5 promising altcoins to watch in July 2023

Top 5 altcoins to watch in the crypto market in July 2023: An important Ethereum conference will be held from July 5 to 9. A Radix (XRD) upgrade goes live while SysCoin (SYS) releases 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 altcoins with positive developments in June are analyzed to assess their potential.

Ethereum (ETH) conference in Barcelona

  • Price: $1,840
  • Market Capitalization: $221.160 Billion
  • Rank: #2

Ethereum is the largest altcoin by market capitalization. The ETH Barcelona conference will take place between July 5 and July 7. The hackathon will then 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 had a bullish week since it bounced on June 15 and broke out of a descending resistance line on June 21. This is a sign that the previous correction is complete and a new upward movement has begun.

Since the correction ended near the long-term support area of ​​$1,650 and lasted more than two months, it is possible that the entire increase since the beginning of the year has been corrected.

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

Ethereum (ETH) Price Movement
ETH/USD daily chart. Source: TradingView

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

Radix (XRD) upgrade goes live

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

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

Possibly in anticipation of this upgrade, the XRD price has been tearing up since June 15, resulting in a 43% increase. The rise caused a breakout of a descending resistance line.

Radix (XRD) price breakout
XRD/USDT daily chart. Source: TradingView

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

If it breaks, a drop to $0.035 could happen. However, if XRD bounces, it could rise again to the $0.093 resistance.

ICP Holds Global Meeting

  • Price: $4.08
  • Market Capitalization: $1.782 Billion
  • Rank: #30

ICP will keep its global R&D meeting on June 28. In it, it will discuss various feature updates, SNS testing and will also hold a demo for the attendees.

While the ICP price fell to a new annual low on June 10, it bounced back sharply afterwards, putting a long, lower wick in the process. The wick is considered a sign of buying pressure, as sellers were unable to lower the price.

Rather, buyers took over and made the price validate the $3.50 horizontal area as support.

Internet computer price movement (ICP).
ICP/USDT daily chart. Source: TradingView

If the rise continues, ICP price could reach a long-term resistance line at $5.20. However, if a bearish reversal occurs in the near term, a drop to the nearest $3.50 support is lurking.

Syscoin (SYS) releases Public Mainnet

  • Price: $0.13
  • Market Cap: $94 million
  • Rank: #191

Syscoin will release its Rollux public mainnet on June 28. Rollux is an EVM package that takes the security of the Bitcoin mining network and combines it with the data availability of Syscoin. It will function as a layer 2 for Syscoin that helps with scalability.

The SYS price has risen sharply since June 10. It has currently reached a descending resistance line that has lasted for 138 days. Although the prize was rejected on his first escape attempt, he would soon be able to make another one.

Syscoin (SYS) Potential breakout
SYS/USDT daily chart. Source: TradingView

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

Osmosis (OSMO) Forum Held in July

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

Osmocon 2023 takes place on July 21 in France. Osmocon is a forum for cross-chain exploration. A positive event couldn’t come at a better time for OSMO, which fell to a new all-time low of $0.44 on June 10.

Since the price started a short-term reversal on the same day, it is possible that the anticipation on the forum could cause it to reach a long-term descending resistance line at $0.60.

Osmosis (OSMO) Price movement
OSMO/USDT daily chart. Source: TradingView

However, a drop to $0.32 could occur if the price loses its footing. This would be another all-time low price.

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In accordance 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, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions.

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