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FxCryptoNews

05/30/2024

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Analyst Foresees Significant Gains for 3 Altcoins in June: Ethereum (ETH), Cardano (ADA), and Solana (SOL)

Monero (XMR) trades at $142, near its 50-day Exponential Moving Average (EMA). This position hints at a possible breakout. When an asset’s price nears this crucial moving average and shows signs of surpassing...

Analyst Foresees Significant Gains for 3 Altcoins in June: Ethereum (ETH), Cardano (ADA), and Solana (SOL)

Monero (XMR) trades at $142, near its 50-day Exponential Moving Average (EMA). This position hints at a possible breakout. When an asset’s price nears this crucial moving average and shows signs of surpassing it, buying pressure increases. This could signal an upcoming bullish trend.

Technical Indicators Show Rising Buying Pressure

The Moving Average Convergence Divergence (MACD) indicator for XMR shows the MACD line (blue) crossing above the signal line (orange). This indicator measures price movement momentum and identifies potential buy and sell opportunities. A bullish crossover, where the MACD line exceeds the signal line, suggests growing buyer strength. If this momentum continues, XMR could break above the $152.25 resistance. If selling activity returns, XMR might slide to the $110 support level.

Kaspa (KAS) Sees Increasing Liquidity

Kaspa (KAS) has seen a steady increase in capital inflow, indicated by the rising Chaikin Money Flow (CMF) indicator. This indicator measures the buying and selling pressure behind the token’s price movement. The rising CMF values indicate consistent buying pressure for KAS. Currently, KAS’s CMF trends upward and stays above the centerline.

Read Also: Notcoin Overtakes SHIB, PEPE, and BONK in Onchain Holders and Price Surge

Money Flow Index (MFI) Supports Uptrend

The Money Flow Index (MFI) for KAS stands at 68.37, confirming the increased buying pressure. This indicator, which tracks the buying and selling activity of an asset, suggests a steady rise in demand for KAS. If this demand persists, KAS could exceed $0.13 and reach $0.144. If buyer demand wanes, bears might push the price down to $0.12.

Decentraland (MANA) Bulls Aim for Control

On the weekly chart, Decentraland (MANA) trades near the upper boundary of the horizontal channel it has occupied since April 8. A horizontal channel forms when an asset consolidates within a range for a long period, indicating a balance between buying and selling pressures. The upper boundary acts as resistance, while the lower boundary serves as support. MANA’s Directional Movement Index (DMI) readings show increased buying pressure, with the positive directional index (green) above the negative index (red).

Directional Movement Index Shows Bullish Control

Traders use the DMI to evaluate an asset’s trend direction and strength. When the positive directional index surpasses the negative index, bulls are in control and might push the price higher. If bulls remain effective, they could drive MANA’s price to $0.47. If bears regain control, MANA might drop to $0.41.

The cryptocurrency market shows notable developments, with Monero, Kaspa, and Decentraland exhibiting significant growth potential. Investors should closely monitor these altcoins, considering the technical indicators and market trends discussed. Conducting thorough research and staying informed about market dynamics is crucial for making informed investment decisions.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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