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5 promising digital currencies to watch in July 2023

Top 5 cryptocurrencies to watch in the cryptocurrency market in July 2023: An important Ethereum conference will take place on July 5-9. The Radix (XRD) upgrade will be deployed while SysCoin (SYS) will release its public mainnet. Finally, Osmosis (OSMO) will hold an open forum, while Internet Computer (ICP) will hold its global R&D meeting.

The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). Below, five cryptocurrencies with positive developments in June are analyzed to assess their potential.

Ethereum (ETH) conference in Barcelona

  • Price: $1,840
  • Market value: $221.160 billion
  • Ranking: #2

Ethereum is the largest altcoin based on its market cap. the ETH Barcelona The conference will take place between July 5 and 7. After that, the hackathon will be held on July 7-9. The conference is considered the largest in Europe and will explore how blockchain technology can build a sustainable world full of human potential.

Ethereum price has enjoyed a bullish week since its rebound on June 15th and breaking the descending resistance line on June 21st. This is a signal that the previous correction has completed, and a new upward movement has begun.

Since the correction ended at the long-term support area of ​​$1,650 and lasted for more than two months, it could correct the entire increase since the beginning of the year.

If so, ETH price will break out from the $2,000 resistance area and move towards $2,500.

ETH/USD daily chart. source: TradingView

However, if the price of ETH is vulnerable to a short-term decline, it can return to the descending resistance line and validate it as support. The line is currently at $1,750 (green icon).

The Radix Upgrade (XRD) is broadcast live

  • Price: $0.062
  • Market value: $639 million
  • Rank: #210

Radix Babylon upgrade will live On July 31st. Despite the one-month delay, the upgrade is expected to greatly improve the user and developer experience. The RCnet testnet will be released a few weeks before the upgrade.

Perhaps in anticipation of this upgrade, the price of XRD has been on a tear since June 15, surging 43% as a result. The increase caused the breach of the descending resistance line.

Radix (XRD) Price Breakout
XRD/USDT daily chart. source: TradingView

However, the price failed to reach the 0.382 Fibonacci retracement resistance level at $0.094. Instead, it was rejected before getting there and dropped sharply to the pre-breakout support at $0.056.

If it crashes, a drop to $0.035 is likely. However, if the XRD rebounds, it could rise to the $0.093 resistance again.

ICP holds the global meeting

  • Price: $4.08
  • Market value: $1.782 billion
  • Rank: #30

ICP will hold Its global research and development meeting on June 28. In it, you will discuss various feature updates, test SNS and also hold a demo for the attendees.

While ICP price fell to a new yearly low on June 10, it rebounded sharply after that, triggering a long lower wick in the process. A wick is a sign of buying pressure because the sellers were unable to push the price lower.

Instead, the buyers took over and caused the price to validate the $3.50 horizontal area as support.

Internet Computer Price Movement (ICP)
ICP/USDT daily chart. source: TradingView

If the increase continues, ICP price could reach a long-term resistance line at $5.20. However, if a short-term bearish reversal occurs, a drop to the nearest support at $3.50 is on the cards.

Syscoin (SYS) releases Publicnet

  • Price: $0.13
  • Market value: $94 million
  • Ranking: #191

Syscoin You will release its public mainnet Rollux on June 28. Rollux is an EVM stack that inherits the security of the Bitcoin mining network, and combines it with Syscoin data availability. It will act as Layer 2 for Syscoin helping with scalability.

SYS price has risen sharply since June 10th. It has currently reached the descending resistance line in place for 138 days. While the price was rejected on its first breakout attempt, it could make another attempt soon.

Syscoin (SYS) potential hack
SYS/USDT daily chart. source: TradingView

If SYS breaks, it could reach the $0.19 resistance area. However, a drop to $0.11 may occur if the price is rejected again.

The Osmosis Forum (OSMO) was held in July

  • Price: $0.49
  • Market value: $240 million
  • Rank: #114

Osmocon 2023 It will be held on July 21 in France. Osmocon is a forum for interchain exploration. The positive event couldn’t come at a better time for OSMO, which plunged to a new all-time low of $0.44 on June 10.

As the price started a short-term reversal on the same day, the forum expectation is likely to lead to a long-term bearish resistance line at $0.60.

Osmosis Price Movement (OSMO)
OSMO/USDT daily chart. source: TradingView

However, a drop to $0.32 could occur if the price loses stability. This will be another lowest price ever.

For the latest cryptocurrency market analysis from BeInCrypto, click here.

Disclaimer

In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.

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