Markets
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 impacted the performance of the leading crypto asset, Bitcoin (BTC), whose price fell by 12% during the reporting period.
As June draws to a close, some altcoins have seen a resurgence of bullish bias towards them. Maker (MKR), Injective (INJ), and Kaspa (KAS) are some of the altcoins that could do better than BTC in July.
MakerDAO (MKR) wants to extend its rally by seven days
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 increase is due to a rally in the token’s buying pressure during this period. Its relative strength index (ROI) is in an uptrend at 56.12 at the time of publication. This indicator measures the overbought and oversold conditions of an asset in the market.
It oscillates between 0 and 100, with values above 70 suggesting that the asset is overbought and could be about to reverse. Conversely, values below 30 indicate that the asset is oversold and could experience a rebound.
MKR’s RSI signals that buying pressure is outweighing selling activity among market participants.
MKR’s Directional Movement Index (DMI) pattern confirms the above position. At press time, the token’s positive Directional Index (blue) is above its negative index (red). This bullish signal confirms that bullish strength is dominant in the market.
Learn more: Dai Cryptocurrency (DAI): Beginner’s Guide
Manufacturer’s analysis. Source: Trading View
If the MKR bulls remain in control, the token price could climb up to $2612.
Injective (INJ) Bounces Above 20-Day Exponential Moving Average
INJ is the governance token that powers Injective, the Layer-1 (L1) blockchain designed for decentralized finance (Challenge) applications.
The altcoin’s value has increased by 10% over the past seven days. It is currently 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. This 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 could continue in the short to medium term.
Additionally, the points that make up INJ’s Parabolic Stop and Reverse (SAR) indicator can be found below its price.
This indicator measures the trend direction of an asset 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. This indicates that the price of the asset is rising and the uptrend may continue.
If the INJ bullish trend continues, the token could trade at $24.37.
Kaspa (KAS) Sees Double-Digit Price Rise
KAS powers Kaspa proof of work blockchain. The token’s value has increased by more than 20% in the last seven days.
The price rally 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 the price movement of an asset and identifies turning points. When it displays green bars, it is a bullish signal, indicating that there may be an upward movement or strength in the ongoing trend.
Additionally, its Elder-Ray Index also shows 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 bullish power is dominating the market.
If KAS maintains its upward trend, its price will exceed $0.2.
Disclaimer
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