The month of May was mostly bearish for the cryptocurrency market. However, a few altcoins have made significant gains. Accordingly, it reversed the downward trend in the process. The following five altcoins are hidden gems in June. cryptocoin.comLet’s look at the details.
Altcoin Injective (INJ) on the eve of bullish
Since the beginning of the year, altcoin INJ price has been stuck in a five-wave bullish move. If so, it is currently in the fifth and final wave of this increase. Technical analysts use Elliott Wave theory to determine the direction of the trend by examining recurring long-term price patterns and investor psychology. Accordingly, if the count is correct, INJ price will soon exit its ascending parallel channel. It will then rise to the next resistance at $11 or $14.30. On the other hand, a decline in the price may bring the price to the level of $ 4.53. Then, the nearest support point is $3.
Will Aptos (APT) break the resistance?
Altcoin APT price has dropped below a descending resistance line since the beginning of the year. However, the price formed a double bottom pattern inside the $8 horizontal support area. Currently, APT is in the process of going out of line, which has been in place for 127 days. A breakout from such long-term structures often leads to significant upside movements. If APT crosses the line, it will come to the next resistance at $14. The daily RSI supports the continued increase. Market traders use the RSI to identify overbought or oversold conditions. It also treats an asset as a momentum indicator to decide whether to save or sell. Readings above 50 and an uptrend suggest that the bulls still have an advantage. On the other hand, readings below 50 show the opposite. The indicator is above 50 and rising. Accordingly, this is also a sign of an upward trend. However, the bullish view will be invalidated if the price drops below $8. In this case, the price will drop to $4.
Altcoin Maker (MKR) breaks resistance after bullish pattern
Altcoin MKR price has dropped below a descending resistance line since the beginning of March. This decline fell to $ 600 in May 2023. However, the price then bounced off and broke out of the line on May 29. Before this jump, a double bottom had formed, which is considered a bullish formation. Moreover, this pattern is coupled with another bullish sign, the bullish divergence on the RSI (green line). If the upside continues, the next resistance will be at $834. However, if the price dips below $600, it could decline sharply to $500.
Quant (QNT) price surpasses major resistance
Altcoin QNT price has fallen below a descending resistance line since early February. The decline led to a low of $96 in May 2023. However, the altcoin’s price then jumped. It went off the line on May 28. This led to a new high of $120 on June 1. The correction is likely to be complete as the price has broken out of the line. If the upside continues, the next resistance will be at $132. However, if the price reverses, it will drop to the next closest support, $100.
Can Sun (SUN) rise above long-term resistance?
Altcoin SUN price had fallen below a descending resistance line since October 2022. The line caused numerous rejections, the most recent being on May 22, 2023. However, the SUN price is trying to break through again. If successful, it could rise to the next resistance at $0.0072. However, if a rejection follows, there will be a drop in the cards to $0.005.
