2024-6-28 16:00 |
The cryptocurrency market has witnessed a decline in trading activity in the last month. At 2.41 trillion at press time, global cryptocurrency market capitalization has dropped by 11% in the past 30 days. This has impacted the performance of the leading crypto asset, Bitcoin (BTC), whose price has fallen by 12% during the period under review.
As June nears its end, some altcoins have witnessed a resurgence in bullish bias toward them. Maker (MKR), Injective (INJ), and Kaspa (KAS) are some of the altcoins that may perform better than BTC in July.
MakerDAO (MKR) Aims to Extend Seven-Day RallyMKR is the governance token of MakerDAO, a leading cryptocurrency lending platform. In the past seven days, the altcoin’s price has risen by almost 10%.
This uptick is due to a rally in the token’s buying pressure during that period. Its Relative Strength Index (RSI) is in an uptrend at 56.12 at press time. This indicator measures an asset’s overbought and oversold market conditions.
It oscillates between 0 and 100, with values above 70 suggesting that the asset is overbought and may be due for a reversal. Conversely, values below 30 indicate that the asset is oversold and may witness a rebound.
MKR’s RSI signals that buying pressure outweighs selling activity among market participants.
The setup of MKR’s Directional Movement Index (DMI) confirms the position above. At press time, the token’s positive directional index (blue) lies above its negative index (red). This bullish signal confirms that bull strength is dominant in the market.
Read more: Dai (DAI) Cryptocurrency: A Beginner’s Guide
Maker Analysis. Source: TradingViewIf MKR bulls remain in control, the token’s price may climb to $2612.
Injective (INJ) Rallies Past 20-Day Exponential Moving AverageINJ is the governance token that powers Injective, the Layer-1 (L1) blockchain built for decentralized finance (DeFi) applications.
The altcoin’s value has risen by 10% in the past seven days. It currently sits above its 20-day Exponential Moving Average (EMA). This measures an asset’s average price over the past 20 days.
When an asset’s price climbs above this key moving average, it is a bullish signal. It indicates that there is enough buying pressure to push the price above this average level. Traders often interpret this as a signal that the bullish trend might continue in the short to medium term.
Further, the dots that makeup INJ’s Parabolic Stop and Reverse (SAR) indicator sit under its price.
This indicator measures an asset’s trend direction and identifies its potential price reversal points. When its dots are under an asset’s price, the market is said to be in an uptrend. It indicates that the asset’s price is rising, and the uptrend may continue.
Injective Analysis. Source: TradingViewIf INJ’s uptrend continues, the token may exchange hands at $24.37.
Kaspa (KAS) Witnesses a Double-Digit Price RallyKAS powers the Kaspa proof-of-work blockchain. The token’s value has risen by over 20% in the past seven days.
The price hike is due to the altcoin’s current bullish bias. To confirm this, its Awesome Oscillator returned green histogram bars at press time.
This indicator measures an asset’s price trends and identifies reversal points. When it posts green bars, it is a bullish signal, indicating that there may be upward movement or strength in the ongoing trend.
Further, its Elder-Ray Index also posts a value above zero as of this writing. This indicator measures the relationship between the strength of buyers and sellers in the market. When it returns a positive value, it means that bull power dominates the market.
Kaspa Analysis. Source: TradingViewIf KAS maintains its uptrend, its price will rally past $0.2.
The post 3 Bullish Altcoins Predicted to Outshine Bitcoin (BTC) in July 2024 appeared first on BeInCrypto.
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