Markets
Hidden Gem Altcoins That Could Poke Gains in July
The crypto market is filled with numerous digital assets, so it is not surprising that many promising altcoins remain under the radar.
BeInCrypto presents three underrated assets that stand out in their respective categories.
MANTRA (OM) — the underdog of RWA
MANTRA is a Layer 1 Security Real-world asset (RWA) blockchain. Among many other features, the most notable is the ability to provide a permissionless network to permissioned applications.
In the first two weeks of June, the altcoin saw a remarkable 55% growth, reaching just under $1.04. However, it failed to surpass this level and subsequently suffered a massive decline, erasing all the gains made.
Despite this setback, OM price maintained a crucial support level at $0.64, which has held firm for three and a half months. This support level gives OM price a chance to bounce back, especially as the Relative Strength Index (RSI) approaches bullish territory.
See more information: How to invest in real-world crypto assets (RWA)?
OM Price Analysis. Source: Trading view
However, if this support is lost, MANTRA investors could face substantial losses. OM’s price could fall below $0.50, wiping out half of the profits recorded at the end of March.
Wemix (WEMIX) — Blockchain-based gaming platform
While the price of Wemix hasn’t seen an impressive rally in the past month, rising just 7%, it does present an opportunity for upside. In the past week alone, the altcoin has surged over 35% to trade at $1.38.
WEMIX broke through crucial resistance at $1.38, a level that has been tested as support in the past. Turning this resistance into support will promote Wemix’s recovery, potentially sending it towards $2.00 and pushing the altcoin into consolidation.
See more information: WEMIX3.0 Explained: A Guide to the Borderless Web3 Ecosystem
On the other hand, if investors decide to sell their WEMIX to book profits from their holdings, the price could take a hit. The most likely outcome would be a drop to $0.98, invalidating the bullish thesis and erasing all the gains seen in June.
Raydium (RAY) — a ray of liquidity
Raydium’s price has performed surprisingly well despite largely negative signals from the broader market. Moving between $1.82 and $1.45 over the past three and a half months, the altcoin is now looking for a breakout.
The Moving Average Convergence Divergence (MACD) indicator has highlighted a bullish crossover over the past three days. The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. Analyzing the convergence and divergence of these moving averages helps identify potential buy and sell signals.
Based on this, RAY is looking at a possible breakout from the consolidation zone. An upward push would push the altcoin towards $1.99, which would also help break this barrier.
Read more: What is Raydium (RAY)
But if the breakout fails and the Raydium price remains consolidated, the sideways dynamics will continue, which could invalidate the bullish thesis.
Disclaimer
In line 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 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.