5 Top Cryptocurrencies to Invest in July

5 Top Cryptocurrencies to Invest in July

Key Insights

  • One of the cryptocurrencies we are looking at is Bitcoin. It is facing resistance at around $31,000. If it breaks through this resistance, it could reach $35,000 and then $40,000.
  • Ethereum is currently in an ascending channel and is testing resistance around $1,920. If it breaks through this resistance, it could reach $2,000 and then $2,100.
  • Litecoin's next halving is expected to happen in August 2023. This could lead to a massive price rally.
  • The SEC lawsuit against Ripple is still ongoing, but XRP has been bullish in recent weeks and July may be its month
  • Dogecoin has been bearish in 2023, but it has remained above a key trendline. If Dogecoin remains above $0.068, it may have a real chance of rallying to $0.095

From Bitcoin and Ripple to Dogecoin and Tether, there are thousands of different cryptocurrencies, which makes it overwhelming to enter the crypto world. To help you get started, here's a list of top cryptocurrencies to look out for in July. These cryptocurrencies are Bitcoin, Ethereum, Litecoin, XRP and Dogecoin.

The cryptocurrency market was relatively steady throughout June. Much steadier, compared to March's 13.25% move to the upside, April's 32% rise when Bitcoin first hit $30,000 this year, and May's 10.62% decline as the bears went to work on Bitcoin's price action.

In June, Bitcoin moved to the upside by 16.7% in steady greens after a massive liftoff from the $24,870 lows.

Bitcoin and the crypto market's performance was fueled partly, by the recent rush by Blackrock and several others, for Bitcoin ETFs.

In short, June was fundamentally great for the cryptocurrency market. A new month has dawned on the cryptocurrency market, and there is nowhere else to go but up.

1. Bitcoin (BTC)

The performance of the entire crypto market depends in one way or another, on the performance of Bitcoin. Because of this, it makes sense that the flagship cryptocurrency takes the top spot.

Throughout 2023, Bitcoin's performance has been stellar. Admittedly, Bitcoin's performance has been filled with ups and downs throughout the year.

However, the flagship cryptocurrency's price has risen by a whole 91.75% from January until date, beating indexes, metals and many other tradeable assets by a massive margin.

Bitcoin's price action | Source: <a href='https://www.tradingview.com/chart/CEMRvbZn/?symbol=BINANCE%3ABTCUSDT' target='_blank' rel='noreferrer noopener'>TradingView</a>
Bitcoin's price action | Source: TradingView

A good look at the charts shows that Bitcoin is massively bullish this year.

The flagship cryptocurrency is now facing resistance somewhere around the $31,000 zone.

And who knows? July might be the month Bitcoin finally crosses this hurdle.

You should also know that a breakout from $31,000 will take Bitcoin straight up to $35,000. From this point, $40,000 will become clearer, bringing Bitcoin closer to breaking its $69,000 all-time high before the next halving.

In all, $31,000 is one of the most important support zones for Bitcoin. And Bitcoin is 100% worth looking out for in July.

2. Ethereum

In any list like this, Ethereum almost always comes after Bitcoin.

Just like Bitcoin, Ethereum also has a fairly sizeable stake in the market, with a dominance of 19.3%, compared to Bitcoin's 49.5%.

Ethereum is nowhere near as bullish as Bitcoin this year, but the second-largest cryptocurrency is also a bullish monster in its own right.

Ethereum's performance so far
Ethereum's performance so far

Looking at the charts, we can see that Ethereum has moved to the upside by a whopping 80.45% from January to mid-April, before the decline that brought it to a yearly gain of 62.2%.

On the bright side, Ethereum is currently In an ascending channel as illustrated above.

Just like Bitcoin, Ethereum is currently testing resistance around the $1,920 zone. If the bulls step up to the challenge, ethereum may break out from this resistance line, before rallying further upwards by 20% to the next resistance line around $2,000 – $2,100.

3. Litecoin

Litecoin's next halving continues to draw closer, and the cryptocurrency is starting to catch up to Bitcoin in terms of price and daily transactions.

Coming in third on this list, Litecoin is up by a little above 50% this year alone. However, according to a tweet from IntoTheBlock, Litecoin approached the amount of daily Bitcoin (BTC) transactions in May and has executed more than 500,000 daily transactions for the first time this quarter.

Litecoin currently trades at $111.6 at the time of writing and has had a stellar performance as illustrated above.

In a burst of bullishness, Litecoin broke through the $103 resistance for the first time, after testing it severally since May 2022 (more than a year ago).

Litecoin's performance has been exemplary so far, and the fundamentals of this cryptocurrency are at their strongest this year. The best time to get in is now before the Litecoin halving happens sometime around 2nd August 2023.

4. XRP

XRP has been one of the hottest cryptocurrencies on the market so far.

There has been wide speculation so far, about the SEC's chances of losing the legal battle against Ripple and XRP.

For example, according to this tweet from John Deaton, a lawyer on XRP's side: The outcome of this legal battle will affect the entire cryptocurrency market. According to him, any verdict in favour of Ripple will cause not just XRP to rise, but also Bitcoin, Litecoin, and other cryptocurrencies.

There has been speculation that September 6th this year will be the final judgement day for the three-year battle between the SEC and Ripple.

And so far, news about the court case has positively affected XRP. Therefore July may be one of XRP's bullish months.

XRP price action
XRP price action

 In the charts, XRP is on an ascending trendline, pointing to the cryptocurrency's bullishness.

XRP's RSI also sits comfortably at the neutral zone, with the cryptocurrency's price action holding its head above its 200-day moving average (red line). This indicates that the bulls have a real chance at entering the picture and pushing the price of the cryptocurrency straight upwards to the next resistance around $0.55.

5. Dogecoin

2023 has not been the best year for Dogecoin. However, the cryptocurrency has remained above the descending trendline as illustrated below, throughout the year.

Dogecoin price action
Dogecoin price action

Dogecoin after hitting these trendlines, has moved up by an average of 50%. This means that while Dogecoin is bearish this year, there are a few wins along the line.

Dogecoin, after hitting the descending trendline around $0.053 has risen by 27%.

The cryptocurrency has also cleared the $0.068 resistance, indicating a real chance of further bullishness.

Dogecoin's possible rise
Dogecoin's possible rise

July may be Dogecoin's month, because once the memecoin finalizes its consolidation above $0.068, the next bullish rally is bound to take the memecoin straight up by a whopping 38.5% to the next resistance zone around $0.095.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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