June has been a decidedly bullish month for the cryptocurrency market. On average, Bitcoin (BTC) has outperformed the altcoin market. However, there were some exceptions. Crypto analyst shares top cryptocurrency predictions for July?
A small altcoin season will begin
The Bitcoin Dominance Rate (BTCD) has increased significantly since its low of 39% in September 2022. The rate of increase accelerated in February 2022. Thus, the price broke out of the 48% resistance area shortly after. This break was very important. Because the region previously remained in place for 763 days. Therefore, a breakout from such a long-term resistance level often leads to significant upward moves. As expected, BTCD hit a high of 52.20% in June.
While there is a marked lack of overhead horizontal resistance, there are indications that a local hill may be in place. First, the weekly RSI is deep in the overbought zone and has almost hit an all-time high. Using the Relative Strength Index (RSI) as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset. The previous time it reached these levels (red circle) led to a sharp downward move.
Second, the BTCD was rejected by the 0.382 Fib retracement resistance level by 52%. The principle behind Fibonacci retracement levels suggests that after a significant price move in one direction, the price will either retrace or partially revert to a previous price level before continuing in its original direction. Hence, it is possible for BTCD to drop back to the 48% level and this time get confirmation as support. This means that altcoins will outperform Bitcoin. cryptocoin.comAs you follow, the crypto market is in an uptrend. Thus, the most likely scenario would be for altcoins to increase at a faster rate than BTC.
This prediction becomes invalid if BTCD reaches a weekly close above 52%. In this case, a sharp rise to the next important Fib resistance 60.33% is likely.
Litecoin (LTC) will follow in the footsteps of Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is one of the biggest winners of June, up 170%. Litecoin’s price action indicates that the altcoin is likely to record a similar rise in July. Between April and June (highlighted), LTC price completed a corrective ABC structure (red). This was probably the second wave of a five-wave upside move (black). If the count is correct, altcoin price has started the third wave, as evidenced by the decisive break above the $95 resistance area. There is a strong resistance at $135. However, the most likely level to complete the entire upside move is $195, which was created by the 0.618 Fib retracement resistance level.
Despite this bullish LTC price prediction, a close below $95 will mean the count is wrong and the trend is still bearish. In this case, it is possible for the altcoin price to drop to the long-term ascending support line at $80.
Chainlink (LINK) will clear the 420-day range
The latest crypto prediction is about Chainlink. For the past 420 days, LINK price has been trading in a horizontal range between $5.75 and $9.20. This range has been touched multiple times in both support and resistance areas. However, the price did not rise or fall from them.
This apparently changed when the LINK price reached a weekly close below $5.75 in June. However, the altcoin price soon reclaimed the area. So, it turned out to be an aberration (green circle). It has increased since then. Sharp upward moves often follow such divergences. Therefore, it is possible for LINK price to break out of the $9.20 resistance area. Thus, it is likely to rally to the next resistance at $13.
This bullish view will be invalidated if LINK price closes below $5.75. In this case, it makes sense to expect a drop to $4. This will mean a new year’s low.
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