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Top 3 altcoins to buy for next alt season: PEPE, OP, BNB

  • 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.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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