Top 3 Underrated Altcoins Set to Shine in July

Key Takeaways:

• MANTRA (OM) shows resilience around the $0.64 support level, indicating potential for a rebound amid market volatility.
• Raydium (RAY) displays bullish momentum with the MACD signaling a potential breakout from its consolidation phase towards $1.99.
• Wemix (WEMIX) has breached a crucial resistance at $1.38, paving the way for possible consolidation and upward movement towards $2.00.

The crypto market is buzzing with numerous digital assets, and many promising altcoins often remain under the radar. Here are three notable altcoins to keep an eye on:

MANTRA (OM)

MANTRA, a Layer-1 Security Real World Asset (RWA) blockchain, stands out with its unique ability to provide a permissionless network for permissioned applications. In early June, MANTRA experienced a remarkable 55% growth, reaching just under $1.04. 

Source: BeInCrypto on TradingView

However, this upward momentum was short-lived, and the altcoin subsequently faced a significant decline, erasing all the gains. Despite this setback, OM’s price has maintained a crucial support level at $0.64 for three and a half months. 

This stability offers a chance for a rebound, especially as the Relative Strength Index (RSI) approaches bullish territory. 

Nonetheless, losing this support could lead to substantial losses for investors, potentially dropping OM’s price below $0.50 and wiping out half the profits recorded at the end of March.

Raydium (RAY)

Despite negative broader market cues, Raydium’s price has performed surprisingly well, moving between $1.82 and $1.45 for the last three and a half months. The Moving Average Convergence Divergence (MACD) indicator has highlighted a bullish crossover over the past three days, suggesting a potential breakout. 

Source: BeInCrypto on TradingView

The MACD, a trend-following momentum indicator, shows the relationship between two moving averages of a security’s price, helping identify potential buy and sell signals. Based on this, RAY is looking at a potential breakout from its consolidation zone. 

An upward momentum could push the altcoin to $1.99, helping it breach this barrier. However, if the breakout fails and Raydium’s price remains consolidated, the sideways momentum will continue, potentially invalidating the bullish outlook.

Wemix (WEMIX)

Although Wemix did not have an impressive run over the past month, gaining only 7%, it still presents a bullish opportunity. The altcoin saw a significant increase of over 35% in the last week alone, reaching $1.38. 

Source: BeInCrypto on TradingView

Breaching the crucial resistance at $1.38, which has previously been tested as support, indicates a potential further rally. If this resistance flips into support, Wemix could surge toward $2.00, pushing the altcoin into consolidation. 

However, if investors decide to sell their WEMIX holdings to book profits, the price could decline, possibly dropping to $0.98. This would invalidate the bullish thesis and erase all gains noted in June.

Conclusion

In conclusion, MANTRA (OM), Wemix (WEMIX), and Raydium (RAY) each present unique opportunities and challenges within the dynamic crypto market. 

MANTRA’s resilience around the $0.64 support level amidst volatility highlights its potential for a rebound, contingent on maintaining investor confidence and market trends. 

Wemix’s recent breach of resistance at $1.38 sets the stage for potential consolidation and further upward movement, provided it sustains support levels and investor sentiment. 

Meanwhile, Raydium’s bullish signals from the MACD indicate possible momentum towards breaking its consolidation pattern and pushing towards higher price levels. 

As always in the crypto space, careful monitoring of these altcoins against market conditions will be crucial for informed decision-making and navigating potential risks and rewards.

FAQs:

• What factors could influence MANTRA (OM)'s price stability around $0.64? MANTRA's stability hinges on maintaining investor confidence and market trends, crucial for sustaining its support level amid crypto market fluctuations.
• What does Raydium's MACD bullish crossover suggest? The MACD indicator's bullish crossover signals potential momentum for Raydium (RAY) to break out from its consolidation phase and aim for higher price levels, potentially around $1.99.
• How significant is Wemix's breach of resistance at $1.38? Wemix (WEMIX)'s breach of the $1.38 resistance, previously tested as support, indicates a potential rally towards $2.00 if the level holds, contingent on investor sentiment and market conditions.

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