Bull signals for five altcoins are starting to come. The coming days may come as a surprise to crypto enthusiasts. Let’s look at the details.
Altcoin group giving bull signal
Altcoin UNI and SNX were among the top performing cryptocurrencies of the last seven days. UNI is likely to debut as the bulls regain control at $6.05. On the other hand, the bulls have set $7 as the target. Altcoin SNX, on the other hand, has a decrease in volatility. If the demand does not come in at $2.63, there is a possibility that the price will drop. Recently, most assets remain in consolidation. For this reason, the broader market has remained relatively quiet. It was pretty much the same for DeFi tokens Uniswap (UNI) and Synthetix (SNX).
However, the 7-day performance of altcoins UNI and SNX was remarkable. CoinMarketCap was showing that at the time of this writing, SNX has gained 28.48% in the last seven days. On the other hand, UNI also showed impressive double-digit performance, with an increase of 16.87% over the same time period. But recently, something unique has happened with both projects. For example, Synthetix has partnered with Chainlink (LINK) to increase cross-chain liquidity. Likewise, Uniswap has upgraded to UniswapX in line with its goals of protecting its users and offering better liquidity. Despite the developments, SNX prices have fallen in the last 24 hours. However, the price of UNI has increased. So what will happen next? Let’s see.
Altcoin Uniswap (UNI)
On the UNI/USD 4-hours chart, the bulls confirmed a solid buy position at $5.68. UNI managed to break out of the narrow trading range despite the tightness around $5.89. Accordingly, this indicates a bullish pattern. The uptrend is also reinforced by the Exponential Moving Average (EMA). The 20 EMA (blue) broke above the 50 EMA (yellow). This shows that traders are bullish on the price action.
However, traders will need to watch for the suppressing volume. If volume continues to decline, UNI will decline to the $6.05 support level. Conversely, an increase in volume can support price action. Also, the $6.05 region will act as support for the token. If UNI gets support from buyers, a move towards $7 will come into play.
Altcoin Synthetix (SNX)
For the altcoin SNX, the tides have changed since it reached $2.97 on July 14. After heavy profit buying, the token dropped to $2.62. Since then, SNX has struggled to regain the aforementioned peak. Moreover, SNX could continue to consolidate in the $2.62 to $2.68 range. Also, Bollinger Bands (BB) showed that SNX’s previously high volatility has decreased.
The indicator also supported the consolidation trend as none of the upper or lower bands touched SNX price. However, $2.63 could be a good level to watch. If the lower band of BB reaches this value, SNX can recover.
ICP in bearish pressure
The altcoin ICP market is seeing bearish pressure, but bullish potential is emerging. Increasing trading volume is generating interest amid the decline in ICP prices. Technical indicators point to potential for bullish momentum in the ICP. In the past 24 hours, the Internet Computer (ICP) market has experienced significant bearish momentum. Accordingly, prices fell from their intraday high of $4.15. On the other hand, it found support at $4.01. ICP price fell 2.24% to $4.04. Accordingly, this indicates that the selling pressure continues.
As a result, ICP’s market cap fell 2.23% to $1,775,643,043. Besides, 24-hour trading volume increased an impressive 68.83% to $21,816,163. The increased trading volume points to increased activity and interest in the ICP market despite the downward movement in price. This increase can be attributed to traders taking advantage of low prices to enter or exit positions.
What do the indicators say?
Amid bear market sentiment, indicators are pointing to a potential uptrend for altcoin ICP. On the ICPUSD 2-hour price chart, the Moving Average Convergence Divergence (MACD) broke above the signal line with a value of -0.03. This positive shift combined with the histogram indicates the possibility of a price reversal soon. Investors are watching this development as a potential signal to consider purchasing ICP in anticipation of a return.
