Bitcoin is trading above $20,000 again. Meanwhile, most altcoins are trading in the green to make up for the losses of recent months. In this article, let’s take a look at 3 altcoin projects that an expert crypto analyst is expecting to rise.
Cryptocurrency market overview
The week starting July 4 has been a strong time frame for most major cryptocurrencies. The total crypto market cap has increased by nearly $85 billion. Meanwhile, Bitcoin has reached its highest levels in the last 4 weeks. It recorded weekly gains of around 14% in Ethereum. Technically, the cryptocurrency market is on the verge of a new bullish boom. Total market cap faced resistance in the $960 billion area on Friday. However, it seems to have formed an ascending triangle structure over the past few weeks.
The crypto market’s strong performance so far this week comes amid strength in US equities, especially in the tech sector. Cryptocurrencies have developed a close relationship with US tech stocks in recent months, given the speculative nature of both investments. So, which projects should I follow from the altcoin market in this environment? Analyst Joel Frank offers 3 alternatives for this…
Analyst expects rise in these 3 altcoin projects, here are the reasons
Internet Computer (ICP)
Internet Computer is one of the best performing cryptocurrencies in the top 50 in terms of market capitalization. ICP/USD is currently trading at $6.48. At one point it hit almost $7.50 on Friday. ICP’s latest rally takes its weekly gains to around 35%. Therefore, it will show its best weekly performance since August 2021, according to the analyst. The bullish momentum of ICP/USD really accelerated when it broke above a key resistance level at $6.50.
$6.50 has been limiting price action since the beginning of June. It’s also where the 50-day MA is located. However, ICP/USD has been posting higher lows since mid-June. This causes an ascending triangle to form. This pattern often leads to a bullish breakout that applies to the ICP. Once ICP price also clears a key resistance at the $6.75 and $7.0 levels, the door is open for a run higher to the next resistance area at $8.0. It is possible that it will test $9.80 later, according to the analyst.
Uniswap (UNI)
UNI/USD, on the other hand, hit new almost two-month highs at $6.20 on Saturday. The pair was last trading around 7.5% higher on Saturday alone. Thus, it increased its weekly earnings to about 27%. The last move above $6.0 is important as UNI/USD has broken out of the $3.50-$6.0 range since mid-May. The next major resistance level for UNI/USD is $6.35, the late April low. If the pair can break above this level, there are very high chances of testing the $8.0 area. Before turning into resistance in early May, $8.0 was a key support level in the first quarter of 2022.
XRP
As reported by Kriptokoin.com, XRP is the lowest performing player in the last 24 hours. It’s been down more than 2% in the last 24 hours. Ripple has not performed in the recent rally amid tensions about an upcoming decision in the SEC lawsuit. The SEC is suing Ripple for issuing XRP to raise capital, which it claims is an unregistered security offering. Uncertainty is keeping XRP/USD at $0.30 lows for now.
The pair was last changing hands around $0.3450, up just under 7.5% week on week. It went up to almost $0.36 on Friday. However, selling pressure after the latest US jobs data and ahead of the 21-day MA saw the bearish reversal.
The recent price action is consistent with XRP continuing to consolidate within a pennant structure. This pennant has been in formation since mid-May. A positive Ripple vs SEC lawsuit decision will trigger further upside for the broader crypto market. A bullish breakout could see XRP quickly rally above the late June highs of around $0.39 and rise above $0.40.
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