Will a new rally begin in July? Follow these 5 altcoins

[NancyDeep]

In short, heading into July, BeInCrypto evaluated a range of altcoins that showed bullish potential.

Ethereum (ETH), Internet Computers (ICP) and Osmosis (OSMO) will host different conferences on their technology.

Radix (XRD) will release a highly anticipated upgrade, while Syscoin (SYS) will release its public mainnet.

The Top 5 altcoins to watch in the cryptocurrency market in July 2023: An important Ethereum conference will take place from July 5-9. The Radix (XRD) upgrade will go live, while SysCoin (SYS) will release its public mainnet. Finally, Osmosis (OSMO) will host an open forum, while Internet Computer (ICP) will host a global R&D conference.

Below is an analysis of five altcoins that saw positive developments in June to assess their potential.

Ethereum (ETH) conference in Barcelona
Price: $1,840

Market capitalization: $221.16 billion

Ranking: #2

Ethereum is the largest altcoin by market capitalization. The Barcelona ETH Conference will be held on July 5-7. The hackathon will then be held from July 7-9. The conference, considered to be the largest in Europe, will explore how blockchain technology can build a sustainable world full of human potential.

Since the rally on June 15, the Ethereum price has experienced a bullish week and broke the declining resistance line on June 21. This indicates that the previous correction has been completed and a new uptrend has begun.

Since the correction ended in the $1,650 long-term support area and lasted for more than two months, it is possible that the full gains since the beginning of the year have been retraced.

If so, the ETH price will break through the $2,000 resistance area and rise to $2,500.

However, if ETH prices take a short-term plunge, it may return to the downside resistance line and see it as support. The current price is $1,750.

Radix (XRD) was upgraded online
Price: $0.062

Market value: $639 million

Rank: #210

The Radix Babylon upgrade will go live on July 31, and despite a one-month delay, the upgrade is expected to greatly improve the experience for users and developers. The RCnet testnet will be released a few weeks before the upgrade.

Possibly in anticipation of this upgrade, XRD prices have been surging since June 15, up 43%. The rise led to a break above the declining resistance line.

However, the price failed to reach the 0.382 Fib retracement resistance at $0.094. Instead, it was rejected before it got there and fell sharply to the pre-breakout support at $0.056.

If it crashes, it could fall to $0.035. However, if XRD rebounds, it could rise to the $0.093 resistance again.

ICP holds global conference
Price: $4.08

Market capitalization: $1.782 billion

Ranking: #30

ICP will hold a global R&D conference on June 28. Various feature updates, SNS testing, and demonstrations will be discussed for attendees.

While ICP prices fell to a new annual low on June 10, they have since rebounded sharply, forming a long downward curve in the process. Wicks are considered a sign of buying stress, as sellers are unable to keep prices down.

Instead, buyers took over and caused the price to confirm the $3.50 level area as support.

If it continues to rise, the ICP price could reach the long-term resistance line of $5.20. However, if there is a short-term bearish reversal, it could fall to the recent support level of $3.50.

Syscoin (SYS) publishes the public mainnet
Price: $0.13

Market value: $94 million

Rank: #191

Syscoin will launch its public mainnet, Rollux, on June 28. Rollux is an EVM aggregation that inherits the security of the Bitcoin mining network and combines it with the data availability of Syscoin. It will act as a second layer on Syscoin, helping to improve scalability.

SYS prices have risen sharply since June 10. It has now reached the 138-day downward resistance line. While the price was rejected at the first breakout attempt, it could break again soon.

If SYS breaks out, it could hit the $0.19 resistance area. However, if the price is rejected again, it could fall to $0.11.

The Penetration (OSMO) Forum was held in July
Price: $0.49

Market value: $240 million

Rank: #114

Osmocon 2023 will be held in France on July 21. Osmocon is a cross-chain exploration forum. This is positive news for OSMO, whose price fell to a record low of $0.44 on June 10.

As the price started a short-term reversal that day, the forum's expectations could cause it to hit the long-term downward resistance line of $0.60.

However, if the price loses its footing, it could fall to $0.32. That would be another historically low price.