Altcoins
Hidden Gem Altcoins That Can Generate Gains in July
The cryptocurrency market is full of many digital assets, so it’s no surprise that many promising altcoins remain under the radar.
BeInCrypto highlights three underrated assets that stand out in their respective categories.
MANTRA (OM) — the RWA outsider
MANTRA is a layer 1 Security Real World Asset (RWA) Blockchain. Among its many other features, the most notable is its ability to provide a permissionless network for permissioned applications.
During the first two weeks of June, the altcoin saw a remarkable growth of 55%, reaching just under $1.04. However, it failed to break through this level and subsequently experienced a massive drop, wiping out all the gains made.
Despite this setback, OM price has maintained a crucial support level at $0.64, which has held for the past three and a half months. This support level offers OM price a chance to rebound, especially since the Relative Strength Index (RSI) is approaching bullish territory.
Learn more: How to Invest in Real World Crypto Assets (RWA)?
OM Price Analysis. Source: TradingView
However, if this support were to disappear, MANTRA investors could suffer substantial losses. The price of OM could fall below $0.50, wiping out half of the profits recorded at the end of March.
Wemix (WEMIX) — Blockchain-based gaming platform
Although Wemix price hasn’t seen an impressive run over the past month, gaining just 7%, it presents a bullish opportunity. In the past week alone, the altcoin has increased by over 35% to trade at $1.38.
WEMIX has broken through crucial resistance at $1.38, a level that has been tested as support in the past. Turning this resistance into support will strengthen Wemix’s rally, potentially sending it towards $2.00 and pushing the altcoin into consolidation.
Learn more: WEMIX3.0 Explained: A Guide to the Borderless Web3 Ecosystem
On the other hand, if investors decide to sell their WEMIX to take a profit on their holdings, the price could take a hit. The most likely outcome will be a drop to $0.98, invalidating the bullish thesis and erasing all the gains recorded in June.
Raydium (RAY) — a ray of liquidity
Raydium price has performed surprisingly well despite largely negative signals from the market. Having fluctuated between $1.82 and $1.45 over the past three and a half months, the altcoin is now eyeing a breakout.
The Moving Average Convergence and Divergence (MACD) indicator has highlighted a bullish crossover over the past three days. The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. Analyzing the convergence and divergence of these moving averages helps identify potential buy and sell signals.
Based on this, RAY is considering a possible breakout from the consolidation zone. An upward momentum would push the altcoin to $1.99, which would also help break through this barrier.
Learn more: What is Raydium (RAY)
But if the breakout fails and Raydium price remains consolidated, the sideways momentum will continue, which may invalidate the bullish thesis.
Disclaimer
In accordance with the Trust Project This price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.