Similar to May, the crypto market was in a downtrend in June, but some altcoins saw strong demand at lower levels and recovered some losses despite Bitcoin’s 7% decline.
The top ten altcoin winners in June are:
QNT was the coin with the most interesting move in June. The token consolidated in the $ 40 to $ 55 region for about 90 days from March. It then broke out above the entry range. June 15th and confirmed breakout at $ 58 as support on June 22nd. That move resulted in an all-time high of $ 106, which was hit on June 25th.
However, QNT has declined since then. In addition, the technical indicators are showing weakness, as shown by the bearish divergence of the RSI and the stochastic oscillator forming a bearish cross (red circle).
The next support is at $ 58 while the next resistance is at $ 130 and is created by the outer Fibonacci retracement level at 2.61.
QNT / USDT daily chart | Source: TradingView
Much like QNT, AMP broke out, hitting a new all-time high in June, with a high of $ 0.121 on June 16.
The high was hit very close to the external fib retracement level of 1.61 at $ 11.
AMP has declined since hitting the aforementioned high. It fell below the $ 0.077 area intended to act as support.
The price is currently nearing the ascending support line at $ 0.057.
However, the technical indicators are falling, which supports the possibility that LMP will fall below the support line. If so, it is expected to hit the $ 0.04 zone again.
Daily AMP / USDT Chart | Source: TradingView
The PHA has been falling along with the descending resistance line since May 15th.
During the decline, it bounced twice from the USD 0.58 support area on May 24th and June 22nd. This seems to create a double bottom.
The token started an uptrend on June 22nd and broke the descending resistance line on June 30th.
The next resistance is at $ 1.03, the 0.618 fib retracement resistance.
Technical indicators provide some bullish signs, such as a bullish reversal signal in the MACD and the RSI crossing above 50. However, the bullish reversal has yet to be confirmed.
Daily PHA / USDT Chart | Source: TradingView
WAVES has been moving along an increasing support line since the beginning of the year. On May 4, the token hit an all-time high of $ 41.8 before crashing. The price returned to the support line on May 23 and has been hovering just above it since then.
Although the price initially broke below this line on June 22nd, it turned out that it was just a deviation (red circle).
Technical indicators provide some bullish signs. Both RSI and MACD create bullish divergences. The first index is about to move above 50 while the second is about to break into positive territory.
The next resistance is at $ 23.20, the 0.382 fib retracement resistance.
Daily WAVES / USDT chart | Source: TradingView
CREAM has been trading in a range of $ 100 to $ 180 since February 24 and has hit both resistance and support areas time and time again.
Most recently it was rejected from the USD 180 resistance area on June 9th and is now back in the middle of the range.
Technical indicators give a rather neutral assessment.
Until the token breaks out of this range or turns down, the direction of the trend cannot be determined.
Daily CREAM / USDT chart | Source: TradingView
On June 1st, TFUEL erupted over a descending channel that has been in existence since March 24th, reaching an all-time high of $ 0.679 on June 9th by following the Fib projection of waves 1-3 onto the bottom of wave 4 (white) project.
Since then, TFUEL has been going downhill. It is currently breaking below the $ 0.41 horizontal support area, a move that could trigger a sharp decline.
In addition, the technical indicators are falling. The MACD is in negative territory, the RSI has fallen below 50 and the stochastic oscillator has created a bearish cross.
Hence, the token is likely to break through this horizontal support and move further down.
Daily TFUEL / USDT Chart | Source: TradingView
KAVA has been trading on a parallel descending channel since April 6th, which is likely to be a corrective move.
So far it has tried to break out three times (red symbol) without success. It is currently in the process of making its fourth breakout attempt.
In addition, technical indicators show a lot of bullish signs. The stochastic oscillator has created a bullish cross and the RSI has risen above 50.
Therefore, an outbreak is possible. If so, the next resistance is at $ 7.25.
Daily KAVA / USDT Chart | Source: TradingView
SYLO has been up since June 22nd when it hit $ 0.0038. The low was hit right at 0.786 fib retracement support.
The upward trend is supported by signals from technical indicators. The RSI has passed the 50 mark, the MACD is near the positive zone and the stochastic oscillator has created a bullish cross.
The closest resistances are between $ 0.0094 and $ 0.0107, 0.5-0.618 fib retracement resistance range.
Daily SYLO / USDT chart | Source: TradingView
TOMO has been moving along a descending resistance line since April 10 when it hit a high of $ 3.67.
After a sharp decline, the token rebounded on May 19 and started the current uptrend. However, it has yet to break above the descending resistance line mentioned above. Additionally, it will encounter resistance from the 0.382 fib retracement level at $ 1.96.
Technical indicators offer a relatively neutral outlook.
Hence, the trend cannot be considered bullish until a breakout occurs above this line / area.
Daily TOMO / USDT Chart | Source: TradingView
On May 23rd, HARD bounced off a long-term rising support line. Although the rally was very strong, it was unable to rebound to the $ 1.25 horizontal resistance area.
Otherwise, HARD is rejected, creating two long wicks at the top (red symbol).
Until this zone has recovered, the trend cannot be considered bullish.
HARD / USDT daily chart | Source: TradingView
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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