As we leave May behind, investors are wondering how Bitcoin and altcoin projects will move in June. While there’s no sure way to know this, critical network developments hint at optimism in altcoins. In this article, we will explain the five altcoins to watch out for next month in this regard. Meanwhile, we will include analyst Valdrin Tahiri’s analysis of these coins. Here are the details…
The first altcoin to watch out for: Optimism
The official date for Optimism’s (OP) Mainnet network upgrade is June 6, 2023. The upgrade is a hard fork and will take between 2-4 hours. The OP price has fallen since its annual high of $3.24 on Feb. 24. The decline, according to Tahiri, prompted a breakout from the $1.85 horizontal area. Then, it led to a low of $1.48 on May 12. Although the price failed to retrace the $1.85 zone, the RSI remained bullish. Moreover, the price has apparently formed a double bottom pattern.
Bullish divergences often lead to a bullish trend reversal. This is considered a double bottom bullish pattern. Therefore, the altcoin OP price will likely start a bounce towards the $1.85 region. If it fails to do so, however, there is a risk of a drop towards the next nearest support at $1.40 instead.
Is Vega (VEGA) in a growth phase?
VEGA staking rewards have dropped since November 2022. However, the rate of decline in 2023 was very gradual. This will change on June 12, when VEGA enters the growth phase. In June, staking rewards will be greatly reduced, which will reduce inflation. Meanwhile, VEGA price is struggling to find support above $1.55, a level it broke out earlier. If successful, the price has the opportunity to rise $2.40. However, if VEGA turns bearish, it may fall as low as $1.10 instead.
Land sales gain importance for The Sandbox (SAND)
There are also significant developments in The Sandbox behind SAND, the third altcoin on the list. The project will hold the highly anticipated “Hallyu Rising” land sale between 8-12 June. The registration draw will end on June 7th. Meanwhile, SAND price has fallen below a descending resistance line since February 8, according to Tahiri. The decline appears to have resulted in a breakout from the horizontal support area of $0.52.
However, the price rebounded on May 28 and reclaimed the area. Before this bounce, the RSI had a double bottom pattern and bullish divergence. So the price action was almost identical to that of the OP. If SAND price rises above its current formation, the next resistance will be $0.70. However, another rejection could result in a drop below the $0.52 area, the price could slide to $0.40 later.
WhiteBIT (WBT) is listed on Bitfinex
WTB, the fourth altcoin on the list, cryptocoin.com As we have reported, it will be listed on Bitfinex on June 1st. Withdrawals will begin the next day. This is a big step up for the token as Bitfinex is the largest exchange on which it is listed. The WBT price has gradually increased since the beginning of February, when it ended a massive drop that started in November 2022. The price climbed above the $4.40 resistance area on March 17. He later confirmed this as support. If the increase continues, the next resistance will be $7.50. However, if WBT closes below $4.40, it could drop as low as $3.20.
Last altcoin to watch out for in June: DSLA
Rounding out the list of altcoins to watch in June is the DSLA Protocol (DSLA). The DSLA price has fallen since hitting a year high of $0.0041 on April 7. With this decrease, it fell to $ 0.0015 on May 11. However, the price bounced later and confirmed the $0.0016 horizontal area as support. DSLA Protocol will launch its Testnet on June 13. So, it is possible that this will cause an upside move and support the continuation of the bounce. In this case, DSLA price rises to the next resistance, $0.0028. However, if the price closes below the $0.0016 area, it will drop to $0.0007.
