However, there is growing interest in certain cryptocurrencies. Maker (MKR), Injective (INJ) and Kaspa (KAS) are the ones coming up a lot and could outperform BTC in July.
MakerDAO (MKR) is looking to continue growing
MKR is the governance token of MakerDAO, a cryptocurrency lending platform. Over the past week, the price of the altcoin has climbed nearly 10%.
This development can be mainly attributed to the increase in buying pressure on the MKR token. Its Relative Strength Index (RSI) is showing an upward trend with a current score of 56.12. So it is currently growing, but it is still very far from being overbought.
As a reminder, the RSI ranges from 0 to 100 with values ​​above 70 indicating potential overbought and a possible trend reversal. Conversely, values ​​below 30 indicate oversold and a likely rebound.
At the same time, this analysis is confirmed by the configuration of the directional movement index (DMI) of MKR. Currently, the token’s positive directional index (in blue) exceeds its negative counterpart (in red), signaling that buying power is dominating the market.
To learn more: here are the best cryptocurrency trading platforms.
Injective (INJ): overcoming that would bring only good?
INJ is the native token of the Injective project, a layer 1 blockchain designed for decentralized finance (DeFi) applications.
In the last week, this alcoin has appreciated by 10%. Now the token has crossed its 20-day exponential moving average.
Generally, when an asset’s price crosses this moving average, it is a bullish indicator. Given the buying pressure that could follow, the price could go higher. In any case, traders are optimistic about the trend, which could continue in the short to medium term.
Additionally, INJ’s Parabolic Stop and Reverse (SAR) indicator points are currently below the price.
This indicator evaluates the trend direction of an asset and identifies its potential reversal points. Points below the asset’s price indicate an uptrend, indicating that the asset’s price is rising and the uptrend may continue.
Kaspa (KAS): rally not ready to fade?
KAS is a native token of the Kaspa proof-of-work blockchain. The asset’s value has climbed more than 20% in the past week.
This increase is the result of a bullish trend that continues for this cryptocurrency. To support this claim, his awesome oscillator is showing green histogram bars right now.
This indicator evaluates the price trends of the asset and identifies the turning points. Green bars indicate a bullish signal that indicates an upward movement or the strength of an ongoing trend.
But still, the Elder-Ray index also shows a value greater than zero at this exact moment. This indicator assesses the balance of power between buyers and sellers in the market. A positive value means bullish forces dominate.
Disclaimer: In accordance 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 providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult with an expert before making any financial decision.