Altcoins benefited from Bitcoin’s positive move and made profits as well. Some outgrew their bearish momentum more than others and appeared to be heading for a possible rally. Is Buying Altcoins the Right Decision? Which coins are currently recovering or may be recovering? and how far will they go?

Altcoin market

Since the final analysis, Altcoin market capitalization (AltCap) has increased significantly. However, it continued to struggle to top the $ 790 billion. This level is very important for the AltCap as it has established itself as a critical breaker. Once this resistance is broken, it can be confirmed that AltCap will hit $ 1 trillion.

AltCap close to the critical breaker level | Source: Michael van de Poppe

Ether:-

It wasn’t until the end of May that Ethereum managed to break out of its almost two-month long, substantial downtrend. In order for the coin to jump up, it was important for ETH to retest the critical support of $ 2042. The coin not only succeeded in doing this, but also turned positive, as expected, and moved further up towards the EQ or midline. Once that is converted into support, $ 3000 seems like a plausible level for ETH to hit.

Ethereum 4 hour chart | Source: Scott Melker

Kardano: –

ADA has done a lot better than most other altcoins. Shortly after breaking the downtrend, the coin hit higher highs around $ 1.4. But by the early hours of July 4th that resistance was broken and the coin is now looking for support. Once strong support is established here, the coin would next bounce straight towards USD 1.5.

Cardano 4 hour chart | Source: Scott Melker

Dogecoin: –

At the moment, DOGE has been pushed in a descending triangle with a bull pennant forming from the lows and the coin is expected to hit $ 0.38 once it breaks the resistance. Usually pennants break the support and form flags. So, according to Scott Melker, DOGE will soon have to make a move or the flag will be a little too long.

Dogecoin 4-hour chart | Source: Scott Melker

AAVE: –

This coin is one of the few and the only one on this list to confirm positive momentum as AAVE has already retested the support. At the moment the coin is moving way up from the support and if it does a bull run the coin can potentially be found at $ 0.01. (Against BTC).

AAVE 1-day chart | Source: Scott Melker

Elrond: –

If you don’t know Elrond, you may not be the only one. However, if you are aware of the noticeably sharp rise in prices, you are thinking in the right direction. EGLD broke off the descending wedge a few days ago and continues to test its support often at high volumes. With the coin already looking bullish, it is expected to hit $ 121 soon as well.

Elrond 1 day chart | Source: Scott Melker


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