Top 5 Altcoin to watch in the crypto market in June 2023: Optimism (OP) will conduct a Mainnet upgrade. Vega Protocol (VEGA) will significantly reduce its inflation. DSLA Protocol (DSLA) will launch the test network. Sandbox (SAND) will conduct a large land sale. WhiteBIT (WTB) will begin trading on Bitfinex on June 1.
The term Altcoin refers to cryptocurrencies other than Bitcoin (BTC). Below, five Altcoin with positive developments in June, analyzed to gauge their potential.
OP 's Mainnet Upgrade is scheduled for June 6, 2023. The upgrade is a Hard fork and will take 2-4 hours.
OP price has been falling since the yearly high of $3.24 on Feb. 24. The drop caused a breakdown from the $1.85 horizontal zone and led to a low of $1.48 on May 12.
Although the price has failed to regain the $1.85 zone, the RSI has created a bullish divergence (green line). Furthermore, the price seems to have created a double bottom.
Since bullish divergences often lead to a trend reversal to the upside and a double bottom is considered a bullish pattern, the OP price is likely to start a bounce towards the $1.85 zone.
However, if it fails to do so, a drop to the next support at $1.40 will occur.
OP/USDT Daily Chart | Source: TradingView
VEGA staking rewards have been decreasing since November 2022. However, the rate of decrease is very slow in 2023. This will change on June 12, when VEGA enters the growth phase .
In it, the staking reward will be significantly reduced, thereby also reducing inflation.
VEGA price is trying to find support above $1.55, the level it broke earlier. If successful, the price can rally to $2.40.
However, if VEGA breaks this level it can drop to $1.1.
VEGA/USDT Daily Chart | Source: TradingView
Sandbox will conduct the much-anticipated “Hallyu Rising” land sale from June 8 to 12. Registration lottery will end on June 7. SAND price has fallen below descending resistance line since February 8th.
The drop seems to have caused a breakdown from the $0.52 horizontal support area.
However, the price regained its footing and regained this zone on May 28. This rally was preceded by a double bottom and bullish divergence in the RSI. Therefore, the price action is almost identical to that of the OP.
If the SAND price breaks above the resistance line (black line), the next resistance will be $0.70.
However, another rejection can lead to a drop below the $0.52 zone, after which a drop to $0.40 is possible.
Daily SAND/USDT Chart | Source: TradingView
WTB will be listed on Bitfinex on June 1, while withdrawals will begin the next day. This is a huge step forward for this token as Bitfinex is the largest exchange it is listed on to date.
WBT price has been steadily increasing since the beginning of February, when it ended the massive drop that started in November 2022. On March 17, the price moved above the $4.40 resistance area and then confirmed it. is support (green icon).
If the rally continues, the next resistance will be at $7.50. However, if WBT closes below $4.40, it can drop to $3.20.
WBT/USDT Daily Chart | Source: TradingView
The end of Altcoin to watch in June is DSLA Protocol. The DSLA price has been falling since hitting a yearly high of $0.0041 on April 7. The drop resulted in a low of $0.0015 on May 11.
However, the price bounced back afterwards, confirming the $0.0016 horizontal zone as support.
DSLA Protocol will launch Testnet on June 13. So maybe this will trigger an upward movement. In that case, the DSLA price can rally to the next resistance of $0.0028.
Daily DSLA/USDT Chart | Source: TradingView
