New technical analysis shows that the prices of popular altcoin projects XRP, AGIX and COMP are poised for a potential rise for July.
XRP could have a technically strong July
Ripple (XRP) has reached CoinMarketCap’s trending list after seeing more than 3% gains in the past 24 hours. This move followed the XRP price to its local top of $0.4834. Also, technical indicators suggest that July could be a good month for the altcoin.
Technically speaking, XRP price recorded 3 higher lows (HL) last month. As a result, an ascending ascending triangle has formed on the daily chart. In the last 24 hours, XRP has managed to break above the 50-day and 20-day EMA lines. However, it is back to gold on two technical indicators. The altcoin’s price closing today’s trading session above the two EMAs will be a bullish sign for XRP and could result in a multi-week rally.
AGIX price suggests sharp rise for the coming days
SingularityNET (AGIX) price has also bounced back from a key support level. With the last move, it broke above an important bullish pattern. Broadly speaking, it has been falling within a descending wedge since forming $0.58 LH in March 2023. This is also a bullish pattern that leads to breakouts in most cases.
Indeed, the price has recovered from the intersection of the key $0.17 support area on June 10 and the support line formed by the wedge support line. This action helped the price form a higher bottom (green arrow) and break out of the wedge yesterday. This move indicates the end of the correction phase and the start of a new upward move.
A measured move equal to the height of the pattern when projected from the breakout would bring the AGIX price to $0.46. The daily RSI showed a significant bullish divergence before the recovery and is currently above 50, thus supporting the possibility of more upside momentum.
The 4-hour chart shows AGIX price being rejected by a minor resistance area at $0.26. This means that it is currently in the correction phase. However, this constitutes a correction within the uptrend as AGIX has been bullish since the moment it reached $0.17. As a result, it could bounce back to the $0.231-0.237 region in the short term, according to technical analysis. The most plausible target would be the horizontal resistance area at $0.32.
Altcoin whales collect COMP: Price rises 22% in 7 days
Compound (COMP) experienced a notable increase in price last week. It gained an impressive 33% in just seven days. The recent increase in the price of COMP was linked to several factors. A major catalyst is increased whale activity and potential institutional investor interest. Blockchain analytics firm Lookonchain shed some light on this phenomenon by revealing that a whale named ‘0x0D5’ was involved in key transactions involving COMP.
This whale transferred 3 million USDT to Binance just two days ago. He then released 50,000 COMP, equivalent to about $2.26 million. Shortly after, the same whale pulled 120,000 COMP from Binance, worth about $5.53 million. This also followed the activity of other whales carrying significant amounts of COMP during this period. These significant transfers often indicate bullish behavior. As a result, it is giving bullish signals for the COMP price.
COMP is currently trading in the $55 region. It gained around 5% on the day. Its 70% gains in the last two weeks invite the bulls to the stage for a few more days.
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