Top 5 altcoins to watch in the crypto market in June 2023: Optimism (OP) will undergo a Mainnet network upgrade. Vega Protocol (VEGA) will greatly reduce its inflation. DSLA Protocol (DSLA) will launch its testnet. The Sandbox (SAND) will conduct a massive land sale. WhiteBIT (WTB) will start trading on Bitfinex on June 1.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). Below, five altcoins with positive developments lined up in June are analyzed to assess their potential.
Optimism (OP) Initiates Network Upgrade
Market Cap: $516 million
The official date for OP’s Mainnet network upgrade is set for June 6, 2023. The upgrade is a hard fork and will take between 2-4 hours.
The OP price has fallen since its yearly high of $3.24 on Feb. 24. The decrease caused a breakdown from the $1.85 horizontal area and led to a low of $1.48 on May 12.
Even though the price has failed to reclaim the $1.85 area, the RSI has generated a bullish divergence (green line). Moreover, the price has seemingly created a double bottom pattern.
Since bullish divergences often lead to bullish trend reversals and the double bottom is considered a bullish pattern, the OP price will likely initiate a bounce toward the $1.85 region.
However, if it fails to do so, a decrease to the next closest support at $1.40 will transpire instead.
Vega Protocol (VEGA) Begin Growth Phase
Market Cap: $78 million
The VEGA staking rewards have decreased since November 2022. However, the rate of decrease has been very gradual in 2023. This will change on June 12, when VEGA enters its growth phase.
In it, staking rewards will be greatly reduced, in turn also reducing inflation.
The VEGA price is attempting to find support above $1.55, a level from which it previously broke out. If it is successful, the price can increase to $2.40.
However, if VEGA breaks down, it could then fall to $1.10 instead.
The Sandbox (SAND) Conducts Land Sale
Market Cap: $1,033 billion
The Sandbox will conduct its much anticipated “Hallyu Rising” land sale between June 8 and 12. The registration raffle will end on June 7. The SAND price has fallen under a descending resistance line since Feb.8.
The decrease seemingly caused a breakdown from the $0.52 horizontal support area.
However, the price regained its footing and reclaimed the area on May 28. This bounce was preceded by a double-bottom pattern and bullish divergence in the RSI. Hence, the price action was almost identical to that of OP.
If the SAND price breaks out above the current pattern (black line), the next resistance will be at $0.70.
However, another rejection could lead to a drop below the $0.52 area, the price could then fall to $0.40.
WhiteBIT (WBT) Price Gets Listed on Bitfinex
Market Cap: $296 million
WTB will be listed on Bitfinex on June 1, while withdrawals will begin the next day. This is a massive step forward for the token since Bitfinex is by far the largest exchange it is listed on.
The WBT price has increased gradually since the beginning of February, when it ended a massive drop that began in November 2022. On March 17, the price moved above the $4.40 resistance area and validated it as support afterward (green icon).
If the increase continues, the next resistance will be at $7.50. However, if WBT closes below $4.40, it could fall to $3.20.
DSLA Protocol (DSLA) Concludes June Altcoins
Market Cap: $10 million
Concluding the June altcoins to watch is DSLA Protocol. The DSLA price has fallen since reaching a yearly high of $0.0041 on April 7. The decrease led to a low of $0.0015 on May 11.
However, the price bounced afterward, validating the $0.0016 horizontal area as support.
DSLA Protocol will launch its Testnet on June 13. So, it is possible that this will cause an upward movement, supporting the continuation of the bounce. In that case, the DSLA price could increase to the next resistance at $0.0028.
However, if the price closes below the $0.0016 area, it could fall to $0.0007.
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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.