đ„ 3 Bullish Altcoins Predicted to Outshine Bitcoin (BTC) in July 2024:
đș The cryptocurrency market has witnessed a decline in trading activity in the last month. At 2.41 trillion at press time, global cryptocurrency market capitalization has dropped by 11% in the past 30 days. This has impacted the performance of the leading crypto asset, Bitcoin (BTC), whose price has fallen by 12% during the period under review.Â
As June nears its end, some altcoins have witnessed a resurgence in bullish bias toward them. Maker (MKR), Injective (INJ), and Kaspa (KAS) are some of the altcoins that may perform better than BTC in July.Â
âïžMakerDAO (MKR) Aims to Extend Seven-Day Rally
MKR is the governance token of MakerDAO, a leading cryptocurrency lending platform. In the past seven days, the altcoinâs price has risen by almost 10%.
This uptick is due to a rally in the tokenâs buying pressure during that period. Its Relative Strength Index (RSI) is in an uptrend at 56.12 at press time. This indicator measures an assetâs overbought and oversold market conditions.
âïžIt oscillates between 0 and 100, with values above 70 suggesting that the asset is overbought and may be due for a reversal. Conversely, values below 30 indicate that the asset is oversold and may witness a rebound.Â
MKRâs RSI signals that buying pressure outweighs selling activity among market participants.Â
The setup of MKRâs Directional Movement Index (DMI) confirms the position above. At press time, the tokenâs positive directional index (blue) lies above its negative index (red). This bullish signal confirms that bull strength is dominant in the market.
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