Also, the upward-pointing Chaikin Money Flow (CMF) rating, currently at 0.08, confirms a steady inflow of money into ICPUSD. This level strengthens the possibility of a price reversal. On the other hand, it supports the idea of a potential uptrend. Investors see this as an opportunity to capitalize on the positive momentum and potentially profit from the upside price action in altcoin ICP.
KST indicator is also positive
Another encouraging sign is the Know Sure Thing (KST) indicator, which goes above the signal line with a value of -20.5701. This shift in the KST indicator further weakens the bearish momentum in ICPUSD, reinforcing the bullish reversal potential. Investors can gain confidence in their decision to capitalize on the positive momentum as the KST indicator shows that the upward price action in ICP may continue and present a viable opportunity for profit.
The stochastic RSI value of 22.39 and pointing south indicates that ICPUSD is currently oversold and may experience a short-term price correction. Additionally, the KST indicator’s overall bullish momentum and decreasing bearish momentum suggest that any potential downside may only be temporary.
Increase bull expectation for Altcoin Solana
Crypto trader and analyst Bluntz revealed in a tweet yesterday that the altcoin is bullish on SOL. In the post, Bluntz shared that he’s considering “SOL going a full blast.” A big bullish technical flag on the daily chart of SOL was on the verge of being triggered.
sol starting to show strength again on LTF's, didnt quite sweep $18 but every time i look at the high timeframe chart i remind myself it looks mega bullish and probably going above $30.$SOL pic.twitter.com/SDMsWd32pb
— Bluntz (@Bluntz_Capital) July 5, 2023
According to Bluntz, the altcoin has entered one of the cleanest “upside channel breaks” it has seen in the past few weeks. Bitcoin was at $18,000 the last time the analyst witnessed such a positive move.
SOL broke out of a positive price channel with a quick 18.55% move on Thursday. This pushed the altcoin’s price from $21.42 to $26.82. It also closed the daily candle at $26.01. With this move, SOL also managed to turn the resistance level at $25.60 to support. Within 24 hours of this move, the price of the cryptocurrency tried to surpass the next major resistance level at $30.00. Altcoin SOL has reached a high of $32.13. However, he was unable to turn this level into resistance. On the other hand, it closed the trading session at $26.67.
Up and down scenario
At the time of writing, Altcoin SOL was sitting slightly above the aforementioned $25.60 price point. If it closes today’s daily candle below this support, it may be at risk of falling to the 200-day EMA line at around $22.2 in the next 24-48 hours. However, there was an important bullish technical flag that was on the verge of being triggered.
The 50-day EMA line converges with the 200-day EMA mentioned earlier. Successful breakout of the shorter technical indicator above the 200-day EMA will trigger a notable bullish technical flag. This will also signal that SOL has entered a long-term positive trend and its price may continue to rise in the next few weeks. In this bullish scenario, the price of altcoin SOL could retest the $30 resistance.
Litecoin halving is almost here
The community is excited as altcoin LTC’s highly anticipated halving is 16 days away. More importantly, the halving will reduce the mining rewards from 12.5 LTC to 6.25 LTC. The halving, scheduled for August 2, with the first two in 2015 and 2019, will be the third halving in Litecoin’s history. Data from on-chain analytics firm IntoTheBlock also showed that search trends for Litecoin reached a new one-year high. According to IntoTheBlock, the upcoming halving is one of the biggest factors in increasing interest in the network.
Elsewhere, LTC has reached a historic milestone with 170 million transactions. In a Twitter announcement, the blockchain network said it reached this milestone after processing 10 million transactions in just seven weeks and over a million transactions in one week. This latest milestone also solidifies Litecoin’s position as a reliable and robust blockchain.
What does the data say? Data from CoinMarketCap shows that LTC has lost 1.19% in the last 24 hours. The token is currently at $91.38. Accordingly, this means a significant decrease from the level of $ 104 reached last week. cryptocoin.comWhen we look at it as a whole, LTC is the 12th largest cryptocurrency with a market capitalization of $ 6.7 billion.
