As we head into July, Bankless Times examines three high-market-cap cryptocurrencies and their prospects this month: Tron (TRX), Dogecoin (DOGE), and Shiba Inu (SHIB). The outlook for TRX is bullish, but for DOGE and SHIB, it is bearish.
What do these altcoins have in common?
All three alternative cryptocurrencies are supported by enthusiastic and dedicated communities. Dogecoin and Shiba Inu have gained popularity, partly because of their active online communities and meme culture.
Each of the three altcoins has multiple use cases. TRX is focused on decentralizing the internet and aims to establish a global digital content entertainment system. It also provides support for smart contracts and dApps.
DOGE has evolved into a popular cryptocurrency for tips and charitable donations, while Shiba Inu has set up a decentralized ecosystem with a variety of tokens and projects.
A Golden Cross for TRX?
TRX is currently being traded at $0.1275. It has experienced a 63.46% increase over the past year and shows potential for further growth, supported by strong buy signals from moving averages.
The Tron network generated $604 million in the year leading up to late May 2024. TRX’s 50-day Exponential Moving Average (EMA) is $0.1204, while its 200-day EMA is $0.1157.
When the 50-day EMA surpasses the 200-day EMA, it typically indicates a bullish market trend, known as a “Golden Cross,” which is considered a highly reliable sign of an upcoming bull run.
DOGE slumped 8% today; Death Cross ahead?
The current price of DOGE is $0.1111, showing an 8% decrease over the past 24 hours. Its 50-day EMA stands at $0.1371, while the 200-day EMA is $0.1307, indicating a potential Death Cross in the near future. As per TradingView’s technical indicators, there is a strong sell signal.
DOGE’s value has declined 30% in the last month. However, it has still gained 62.75% in value compared to last year, which should encourage DOGE enthusiasts.
The overall oscillator rating for SHIB suggests a neutral position, indicating that it is not oversold. Despite this, the dog-themed memecoin is facing significant selling pressure.
Today, TradingView’s technical rating for SHIB is “sell“. Over the past month, the sell trend has remained dominant, with the price dropping despite a higher burn rate.
