In the aftermath of the recent altcoin crash in the crypto market, several cryptocurrencies are currently heavily discounted, offering significant opportunities for interested traders. This article explores the top three undervalued altcoins that have reached crucial support levels, presenting excellent return on investment prospects.
Also Read: Top Crypto IDOs To Invest 2023
Zilliqa (ZIL) Price Analysis: Offers Bottom Fishing
Source: Tradingview
Amid increasing selling pressure in the crypto market, the ZIL price plummeted to a monthly low of $0.0155. The long lower price rejection observed in the daily chart indicates that buyers have begun accumulating at this support level, hinting at the potential for a bullish reversal.
Furthermore, the weekly RSI slope exhibits a slight rise, suggesting an underlying bullish momentum that provides additional confidence to buyers. However, on the flip side, the technical chart reveals a downsloping trendline that has hindered buyers from gaining control over the past ten months.
Therefore, traders seeking a safer entry point should wait for a breakout above the overhead trendline. A post-breakout rally has the potential to drive the price back to the psychological mark of $0.05.
Stacks (STX) Price Analysis: Stands at Crucial Support
Source: Tradingview
On June 10th, the Stacks price demonstrated a remarkable bull counter-attack, with a rejection candle featuring a long tail at the combined support of the ascending trendline and $0.467. This candle indicates that buyers were able to recover the majority of the day’s losses and are strongly defending this support level.
With a 1.68% intraday loss, the STX price might retest the long-anticipated support to confirm its sustainability above it. A potential reversal from this support level will empower buyers to challenge the overhead trendline.
A breakout above the resistance trendline would serve as an early sign of a trend reversal and could propel the Stacks price back to the $1 mark.
MultiversX (EGLD) Price Analysis: Bullish Pattern Setup
Source-tradingview
In the daily time chart, the EGLD price exemplifies a textbook falling wedge pattern. In theory, this pattern is a well-known bullish continuation pattern that offers a long entry opportunity for traders upon a breakout above the overhead trendline.
However, due to the recent market sell-off, the EGLD price has reached the bottom trend of the pattern. The lower price rejection at this support level, combined with an oversold signal from the momentum indicator, suggests a possibility of a bullish reversal.
This reversal would initiate the bull cycle within the pattern and could propel the MultiversX coin to the initial target of $40, thereby challenging the overhead trendline.
The post Top 3 Undervalued Cryptocurrencies to Accumulate in June appeared first on CoinGape.
