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Top 4 cryptocurrencies with potential for all-time highs in July 2024
June closes in three days. So far, the broader crypto market has gone through a tumultuous period. Despite market conditions, some currencies reached new highs.
However, many have had to deal with considerable reductions. With July approaching, here are the top four cryptocurrencies that could reach new highs before the end of next month.
Binance Coin (BNB) Eyes a Massive Recovery
BNB, the exchange currency of Binance, is the first top 5 altcoin to surpass its previous record. Since reaching $720.67 on June 6, the cryptocurrency has lost 21.11% of its value. Previously, BeInCrypto reported how BNB traded below crucial moving averages as he struggles to recover.
However, things can change over time. According to the BNB/USD daily chart, the Relative Strength Index (RSI), which measures dynamics, is showing a downward trend. However, the indicator appears to be moving towards the oversold region.
Notably, a reading of 30 or less indicates that an asset is oversold. When it is at 70 or more, it is overbought. At the time of writing, the RSI stands at 38.96, indicating a further downtrend that could take BNB price towards $532.40.
Binance Coin Daily Analysis. Source: Trading View
Furthermore, the Accumulation/Distribution (A/D) indicator shows that the distribution is not intense. Thus, if BNB becomes oversold, the price could bounce back. Should buying pressure increase, the coin’s price could increase by 29.90%, which could produce all-time highs towards $740.70 in July.
Kaspa (KAS) looks set to go higher
KAS is the native cryptocurrency of the Kaspa Network, a Proof of Work (PoW)based on – which is different from traditional blockchains. Currently, KAS is just 9.61% below its all-time high of $0.19.
Trading at $0.17, the token has gained 6.75% in the last 24 hours, while its trading volume has increased by an impressive 172.65%. The increase in trading volume clearly shows market interest in KAS.
On the 4-hour chart, bulls can be seen defending the $0.14 and $0.15 support. They also broke the $0.16 resistance, an important low interest supply zone on June 13.
A look at the Awesome Oscillator (AO), the technical oscillator that also tracks momentum, shows that KAS’s momentum is bullish. However, the token’s momentum appears to be slowing down.
Read more: What is Altcoin Season? A Comprehensive Guide
The red candlesticks on the chart reveal this. As such, KAS price may retest $0.16. But a recovery is possible. If this happens, the cryptocurrency’s value will likely reach $0.20 in July.
Pendle (PENDLE) plans to capitalize on exhaustion
PENDLE, the decentralized liquidity protocol token, reached an all-time high of $7.52 on April 11. The token is trading at $5.25, representing a 30.25% drop from its peak. According to the daily chart, sellers are exhausted, which means PENDLE may be ready to erase some losses.
This is evident from the Parabolic SAR indications. This indicator identifies prices that can be entry (buy) or exit (sell) signals. When the dotted lines are below the price, a bullish reversal is near. On the other hand, if the lines are above it, it means it is time to sell, and the price may fall.
At the time of writing, the Parabolic SAR is at $5.17, suggesting that PENDLE may soon bounce off the lows. Moreover, market participants may take advantage of the discount. If that happens, the price of PENDLE may reach 7.80 before the end of next month.
In the meantime, traders should keep an eye on developments related to the project. For example, Pendle plans unlock another round of chips In a few days. This can cause high volatility around the token price. But if the dust settles at the end of the month, the price could start climbing to new all-time highs.
Brett (BRETT) bulls provide cover against bears
Last on the list is BRETT, the leading cryptocurrency and meme coin built on Coinbase’s layer 2 Base network. According to the 4-hour chart, BRETT formed a parabolic pattern between May 9th and June 9th. During this time, the price went from $0.033 to $0.19.
However, the satellite dish curve pattern formation indicates that the cryptocurrency has reached saturation at its peak. Therefore, the price is expected to reverse as BRETT is currently trading at $0.15. Despite the decline, the RSI manages to avoid falling below the midpoint of 50.00.
This proves that the bulls are committed to defending the support at $0.13. If this continues in the next month, the BRETT price may avoid a drop. In that case, the price may test new all-time highs between $0.20 and $0.21.
See more information: What are meme coins?
In conclusion, it is worth noting that these projected all-time highs are subject to market changes. If July turns out to be a much better month than June, these cryptocurrencies will likely achieve the goals mentioned above. However, if the market faces an uphill battle with the bears, some of the predictions could be invalidated.
Disclaimer
In line with the Confidence Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyIt is Disclaimers have been updated.