With the final week of the final month of Q2 upon us, it becomes certain that Q3 will likely start off volatile. The rising geopolitical tensions have strained the price action of altcoin but key developments on their network will likely drive growth.
BeInCrypto has analyzed three such altcoins for investors to watch as they prepare for important updates this week.
Zilliqa (ZIL)
ZIL has experienced a 20% drop over the past few days, currently trading at $0.0100 and facing resistance at the same price level. Despite this recent decline, the altcoin is expected to see a shift in momentum as Zilliqa officially began migrating to Zilliqa 2.0 on Monday.
A major change with the Zilliqa 2.0 migration is the transition from a Proof of Work (PoW) consensus to a Proof of Stake (PoS) consensus. This upgrade promises to enhance speed, efficiency, and cross-chain compatibility, addressing the current bearish momentum, with the RSI sitting below the neutral mark.
If ZIL’s price recovers, a rise to the $0.0108 resistance level is likely. This would help reverse the 20% losses seen this month, potentially leading to further gains if market conditions align with the improvements brought by the migration to Zilliqa 2.0.
Celo (CELO)
CELO is one of the worst-performing tokens this month, falling to a new all-time low in the past 24 hours. A 9.8% intra-day drop led to the altcoin sliding to $0.236. However, it has since recovered slightly, currently trading at $0.252 as investors monitor its next move.
CELO is preparing for the launch of the Isthmus hard fork, which will go live on the Alfajores testnet this week. This will be the final stage before the upgrade hits the mainnet, potentially sparking renewed investor optimism. The fork is expected to improve CELO’s network and functionality.
If the Isthmus hard fork is successful, CELO could recover and target the resistance at $0.261. Breaching this level and flipping it into support would pave the way for a rise to $0.282. However, if the token fails to break $0.261, the altcoin could fall back to the all-time low of $0.236, invalidating the bullish outlook.
Cardano (ADA)
Cardano’s price has dropped 24.3% over the past 12 days, currently trading at $0.546. However, the altcoin is holding above the key support of $0.540, which could act as a foundation for a rebound. Investors are watching closely as Cardano prepares for the launch of Reeve.
Reeve will allow organizations to transparently publish and verify financial information on-chain, enhancing trust and accountability in financial reporting. This feature is expected to boost investor confidence, potentially helping Cardano recover. If ADA holds above $0.540, it may rise to $0.572, with a further push to $0.608 if bullish momentum continues.
If Cardano fails to capitalize on the momentum from the Reeve launch, it could fall back to $0.500. However, the RSI currently sits in the oversold zone, suggesting that a price reversal may occur in the coming days. This could provide Cardano with the momentum it needs to regain ground and continue its recovery.
Disclaimer
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