The crypto market remains directionless, with mixed signals causing many altcoins to move sideways or decline. However, as June begins, bullish optimism grows around Bitcoin potentially reaching a new all-time high.Â
BeInCrypto has analyzed three altcoins for investors to watch—those likely to capitalize on Bitcoin’s momentum or forge their own path.
Quant (QNT)
QNT has experienced a moderately bullish week, maintaining its position above the $101 support while currently trading at $104. This steady performance signals growing investor confidence, although no significant price increase has been noted yet.
The emergence of a Golden Cross, with the 50-day EMA crossing above the 200-day EMA, suggests QNT could push toward $111. Successfully flipping this resistance into support would confirm a positive trend for the altcoin and attract further buying interest.
Despite bullish signs, the risk of profit-taking remains. If investors begin selling, QNT could drop below the $101 support, potentially falling to $89. Such a move would invalidate the current bullish outlook and signal caution among traders.
SPX6900 (SPX)
SPX6900 stands out as one of the few meme coins avoiding sharp declines recently, trading steadily at $0.97 near the key $1.00 level. This stability suggests investor confidence as the coin holds its ground despite broader market fluctuations.
The RSI’s move into the bullish zone, after retreating from overbought levels, signals renewed buying momentum. This shift could help SPX6900 secure $1.00 as a strong support, potentially propelling it upward toward $1.23 and continuing its upward trend.
However, if investors decide to sell, SPX6900 may struggle to maintain its bullish momentum. A sell-off could push the price down to $0.81 or lower, which would invalidate the current positive outlook and indicate increased selling pressure.
Monero (XMR)
XMR dropped 22% last week after a strong May performance but gained 7% in the last 24 hours, trading at $347 near the $348 resistance. This recent rise hints at renewed buying interest despite previous losses.
XMR’s strong 0.81 correlation with Bitcoin allows it to mirror BTC’s rallies. If Bitcoin reaches a new all-time high, the altcoin could flip $348 into support and push towards $418, benefiting from the crypto king’s momentum.
However, bearish conditions or selling pressure on BTC or XMR could lead to a decline below the $325 support. A drop to $300 would invalidate the current bullish outlook, signaling potential further downside risk.
Disclaimer
In line with the 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 conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
