Altcoins
These 3 Bullish Altcoins Could Outperform BTC in July 2024
The cryptocurrency market has seen a decline in trading activity over the past month. At $2.41 trillion at press time, the global cryptocurrency market cap has fallen 11% over the past 30 days. This has impacted the performance of the leading crypto asset, Bitcoin (BTC), whose price has fallen 12% over the period.
As the end of June approaches, some altcoins have seen a resumption of bullish bias towards them. Maker (MKR), Injective (INJ) and Kaspa (KAS) are some of the altcoins that could outperformed BTC in July.
MakerDAO (MKR) Aims to Extend Seven-Day Rally
MKR is the governance token of MakerDAO, a leading cryptocurrency lending platform. Over the past seven days, the price of the altcoin has increased by almost 10%.
This rally was 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 the time of writing. This indicator measures overbought and oversold market conditions for an asset.
It oscillates between 0 and 100, with values above 70 suggesting that the asset is overbought and may be about to reverse. Conversely, values below 30 indicate that the asset is oversold and may see a rebound.
MKR’s RSI signals that buying pressure exceeds selling activity among market participants.
The MKR Directional Movement Index (DMI) setting confirms the above position. As of this writing, the token’s positive (blue) directional index is above its negative (red) directional index. This bullish signal confirms that bullish strength is dominant in the market.
To know more: Dai Cryptocurrency (DAI): A Beginner’s Guide
Manufacturer analysis. Source: TradingView
If MKR bulls remain in control, the token price could rise to $2612.
Injective (INJ) Breaks Above 20-Day Exponential Moving Average
INJ is the governance token that powers Injective, the Layer-1 (L1) blockchain built for decentralized finance (DeFi) applications.
The value of the altcoin has increased by 10% in the last seven days. It is currently trading above its 20-day exponential moving average (EMA). This measures the average price of an asset over the last 20 days.
When the price of an asset rises 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 uptrend may continue in the short to medium term.
Additionally, the dots that make up INJ’s Parabolic Stop and Reverse (SAR) indicator are located below its price.
This indicator measures the direction of an asset’s trend and identifies its potential price reversal points. When its points are below the price of an asset, the market is said to be in an uptrend. It indicates that the price of the asset is rising and the uptrend may continue.
If INJ’s bullish trend continues, the token could trade at $24.37.
Kaspa (KAS) sees double-digit price rally
KAS powers the Kaspa work test blockchain. The token’s value has increased by more than 20% in the last seven days.
The price increase is due to the current bullish trend of the altcoin. To confirm this, its Awesome Oscillator returned green histogram bars at press time.
This indicator measures the price movement of an asset and identifies turning points. When it posts green bars, it is a bullish signal, indicating that there may be an upward movement or strength in the ongoing trend.
In addition, its Elder-Ray Index is also above zero at the time of 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.
If KAS maintains its uptrend, its price will rise above $0.2.
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