The new upgrade of the Tron network, which will be implemented next week, has caused activity in on-chain metrics. In this article, we take a look at altcoins that are giving green signals ahead of important upcoming news.
Bulls are on the alert as TRX price prepares for big rise
Tron (TRX) will go through a major upgrade on July 11th. TRX and other key metrics have seen a steady uptrend as the date approaches. The upcoming Periander upgrade brings significant improvements to Tron, while the TRX bolsters expectations.
Tron Network’s latest update, Great Voyage—v4.7.2 (Periander), offers four critical upgrades aimed at improving the functionality and usability of the network. These upgrades include an improved staking 2.0 mechanism, seamless compatibility with Ethereum’s EIP-3855, streamlined smart contract interface calling, and a revamped P2P network module.
Prior to the upgrade, there has been a notable increase in TRON’s on-chain metrics, according to data from DeFiLlama. Since the beginning of the month, TRX’s trading volume has seen a gradual increase. This indicates an increasing demand for the token. In the past few days, TRX’s trading volume has grown to over $9 million. Also, in the last three days alone, over 20 million transactions were made on the TRON network.
Price-wise, TRX is currently facing high annual resistance at the same trading level. This is a region where the bulls are laying the groundwork for the next bull.
Watch out for these 3 altcoins in the coming weeks: Technical analysis has given the green light
First, XRP has dropped slightly in the last 24 hours to $0.473165. The long wick on the daily chart points to strong buying at these lows. XRP price climbed to $0.482, up more than 2.6% from yesterday’s rate thanks to this momentum.
If the outcome of the SEC lawsuit is in Ripple’s favour, the XRP price will experience an increase in buying pressure. It could set the stage for a potential rally towards the resistance zone between $0.52-0.56. A break above the resistance will skyrocket the price to $1 in July.
On the other hand, the $0.45 support is a critical threshold to watch in the short term. If this level is broken, we could see a concentration of selling potentially causing the XRP price to drop to $0.4. This level will also be the zone that triggers a strong buy response from the bulls once again.
Litecoin (LTC)
Litecoin recently dropped below multiple Fib channels. But the bears failed to capitalize on this decline. Today the bulls stepped in and bought the dip. It pushed the price back above the bullish zone. Currently, LTC price is trading at $111, up 4% from yesterday’s price.
It is currently trying to push the price above the 23.6% Fib channel as the bulls are facing multiple rejections. The bears are forcing the price to the resistance at $113. However, a break above would skyrocket the price to $135.
BNB Coin (BNB)
BNB price is in recovery mode as the buyers’ dominance created an uptrend for the altcoin in July. It is currently trading in the $239 zone, where it is slightly bearish. As BNB’s price surpassed the 20-day EMA, the bulls continued their attempts to break above the overhead resistance zone ranging from $255 to $265. Sellers are likely to have a solid defense within this zone. If BNB breaks above, the bulls will press for $300 again.
Polkadot (DOT) poised to lead altcoin market gains
The DOT price has lost around 2.5% on the day. Despite the recent decline, it manages to keep its weekly gains at 4.5%. One of the latest developments from the project was the NFT platform of Polkadot Parachain, Unique Network. This gave the DOT price momentum for a few days.
Fundamental analysis suggests that with the latest NFT move, Polkadot will gain strength in the smart contract space. NFT capabilities can be combined with artificial intelligence, the most popular technology of recent times. Analyst Godfrey Benjamin says these features give the DOT price lasting power for the long term.
Dogecoin (DOGE) among altcoins to watch this week
Dogecoin price dropped below $0.069 again on Monday morning. Its price has been failing to break the $0.70 resistance for a while. On the other hand, the ongoing rally of meme tokens like PEPE and FLOKI is putting DOGE in the shade a bit. According to on-chain data, DOGE is now largely afloat thanks to its legacy investors.
Since dropping to 43,107 on June 7, DOGE’s coin age metric has now increased by 30% to reach 55,876 on July 3. This metric measures the level of trading sentiment among long-term investors by calculating the average number of days they spend at their wallet address.
Price-wise, Dogecoin failed to break above the $0.07 resistance on Monday morning. Investors are still waiting in line to buy DOGE despite the price rejection. The collective order books of the exchanges show that the bulls placed active orders with 393 million DOGE. But there are only 244 million DOGEs currently on sale.
Watch out for $0.075 in DOGE price
The Stock Market Depth of Market chart shows that DOGE price is likely to rise to $0.08 before it encounters a significant sell wall. But first, it has to break the initial resistance of $0.073, where sellers put 71.64 million coins on sale. If the bulls can scale this zone, the next Dogecoin target to watch will be $0.08.
Still, the bears are likely to take control if DOGE loses the $0.06 support. But first, the 51.73 million DOGE buy wall mounted by the bulls around $0.065 will prevent the decline. If the bulls fail to hold this level, the bears’ next target will likely be the critical support at $0.06.
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