at $4.9 and the consolidation period continues to reflect no directional bias from buyers or sellers.
Thus, the traders waiting for a high momentum trader must wait for the prices to breach Either of the converging trendlines. A potential breakout from the above trendline will surge the prices beyond the $1.25 mark.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
