The cryptocurrency market has seen a decline in trading activity over the past month. At press time, the global cryptocurrency market cap stands at $2.41 trillion, down 11% over the past 30 days. This impacted the performance of leading cryptocurrency asset Bitcoin (BTC), with its price falling 12% during the period.
As June draws to a close, a bullish bias toward some altcoins is reappearing. MakerDAO (MKR), Injective (INJ), and Caspar (KAS) are some of the altcoins that could outperform Bitcoin in July .
MakerDAO (MKR) aims to extend rally to 7 days
MKR is the governance token of MakerDAO, a leading cryptocurrency lending platform. Over the past seven days, the price of this altcoin has risen by almost 10%.
This rise is due to the increased buying power of the token during the period. The relative strength index (RSI) is currently at 56.12 and is trending upward. This indicator measures overbought and oversold market conditions for an asset.
It oscillates between 0 and 100, with a reading above 70 indicating the asset is overbought and may be subject to a reversal. Conversely, anything below 30 indicates that the asset is oversold and could bounce back.
MKR's RSI is a signal that buying is outpacing selling among market participants.
You can check the position above by setting MKR’s Directional Movement Index (DMI). At press time, the token's two-way index (blue) is above the negative index (red). This bullish signal confirms that bulls are dominant in the market.
Read more: DAI Cryptocurrency: A Beginner’s Guide
If the MKR upward trend continues, the token price could rise to $2612 .
Injective (INJ) rally exceeds the exponential moving average on the 20th
INJ is the governance token that powers Injective, a layer 1 (L1) blockchain built for decentralized finance (DeFi) applications.
The value of this altcoin has increased by 10% in the last 7 days. It is currently above the 20-day exponential moving average (EMA). This measures the average price of an asset over the last 20 days.
When an asset's price rises above this key moving average, it is a bullish signal. This indicates that there is enough buying pressure to push the price above this average level. Traders often interpret this as a signal that a bullish trend may continue in the short or medium term.
There are also points below the price that make up INJ's Parabolic Stop and Reverse (SAR) indicator.
This indicator measures the trend direction of an asset and identifies potential price reversal points. If this point is below the price of the asset, the market is said to be in an upward trend. This indicates that asset prices are rising and that the upward trend may continue.
If INJ’s upward trend continues, the token could trade at $24.37.
Caspar (KAS) Witnesses Double-Digit Price Rise
KAS powers the Caspar proof-of-work blockchain. Over the past seven days, the token’s value has increased by more than 20%.
The price rise is due to the current bullish bias in altcoins. To confirm this, the Awesome Oscillator returned green histogram bars at press time.
This indicator measures the price trend of an asset and identifies reversal points. When you see a green bar, it is a bullish signal, indicating that there may be an upward movement or strength in the current trend.
The Elder-Ray Index is also above zero at the time of writing. This indicator measures the relationship between the power of buyers and sellers in the market. If it returns a positive value, it means that buying forces are dominating the market.
If KAS maintains its upward trend , the price will rise past $0.2 .
