Hidden Gem Altcoins That Can Yield Gains in July
The crypto market is buzzing with numerous digital assets, so it’s not surprising that many promising altcoins remain under the radar.
BeInCrypto brings forward three underestimated assets that stand out in their respective category.
MANTRA (OM) — the RWA Underdog
MANTRA is a Layer-1 Security Real World Asset (RWA) blockchain. Among many other features, the most notable one is its ability to provide a permissionless network for permissioned applications.
In the first two weeks of June, the altcoin saw a remarkable 55% growth, reaching just under $1.04. However, it failed to break through this level and subsequently experienced a massive decline, erasing all the gains made.
Despite this setback, OM’s price has maintained a crucial support level at $0.64, which has held firm for three and a half months. This support level offers OM’s price a chance to rebound, especially as the Relative Strength Index (RSI) approaches bullish territory.
Read More: How To Invest in Real-World Crypto Assets (RWA)?
However, if this support is lost, MANTRA’s investors could face substantial losses. OM’s price could drop below $0.50, wiping out half the profits recorded at the end of March.
Wemix (WEMIX) — Blockchain-Based Gaming Platform
Although Wemix’s price did not have an impressive run over the past month, gaining only 7%, it does present a bullish opportunity. In the last week alone, the altcoin has risen by more than 35% to trade at $1.38.
WEMIX breached the crucial resistance at $1.38, a level that has been tested as support in the past. Flipping this resistance into support will further Wemix’s rally, potentially sending it toward $2.00 and pushing the altcoin into consolidation.
Read More: WEMIX3.0 Explained: A Guide To The Borderless Web3 Ecosystem
On the other hand, if the investors move to sell their WEMIX to book 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 noted in June.
Raydium (RAY) — a Ray of Liquidity
Raydium’s price has done surprisingly well for itself despite the largely negative broader market cues. Moving between $1.82 and $1.45 for the last three and a half months, the altcoin is now looking at a breakout.
The Moving Average Convergence Divergence (MACD) indicator has highlighted a bullish crossover over the last 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 looking at a potential break out of the consolidation zone. An upward momentum would push the altcoin to $1.99, which would help in breaching this barrier as well.
Read More: What Is Raydium (RAY)
But if the breakout fails and Raydium’s price remains consolidated, the sideways momentum will continue, which can invalidate the bullish thesis.
Disclaimer
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