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 the time of writing, the global cryptocurrency market capitalization stood at $2.41 trillion. It has dropped 11% over the past 30 days. This has impacted the performance of the leading crypto asset, Bitcoin (BTC), whose price has dropped 12% over the period.
As we approach the end of June, 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 they performed better than BTC in July.
MakerDAO (MKR) aims to extend the rally by seven days
MKR is the governance token of MakerDAO, a leading cryptocurrency lending platform. Over the past seven days, the altcoin has risen nearly 10% in price.
This increase is due to an increase in buying pressure on the token during that period. Its relative strength index (RSI) is in an uptrend at 56.12 as of press time. This indicator measures the overbought and oversold market conditions of an asset.
It fluctuates between 0 and 100, with values above 70 suggesting that the asset is overbought and may be close to a reversal. On the contrary, values below 30 indicate that the asset is oversold and could witness a rebound.
MKR’s RSI signals that buying pressure is outweighing selling activity among market participants.
MKR’s Directional Movement Index (DMI) setting confirms the above position. At the time of writing, the token’s positive directional index (blue) is above its negative index (red). This bullish signal confirms that the bullish force is dominant in the market.
To know more: Cryptocurrency Dai (DAI): A Beginner’s Guide
Manufacturer analysis. Source: TradingView
If MKR bulls maintain control, the token price could rise to $2612.
The rally rally (INJ) breaks above the 20-day EMA
INJ is the governance token that powers Injective, the Layer-1 (L1) blockchain built for decentralized finance (DeFi) applications.
The altcoin has increased in value by 10% over the past seven days. It is currently above the 20-day exponential moving average (EMA). This measures the average price of an asset over the past 20 days.
When the price of an asset breaks 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 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 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. It indicates that the asset’s price is rising and that the uptrend may continue.
If INJ’s uptrend continues, the token could trade at $24.37.
Kaspa (KAS) witnesses a 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 back this up, its Awesome Oscillator returned green histogram bars at the time of writing.
This indicator measures the price trends 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.
Additionally, its Elder-Ray Index is 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 the power of the upside dominates the market.
If KAS maintains its uptrend, its price will rise above $0.2.
Disclaimer
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