With the last week of the last month of the second quarter, it is certain that Q3 is likely to start with volatile. Rising geopolitical tensions have made Altcoin price action tense, but critical developments on the network can cause growth.
Beincrypto has analyzed three Altcoins that investors can watch as they prepare for a significant update this week.
zilliqa (Zil)
Zil has experienced a 20% drop in the past few days, currently trading at $0.0100 and is facing resistance at the same price level. Despite this recent decline, Altcoin is expected to see a change in momentum as Zilliqa began officially moving to Zilliqa 2.0 on Monday.
A major change with the Zilliqa 2.0 transition is the transition from Proof of Work (POW) to Proof of Stock (POS) consensus. This upgrade is committed to increasing speed, efficiency and cross-chain compatibility, dealing with current bearish momentum, with the RSI sitting under the neutral mark.
Once Zil’s price recovers, it can rise to a resistance level of $0.0108. This will help reverse the 20% loss seen this month, and could lead to further profits if the market situation is consistent with the improvements brought about by the Zilliqa 2.0 transition.
Cello (Cello)
CELO is one of the worst performance tokens this month, falling to a new all-time low in the last 24 hours. A 9.8% drop within the day caused Altcoin to slide to $0.236. However, it has recovered slightly since then, and is currently trading at $0.252 as investors are monitoring the next move.
Celo is preparing for the launch of the Isthmus Hard Fork. This will be published this week on Alfajores TestNet. This is the final stage before the upgrade hits the mainnet, and could spark optimism among new investors. Forks are expected to improve the network and functionality of CELO.
If the Isthmus Hard Fork is successful, CELO can recover and target the resistance for $0.261. Violating this level and flipping to support paves the way for it to rise to $0.282. However, if the token cannot break $0.261, Altcoin could return to an all-time low of $0.236, potentially nullifying the bullish outlook.
Cardano (ADA)
Cardano prices have fallen 24.3% in the last 12 days and are currently trading at $0.546. However, Altcoin is above the main support of $0.540. This could serve as the basis for rebound. Investors are watching carefully as Cardano prepares for the launch of Reeve.
Reeve enables organizations to transparently publish and verify financial information in their chains, increasing trust and accountability in financial reporting. This feature is expected to boost investor confidence and could help Cardano recover. If the ADA exceeds $0.540 it could rise to $0.572, and if bullish momentum continues its reach another $0.608.
If Cardano fails to capitalize on momentum from Reeve’s launch, it could potentially return to $0.500. However, RSI is currently located in the zone where it was sold, suggesting that price reversals could occur in the coming days. This could allow Cardano to regain the ground and provide the momentum it needs to continue his recovery.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
