The cryptocurrency market observed a notable decline in trading activities last month, with the global market value decreasing by 11% to $2.41 trillion within the past 30 days. However, some altcoins are showing signs of a bullish resurgence as June concludes. Notably, Maker (MKR), Injective (INJ), and Kaspa (KAS) are projected to potentially outperform Bitcoin in the upcoming month of July.
What Does Maker’s Chart Indicate?
Maker (MKR), the governance token for MakerDAO, experienced a 10% price increase over the past week. This growth is attributed to heightened buying pressure. The Relative Strength Index (RSI) stood at 56.12, pointing towards an upward trajectory. The Directional Movement Index (DMI) further supports this bullish sentiment, with the positive directional index surpassing the negative. If this trend persists, MKR could potentially reach a price of $2612.
How is Injective Performing?
Injective (INJ), the governance token for the Layer-1 network dedicated to decentralized finance (DeFi), also saw a 10% rise in value over the past week. Currently trading above the 20-day Exponential Moving Average (EMA), the altcoin’s trend direction, as indicated by the SAR data, suggests a continued upward movement. If this bullish trend remains intact, INJ could potentially hit a trading price of $24.37.
Key Takeaways for Investors
– MKR’s RSI and DMI data indicate strong buying pressure and potential for further price increases.
– INJ’s position above the 20-day EMA and favorable SAR data suggest a sustained bullish trend.
– KAS’s recent gains are backed by positive trends in the Awesome Oscillator and Elder-Ray Index.
What About Kaspa’s Prospects?
Kaspa (KAS) saw an impressive 20% price increase over the last seven days. The Awesome Oscillator has recently turned green, signaling a bullish trend and potential upward movement. The Elder-Ray Index, showing a value above zero, further indicates dominant bull strength. Should this trend continue, KAS’s price could exceed $0.2.
The observed trends in these altcoins suggest potential opportunities for investors. Careful analysis and monitoring are essential to capitalize on these promising movements in the cryptocurrency market.