Altcoins
These 3 Bullish Altcoins Could Outperform Bitcoin in July 2024
The cryptocurrency market has seen a decline in trading activity over the past month. At $2.41 trillion at the time of publication, the global cryptocurrency market cap has fallen by 11% over the past 30 days. This has impacted the performance of the leading crypto asset, Bitcoin (BTC), whose price has fallen by 12% over the period under review.
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 may performs better than 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 altcoin’s price has increased by nearly 10%.
This increase is due to a rally in the token’s buying pressure during this period. Its relative strength index (RSI) is in an uptrend at 56.12 at 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 on the verge of a reversal. Conversely, values below 30 indicate that the asset is oversold and could experience a rebound.
MKR’s RSI indicates 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 (DAI) Cryptocurrency: A Beginner’s Guide
Manufacturer analysis. Source: TradingView
If MKR bulls remain in control, the price of the token could rise as high as $2,612.
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 crosses 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 below its price.
This indicator measures the trend direction of an asset and identifies its potential price reversal points. When its points are lower than the price of an asset, the market is said to be in an uptrend. This indicates that the price of the asset is increasing and the uptrend could continue.
If INJ’s bullish trend continues, the token could trade at $24.37.
Kaspa (KAS) Witnesses Double-Digit Price Increase
KAS powers the Kaspa proof of work blockchain. The token’s value has increased by more than 20% in the last seven days.
The price rise 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 trends of an asset and identifies turning points. When it shows 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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