Bitcoin led the broader crypto market rally throughout the month of June. However, some altcoin projects are catching up quickly. These altcoins are experiencing positive effects from the redistribution of profits from Bitcoin’s recent rise. Analyst Bhushan Akolkar names 4 altcoins, while analyst David shares the altcoin that he expects to increase by 100%.
keep an eye on these: XLM, MATIC, CHZ and CRV
cryptocoin.comAs you follow, giant companies have applied for spot Bitcoin ETFs. This development created a stir in the market. Recent developments are adding to the success of cryptocurrencies, especially XRP’s competitor Stellar (XLM). These altcoins have made mini-breakouts among investors, giving hope for a future rally. On-chain data provider Santiment explains:
As Bitcoin continues its week-long rise between $29,000 and $31,000, altcoins are showing signs of benefiting from profit distributions from BTC pumping. As ETFs create greater trader exposure, trader optimism is starting to emerge.
On Friday, June 30, Solana’s price skyrocketed. The altcoin witnessed notable gains and reached almost $20. However, Solana witnessed a partial retreat. It is currently trading at $18.44 with a market cap of $7.3 billion. On the other hand, Santiment’s data indicates that whales carried a large number of altcoins last week. Santiment shares the following data:
With altcoins becoming significantly more volatile over the past week, @santimentfeed data shows several assets are seeing massive transfers of $10M+ worth today, easily making it the 3rd highest whale movement day of the year. Keep an eye on MATIC, CHZ, CRV and even USDT.
Top performing altcoins: BCH and LTC
Bitcoin Cash (BCH) surged by 30% on Friday, marking a significant gain. Thus, it exceeded the $300 limit. Currently, BCH is trading at $295. In addition, the altcoin market cap has exceeded $ 6 billion. With this move, it has become the 14th largest cryptocurrency in the market. The increase in BCH price is most likely due to the listing of the crypto exchange EDX Markets on June 20. Backed by leading institutional players like Fidelity and Citadel, EDX Markets has also listed BCH along with three other cryptocurrencies.
This development has created confidence among analysts that BCH will be recognized as a commodity rather than a security. With the Securities and Exchange Commission examining the digital assets sector, concerns have emerged over the classification of altcoins as securities. However, the listing of Bitcoin Cash (BCH) on EDX Markets is seen as a positive signal. It also indicates that the SEC may not face regulatory challenges, thereby increasing price growth.
Another altcoin making strong moves is Litecoin (LTC). Litecoin’s halving is less than 2 months away. LTC is trading at $105 at press time. Litecoin is the ninth largest cryptocurrency with a market cap of over $8 billion.
This altcoin could gain more than 100% in July
Reserve Rights (RSR) price recovered from the support line of the wedge formation and formed bullish signals. Potentially more than 100% increase is possible in July. The altcoin price has been trading inside a descending wedge pattern since May 2022, excluding the divergence that occurred in mid-October. This is a bullish pattern that leads to breakouts in most cases.
Price recovered from the support line (green arrow) of the wedge pattern during the week of June 12 – June 19, 2023, confirming the validity of the pattern. The weekly RSI indicator regained its long-term bullish divergence after this recovery (green ellipse). Such improvements in the RSI often lead to similar price improvements. Therefore, it is possible for the RSR price to break above the wedge pattern. Thus, a rise of over 100% from the current level is likely to rise to the horizontal resistance zone of $0.55.
Technical signals indicate that the RSR price will continue to rise in the near future. The closest target is $0.31. However, a higher target stands at $0.55. This perspective is invalidated if the price dips below the recent low of $0.218.
The opinions in the article are those of the analysts and are definitely not investment advice.
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