The past month has seen an increase in trading activity across the cryptocurrency market, with the approval of a spot Ethereum exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) contributing to a 13% increase in the global cryptocurrency market capitalization in the past 30 days.
With signs of growing buying pressure in some altcoins, BeInCrypto dives into some lesser known cryptocurrencies to identify coins poised for significant growth in the coming month.
Monero (XMR) Set to Cross Major Moving Average
Monero (XMR) is trading at $142 and close to the 50-day exponential moving average (EMA) at the time of writing, suggesting a possible breakout attempt.
When an asset price trades near this important moving average and shows signs of breaking out above it, it is a sign of increasing buying pressure and therefore, an uptrend in prices may be approaching.
Confirming the growing buying pressure, a reading of XMR’s Moving Average Convergence Divergence (MACD) indicator shows that the MACD line (blue) recently rose above the signal line (orange).
This indicator measures the momentum of an asset's price movement and identifies potential buying and selling opportunities. When the MACD line is above the signal line, it becomes bullish, suggesting a possible shift of power from sellers to buyers.
Read more: Monero: A comprehensive guide to what it is and how it works
If the momentum sustains, the price of XMR may push above the upper horizontal channel and form resistance at $152.25.
However, if selling activity returns to the market, the token could head towards the $110 support.
Kaspar (KAS) liquidity increases
Kaspa (KAS) market inflows have been steadily increasing, as evidenced by an increase in Chaikin Money Flow (CMF), which measures the buying and selling pressure behind the token's price movements.
The gradual increase in the value of this indicator indicates a steadily increasing buying pressure on the asset in question. At the time of writing, the CMF for KAS was in an upward trend and was on the center line.
KAS’s Money Flow Index (MFI) is at 68.37, confirming the growing buying pressure. The value of this index, which also tracks asset buying and selling, indicates that demand for KAS is steadily increasing.
If this demand continues, KAS could rise above $0.13 and trade at $0.144.
However, if the buyers dry up and the demand for the altcoin plummets, the bears can push the price to $0.12.
When evaluated on the weekly chart, Decentraland (MANA) is currently trading near the upper line of the horizontal channel it has been trending since April 8th.
Horizontal channels form when an asset's price remains stable within a range for an extended period of time. This occurs when the relative balance of buying and selling pressure prevents the price from trending strongly in either direction.
The upper line of this channel forms resistance while the lower line forms support. MANA Directional Movement Index (DMI) readings suggest increasing buying pressure, with the positive Directional Movement Index (green) exceeding the negative Directional Movement Index (red).
This indicator is used to evaluate the trend direction of an asset and the strength of that trend. When the positive directional index is above the negative one, the bulls have the upper hand and the price is likely to rise.
If bulls continue to exert their influence, they could push the price of MANA to $0.47.
Read more: What is Decentraland (MANA)?
However, if the bears regain control, the token’s value could plummet to $0.41.
Disclaimer
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