• With Bitcoin price moving sideways, altcoins are starting to pop. 
  • Apart from the meme coin Pepe, Binance Coin and Optimism are two other altcoins that are primed for a quick and volatile run-up soon.
  • Macroeconomic conditions are slowly improving but investors need to be careful as downbeat data could trigger a sudden sell-off for the crypto ecosystem.

With Bitcoin consolidating between $31,200 and $29,700, capital seems to be flowing to altcoins. As a result, some altcoins have shot up explosively. Bitcoin Cash (BCH), for example, has rallied 33%, Compound (COMP) has inflated by 48%, and Litecoin by 15%. But here are a few other altcoins that show promise of an incoming rally. 

Read more: What is alt season? 

Pepe price ready to climb higher

Pepe (PEPE) price continues to consolidate below the $0.00000164 resistance level. A breakout above this hurdle could trigger a 20% ascent that retests the $0.00000195 barrier. On the daily time frame, this level was a key support level that was flipped into a hurdle that prevented recovery for PEPE in early May.

The Relative Strength Index (RSI) and the Awesome Oscillator (AO) are both edging closer to flipping above their respective mean levels at 50 and 0, making it an interesting opportunity for sidelined buyers.

PEPE/USDT 4-hour chart

PEPE/USDT 4-hour chart

The bullish outlook for PEPE price is contingent on the altcoin breaching the $0.00000164 hurdle. However,  a failure to exceed this level  followed by a breakdown of the $0.00000147 support opens the door for a steep 13% correction to $0.00000127 to collect the sell-side liquidity. 

Also read: Top 5 cryptos traders are buying after SEC crackdown on $100 billion worth of assets

Optimism price kick-starts its uptrend

Optimism (OP) price has already begun its journey north after the Momentum Reversal Indicator (MRI) flashed a buy signal on June 29. OP rallied 7% since then and is currently hovering around $1.25. 

On the daily timeframe, Optimism price needs to maintain its bullish momentum to continue its 38% ascent witnessed between June 19 and 22. A successful move could push the RSI and AO indicators above their respective mean levels, i.e., 50 and 0. 

The targets for Optimism price include $1.28, $1.36 and $1.49. 

OP/USDT 1-day chart

OP/USDT 1-day chart

On the other hand, a breakdown of the $1.19 will invalidate the bullish thesis and trigger a correction to retest the range low at $0.87. 

Also read: Top 5 Chinese cryptocurrencies to buy after Hong Kong welcomes crypto

Binance Coin price provides buy signals

Binance Coin (BNB) price has flashed two buy signals – the Wave Trend indicator’s bullish crossover in the oversold region, followed by the bullish divergence with RSI. 

Coupled with the recent sell-off, the buy signals are good entry points from the short-to-mid-term outlook, not just for investors but also traders. 

The target for Binance Coin price is $268.9, which is the midpoint of the $220.4 to $317.3 range.

BNB/USDT 1-day chart

But a breakdown of the range low at $220.4 will invalidate the bullish thesis and trigger a potential correction to retest the June 18 swing low at $183.4.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP