Top 5 altcoins to watch in the crypto market in July 2023: An important Ethereum conference will be held on July 5-9. A Radix (XRD) upgrade will go live while SysCoin (SYS) will release its public mainnet. Finally, Osmosis (OSMO) will hold an open forum, while Internet Computer (ICP) will hold its Global R&D meeting.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). Below, five altcoins with positive developments lined up in June are analyzed to assess their potential.
Ethereum (ETH) Conference in Barcelona
Market Cap: $221,160 billion
Ethereum is the biggest altcoin based on its market capitalization. The ETH Barcelona conference will be held between 5 and 7 July. Then, the hackathon will be held on July 7-9. The conference is considered the largest in Europe and will explore how blockchain technology can build a sustainable world full of human potential.
The Ethereum price has enjoyed a bullish week since bouncing on June 15 and broke out from a descending resistance line on June 21. This is a sign that the previous correction is complete, and a new upward movement has begun.
Since the correction ended at the long-term $1,650 support area and lasted for more than two months, it is possible that it corrected the entire increase since the beginning of the year.
If so, the ETH price will break out from the $2,000 resistance area and move to $2,500.
However, if the ETH price is subject to a short-term slump, it can return to the descending resistance line and validate it as support. The line is currently at $1,750 (green icon).
Radix (XRD) Upgrade Goes Live
Market Cap: $639 million
The Radix Babylon upgrade will go live on July 31. Despite its one-month delay, the upgrade is expected to improve user and developer experience greatly. The RCnet testnet will release a few weeks before the upgrade.
Possibly in anticipation of this upgrade, the XRD price has been on a tear since June 15, increasing by 43% as a result. The increase caused a breakout from a descending resistance line.
However, the price failed to reach the 0.382 Fib retracement resistance level at $0.094. Rather, it was rejected before getting there and fell sharply to its pre-breakout support at $0.056.
If it breaks down, a drop to $0.035 could transpire. However, if XRD bounces, it can increase to the $0.093 resistance again.
ICP Holds Global Meeting
Market Cap: $1,782 billion
ICP will hold its global R&D meeting on June 28. In it, it will discuss various feature updates, SNS-testing and will also hold a demo for those present.
While the ICP price fell to a new yearly low on June 10, it bounced back sharply afterward, creating a long lower wick in the process. The wick is considered a sign of buying pressure since sellers could not push the price down.
Rather, buyers took over and caused the price to validate the $3.50 horizontal area as support.
If the increase continues, the ICP price can reach a long-term resistance line at $5.20. However, if a short-term bearish reversal transpires, a drop to the closest support at $3.50 will be on the cards.
Syscoin (SYS) Releases Public Mainnet
Market Cap: $94 million
Syscoin will release its public mainnet Rollux on June 28. Rollux is an EVM rollup that inherits the security of Bitcoin’s mining network, combining it with the data availability of Syscoin. It will function as a layer 2 for Syscoin that helps in scalability.
The SYS price has increased sharply since June 10. It has currently reached a descending resistance line in place for 138 days. While the price was rejected on its first breakout attempt, it could make another one soon.
If SYS breaks out, it could reach the $0.19 resistance area. However, a drop to $0.11 could occur if the price gets rejected again.
Osmosis (OSMO) Forum Held in July
Market Cap: $240 million
Osmocon 2023 will be held on July 21 in France. Osmocon is a forum for interchain exploration. A positive event could not come at a better time for OSMO, which fell to a new all-time low price of $0.44 on June 10.
Since the price began a short-term reversal the same day, it is possible that the anticipation for the forum could cause it to reach a long-term descending resistance line at $0.60.
However, a drop to $0.32 could occur if the price loses its footing. This would be yet another all-time low price.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.