#crypto #altcoins #EGLD #OM #ZRO #blockchain #cryptomarket #investment
The cryptocurrency market has faced significant challenges with the total market cap dipping below $2 trillion, marking an unsettling period for investors and analysts alike. This downturn has put a halt to the speculation around an impending altcoin season, a phase where alternative cryptocurrencies to Bitcoin typically see notable gains. This shift came as numerous altcoins plummeted to record low values, some touching levels unseen for weeks, others months, and a few even years. However, amidst this broader market crash, several altcoins have demonstrated resilience, notably MultiversX (EGLD), MANTRA (OM), and LayerZero (ZRO), leading the pack with impressive gains in the first week of July.
MultiversX (EGLD), once known as Elrond, has stood out with a marginal yet noteworthy increase of 1.5% over the past week, showing signs of a steady climb with a 7.15% spike in the last 24 hours to trade at $31.42. Despite experiencing a dip to $27.87 after reaching weekly highs of $32.18, the bulls’ strategic defenses around the $27 mark have facilitated a recovery. This bounce back is further evidenced by the token’s performance on the 4-hour chart, showcasing a bullish engulfing pattern above both the 20 EMA and 50 EMA, hinting at a potential continuation of its upward trajectory.
MANTRA (OM), a layer-1 blockchain aimed at securing Real-World Assets, has also made headlines with an 11% increase in its token price, currently at $0.78. This surge follows the announcement of a significant $500 million tokenization deal. The token’s potential for further gains is complemented by its positive MACD indicator and the prospect of reaching the $0.84 mark, as suggested by the Fibonacci retracement levels. However, the volatile nature of the market poses a possible retracement, threatening to pull the price back to around $0.72.
LayerZero (ZRO) unexpectedly topped the altcoin gainers list with a formidable 29.30% increase, despite a backdrop of controversy surrounding its token launch and airdrop distribution. The rebound is highlighted by an improvement in the Relative Strength Index and the Chaikin Money Flow indicators, reflecting a shift from overselling to potential accumulation by traders. With the RSI eyeing the neutral 50.00 mark and the CMF trending upwards, ZRO’s short-term price could ascend to $3.45, although failing to sustain these indicators could lead to a decrease to $3.07.
The resilience of these altcoins in the face of broader market turbulence signals a possible shift in investor sentiment, focusing on the fundamental and technical strengths of individual cryptocurrencies rather than the market at large. While the correction has dampened the spirits of those anticipating an immediate altcoin season, the gains posted by EGLD, OM, and ZRO offer a glimmer of hope. As the market seeks stabilization, these outcomes may well pave the way for a more selective and fundamentally driven investment approach in the months to come.
