Altcoins
Top 3 Altcoins Set to Explode With Recovery Rally Next Week
With the chances of a bullish recovery in the cryptocurrency market increasing next week, altcoins are prime picks for savvy investors. As inflows to Bitcoin Spot ETFs in the US increase, BTC price is on the verge of breaking the lost $60,000 level.
The anticipation of a slow move over the weekend gives secondary traders a little more time to buy high-potential altcoins before the massive surge. So, let’s take a closer look at our top 3 altcoin picks poised to explode next week with a recovery rally.
Top Altcoins to Watch: XRP (XRP)
With a market cap of $28.21 billion, the XRP coin price has crossed the psychological barrier of $0.50. It has increased by 17% in the last 7 days and reflects a massive jump of 10.62% in the last 24 hours.
The bullish trend continues as the altcoin reverses from the 0.41 mark. XRP price is recording a 22.70% growth in the last 6 days after the 6.58% drop on July 7.
Currently, the intraday growth is 7.92%, trading at $0.51, creating the 6th consecutive bullish candle. Moreover, the altcoin price action is completing a downward reversal and signaling the end of the correction phase.
With a bullish crossover in the MACD indicator, XRP price action reveals a falling wedge breakout pattern. The breakout rally is heading towards the 38.20% Fibonacci retracement level.
As the bullish reversal gains momentum, the altcoin is poised to hit the psychological $1.00 mark this quarter.
Stellar (XLM)
Ranked at #30, XLM price reclaims the psychological $0.10 mark as the recovery rally gains momentum. With a market cap of $2.86 billion, the Stellar token price has increased by 13.21% in the last seven days.
After the 7.36% drop on July 7, the altcoin price has increased by 20% in the last six days, with a morning star trend reversal rally. Moreover, the bullish cycle is breaking above the upper resistance trendline on the daily chart.
With an intraday gain of 9.53%, XLM price defies the 23.60% Fibonacci level and forms the sixth consecutive bullish candle. As it reclaims the psychological $0.10 mark, the Fibonacci levels hint at a potential jump to $0.15 if the uptrend momentum continues.
Bitcoin Cash (BCH)
With Bitcoin’s bullish growth expectations high, the price of its close cousin, Bitcoin Cash, is on the rise. Rising flows into US Bitcoin Spot ETFs and the chances of Bitcoin surging above $60,000 are fueling the uptrend in Bitcoin Cash, the cheaper alternative altcoin.
With a falling wedge in play, the bullish BCH price cycle hints at a potential breakout rally. Furthermore, the recovery rally represents a 20% price increase in five days, a bullish candlestick sequence continues.
Currently, the altcoin is trading at $376 and an intraday gain of 2.12% to challenge the upper trendline. With a breakout rally, BCH price could reach the $519 mark before rising higher as the broader market recovers.