Altcoins
Here are 3 crypto gems that could yield gains in June
Last month we saw an increase in trading activity in the cryptocurrency market. The U.S. Securities and Exchange Commission’s (SEC) approval of Ethereum spot exchange-traded funds (ETFs) has fueled the global cryptocurrency market cap by 13% over the past 30 days.
With signs of growing buying pressure on some altcoins, BeInCrypto is moving into lesser-known cryptocurrencies, identifying coins with significant growth potential over the next month.
Monero (XMR) poised to surpass key moving average
Exchange hands at $142, Monero (XMR) is trading near its 50-day exponential moving average (EMA) at press time, hinting at a possible escape attempt.
When the price of an asset trades near this key moving average and shows signs of breaking above it, it indicates that buying pressure is increasing. Therefore, an upward price trend could 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 gauges the momentum behind an asset’s price movement and identifies potential buying and selling opportunities. When the MACD line rises above the signal line, it is bullish, suggesting a possible shift of power from sellers to buyers.
Learn more: Monero: A Complete Guide to What It Is and How It Works
If this momentum continues, XMR price may be pushed above the upper channel of its horizontal line, which forms resistance at $152.25.
Monero analysis. Source: Trading View
However, if selling activity returns to the market, the token could trend towards support at $110.
Kaspa (KAS) sees its liquidity increase
Kaspa (KAS) has seen a steady increase in capital inflows into its market. This was taken from its rising 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 steady increase in buying pressure for the asset in question. At the time of writing, KAS CMF was in an uptrend and resting on the center lines.
The KAS Money Flow Index (MFI) was 68.37, confirming the rally in buying pressure. The value of this indicator, which also tracks the buying and selling of an asset, has signaled a steady rise in demand for KAS.
If this demand continues, KAS could rise above $0.13 to trade at $0.144.
However, if buyer exhaustion sets in and demand for the altcoin drops, the bears could push its price down to $0.12.
Assessed on a weekly chart, Decentraland (MANA) is currently trading near the upper line of the horizontal channel, in which it has been trading since April 8.
A horizontal channel forms when the price of an asset consolidates within a range for an extended period of time. This occurs when a relative balance between buying and selling pressure prevents the price from moving sharply in one direction or the other.
The upper line of this channel forms resistance, while the lower line forms support. MANA’s Directional Movement Index (DMI) readings suggest a slight increase in buying pressure, with its positive directional index (green) above its negative index (red).
This indicator is used to assess 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 (could be in control, potentially pushing the price higher.
If the bulls continue to exert influence, they could push MANA price towards $0.47.
Learn more: What is Decentraland (MANA)?
However, if the bears regain control, the token’s value could drop to $0.41.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decision. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.