- In recent weeks, the cryptocurrency market has seen a significant uptick in trading activities.
- The U.S. SEC’s approval of spot Ethereum ETFs has contributed to a 13% increase in global crypto market capitalization over the past 30 days.
- Crypto analyst Abiodun Oladokun notes a growing buying pressure in certain altcoins, identifying three with substantial growth potential in the coming month.
Discover the latest developments in the cryptocurrency market, including key insights into Monero, Kaspa, and Decentraland, and their potential impact on investors.
Monero (XMR): Preparing to Break Critical Resistance
Monero (XMR) is currently trading at $142, close to its 50-day Exponential Moving Average (EMA). This proximity suggests a potential breakout attempt. When an asset’s price trades near this critical moving average and shows signs of surpassing it, it indicates increasing buying pressure. Consequently, a bullish trend may be on the horizon.
Technical Indicators Confirm Buying Pressure
The Moving Average Convergence Divergence (MACD) indicator for XMR shows the MACD line (blue) recently crossing above the signal line (orange). This indicator measures the momentum behind an asset’s price movement and identifies potential buying and selling opportunities. A bullish crossover, where the MACD line surpasses the signal line, suggests a possible shift in strength from sellers to buyers. If this momentum persists, XMR could break above the resistance at $152.25. However, if selling activity returns, the token may slide towards the $110 support level.
Kaspa (KAS): Increasing Liquidity Signals Potential Surge
Kaspa (KAS) has experienced a steady increase in capital inflow, as evidenced by the rising Chaikin Money Flow (CMF) indicator. This indicator measures the buying and selling pressure behind the token’s price movement. The gradual increase in CMF values indicates a consistent rise in buying pressure for KAS. At the time of writing, KAS’s CMF was in an upward trend and above the centerline.
Money Flow Index (MFI) Supports Uptrend
The Money Flow Index (MFI) for KAS stands at 68.37, further confirming the increase in buying pressure. This indicator, which also tracks the buying and selling activity of an asset, suggests a steady rise in demand for KAS. If this demand continues, KAS could surpass $0.13 and trade at $0.144. However, if buyers exhaust and demand for the altcoin decreases, bears might push the price down to $0.12.
Decentraland (MANA): Bulls Attempt to Take Over
On the weekly chart, Decentraland (MANA) is currently trading near the upper boundary of the horizontal channel it has been in since April 8. A horizontal channel forms when an asset consolidates within a range for an extended period, indicating a relative balance between buying and selling pressures, preventing a strong trend in either direction. The upper boundary of this channel acts as resistance, while the lower boundary serves as support. MANA’s Directional Movement Index (DMI) readings show an increase in buying pressure, with the positive directional index (green) above the negative index (red).
Directional Movement Index Indicates Bullish Control
Traders use the DMI to evaluate the direction and strength of an asset’s trend. When the positive directional index is above the negative index, bulls are in control, potentially pushing the price higher. If bulls remain effective, they could drive MANA’s price to $0.47. However, if bears regain control, MANA might drop to $0.41.
Conclusion
In summary, the cryptocurrency market is experiencing notable developments, with Monero, Kaspa, and Decentraland showing significant potential for growth. Investors should closely monitor these altcoins, considering the technical indicators and market trends discussed. As always, conducting thorough research and staying informed about market dynamics is crucial for making informed investment decisions.
