Markets
These 3 Bullish Altcoins Could Outperform BTC in July 2024
The cryptocurrency market has witnessed a decline in trading activity over the past month. At $2.41 trillion to date, the global cryptocurrency market capitalization 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% during the period under review.
As June draws to a close, some altcoins have witnessed a resurgence of the bullish bias towards them. Maker (MKR), Injective (INJ) and Kaspa (KAS) are some of the altcoins that can outperformed 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 risen by almost 10%.
This rise is due to a rally in buying pressure on the token during this period. Its Relative Strength Index (RSI) is in an uptrend at 56.12 at the time of writing. This indicator measures the overbought and oversold market conditions of an asset.
It fluctuates between 0 and 100, with values above 70 suggesting the asset is overbought and could be due for a reversal. On the other hand, values below 30 indicate that the asset is oversold and may witness a recovery.
MKR’s RSI signals that buying pressure exceeds selling activity among market participants.
MKR’s Directional Movement Index (DMI) setup confirms the above position. At the time of publication, 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.
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Maker Analysis. Source: Trading View
If MKR bulls remain in control, the token price could rise to $2,612.
Injective (INJ) Rises Past 20-Day Exponential Moving Average
INJ is the governance token that powers Injective, the Layer-1 (L1) blockchain built for decentralized finance (DeFi) forms.
The altcoin’s value has increased by 10% over the past seven days. It is currently above its 20-day Exponential Moving Average (EMA). It measures the average price of an asset over the past 20 days.
When the price of an asset rises above this key moving average, it is a bullish signal. It indicates that there is enough buying pressure to push the price above this average level. Traders often interpret this as a sign that the uptrend is likely to continue in the short to medium term.
Furthermore, the points that make up INJ’s Parabolic Stop and Reverse (SAR) indicator fall below its price.
This indicator measures the trend direction of an asset and identifies its potential price reversal points. When its points are below the price of an asset, the market is said to be in an uptrend. It indicates that the asset’s price is rising and the uptrend may continue.
If INJ’s uptrend continues, the token could change hands at $24.37.
Kaspa (KAS) witnesses double-digit price rally
KAS feeds Kaspa proof of work blockchain. The token’s value has increased by more than 20% in the last seven days.
The price increase is due to the altcoin’s current bullish bias. To confirm this, its Awesome Oscillator has returned green histogram bars so far.
This indicator measures the price trends of an asset and identifies reversal points. When it publishes green bars, it is a bullish signal, indicating that there may be upward movement or strength in the ongoing trend.
Additionally, its Elder-Ray index also shows a value above zero at the time of 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 dominates the market.
If KAS maintains its uptrend, its price will rise above $0.2.
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.