Altcoins
Here are 3 cryptocurrencies that could return gains in June
Last month we saw an increase in trading activity in the cryptocurrency market. The approval of spot Exchange Traded Funds (ETFs) by the US Securities and Exchange Commission (SEC) has fueled the global cryptocurrency market capitalization by 13% in the last 30 days.
With signs of growing buying pressure in some altcoins, BeInCrypto dives into lesser-known cryptocurrencies, identifying coins with the potential for significant growth over the next month.
Monero (XMR) is poised to cross the key moving average
Exchanging hands at $142, Monero (XMR) was trading near its 50-day exponential moving average (EMA). at the time of this writing, suggesting a possible breakout attempt.
When an asset’s price is trading close to this key moving average and shows signs of moving above it, it indicates that buying pressure is increasing. Therefore, an upward price trend may be on the horizon.
Confirming the increase in buying pressure, XMR’s Moving Average Convergence Divergence (MACD) indicator readings showed that its MACD line (blue) recently crossed above its signal line (orange).
This indicator measures the momentum behind an asset’s price movement and identifies potential buying and selling opportunities. When the MACD line crosses above the signal line, it is bullish, suggesting a possible shift in power from sellers to buyers.
To know more: Monero: a complete guide on what it is and how it works
If this momentum is maintained, XMR price could be pushed above the upper channel of its horizontal line, which forms resistance at $152.25.
Monero Analysis. Source: TradingView
However, if selling activity returns to the market, the token could trend towards the support at $110.
Kaspa (KAS) sees increased liquidity
Kaspa (KAS) has seen a steady increase in capital inflows into its market. This was derived from the growing Chaikin Money Flow (CMF), which measures the buying and selling pressure behind the token’s price movement.
The gradual increase in the value of this indicator suggests a constant increase in buying pressure for the asset in question. At the time of writing, KAS’s CMF was in an uptrend and was located on the center lines.
KAS’s Money Flow Index (MFI) stood at 68.37, confirming the rally in buying pressure. The value of this indicator, which also tracks the purchase and sale of an asset, signaled a steady increase in demand for KAS.
If this demand continues, KAS could break out of $0.13 and then trade at $0.144.
However, if buyer exhaustion occurs and demand for the altcoin collapses, bears could push its price as low as $0.12.
Evaluated on a weekly chart, Decentraland (MANA) is currently trading near the upper line of the horizontal channel, within which it has been trending since April 8.
A horizontal channel forms when an asset’s price consolidates within a range for an extended period. This happens when a relative balance between buying and selling pressures prevents the price from having a strong trend in either direction.
The upper line of this channel forms resistance, while the lower line forms support. MANA’s Directional Movement Index (DMI) readings suggested increased buying pressure, with its positive (green) directional index above its negative (red) index.
This indicator is used to evaluate the direction of an asset’s trend and the strength of that trend. When its positive directional index is above its negative index, the bulls may be in control, potentially pushing the price higher.
If the bulls continue to exert their influence, they could push MANA price to $0.47.
To know more: What is Decentraland (MANA)?
However, if the bears regain control, the token’s value could plummet to $0.41.
Disclaimer
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