Price data on Coin360 shows that the crypto market looks promising ahead of a new week and recommends that traders and investors pay attention to 6 altcoin projects as the week offers new opportunities and perspectives. Here are the noteworthy cryptos…
The first altcoin on the list: MKR
It’s no coincidence or coincidence that Maker DAO (MKR) is among the top 5 altcoins to watch this week, as the price action over the past few weeks has continued to rise on both the lower and higher timeframes, showing that it could give many traders and investors their money’s worth. . The price of MKR has seen its price struggle to show bullish signs for the past few months as bears dominate MKR/USDT, dropping the price by as much as $500 from $6,200 and jumping into the $600 range. While the bulls pushed MKR/USDT price above $800, the Maker DAO in the $600 region formed a price consolidation for more than 167 days and started a possible rally as the price broke out with a strong uptrend confirming the trend.
MKR/USDT price is currently hovering above the 50-day and 200-day EMA, indicating that the bulls are in control of the price and could push the price up to $1,700. As the Relative Strength Index (RSI) for MKR is trading above 60, a break above the 61.8% FIB will indicate more upside for MKR, indicating a bullish price rally. Closing MKR/USDT above $1,100 on the weekly timeframe could only mean one thing for the bulls, which is more bullish price rally.
What to expect for Litecoin?
Litecoin (LTC), as we reported on cryptokoin.com, has been a major talking point for weeks as one of the top 5 cryptos ahead of the halving scheduled for August 3, 2023. The price action of LTC shows that the bulls and bears remained indifferent before the halving as the price continued in the range action. Litecoin (LTC), which experienced a shocking price drop before the halving, is now trading above its 50-day and 200-day EMA, indicating a change in trend as the bulls could take control of the LTC price. If LTC price rises above $95, the bulls may have a chance against the bears as the price could rise again above $100 or even $150. The Moving Average Convergence Divergence (MACD) on the chart shows that a bearish to bullish trend change is possible before the LTC halving, and an RSI above 50 indicates good buying volume.
Popular altcoin DOGE is also on the list
Dogecoin (DOGE) price continues to show incredible price action after forming an ascending triangle from the $0.07 high to $0.08 high. After successfully surging as high as $0.084, the bulls were unable to sustain this price rally as DOGE price dropped from $0.084 to $0.077, and the price held above this zone, attracting the bulls to open a long position. The altcoin price is currently trading above the 50-day EMA, which indicates a bullish price trend and a strong uptrend for DOGE’s price with more price confirmations from the MACD and RSI. The price must rise and hold above $0.095 for DOGE to have a chance to rise to $0.15.
What are the prospects for SHIB?
SHIB has good price action with a lot of focus on this meme coin after retracing its price above the 50-day EMA as the price is trading at $0.00000867. After forming an ascending triangle, SHIB/USDT price could be ready to retest the $0.00001 high as the bulls continue to show signs of price change from bearish to bullish. The MACD for SHIB/USDT on the daily timeframe shows a bearish to bullish trend as the bulls are in control of prices much more. The bulls need to hold SHIB price to sustain this price action as the price could retest $0.000008, which signals a healthy price retest after breaking out of an ascending triangle.
What’s next for Cardano?
While the price of Cardano (ADA) has consolidated following the majority of the cryptocurrency market, the platform has launched a long-awaited major upgrade on its mainnet, fueling the ADA token that is likely moving forward in the near future. Mithril, a staking-based signature protocol that promises to improve the efficiency of node synchronization, has been officially launched on the Cardano mainnet, according to the post shared on July 30 by Cardano’s stake pool operator (SPO), known as Banksy – LEAD Stake Pool. . After the launch of Mithril, the price of Cardano rose by over 3% to approach the $0.32 level within a few hours. However, it has since fallen and consolidated at $0.31307.
Expected decrease in Solana price
Solana (SOL) price recently diverged above a key resistance area, indicating a potential drop in the near future. The daily outlook shows the SOL rising over 150% and rising above the long-term resistance of $26, reaching the yearly high of $32 before falling back below the $26 resistance. This divergence indicates that the price could decline further towards the support level at $20.
The 4-hour chart reveals the descending parallel channel pattern, which is a common bullish pattern that often leads to breakouts. However, the price was rejected by the resistance of the channel and the 4-hours RSI shows that the bears are in control of the market. As a result, the SOL is likely to drop towards the midline of the channel at $22.7 and potentially drop to the support of the channel at $21 before attempting another break above the $26 zone once the correction is complete.
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