Brian Bollinger
Published 22 mins ago
Top Altcoins Expected To Boom In 2023: With the upcoming FOMO meetings and several other global events, the crypto market has witnessed uncertainty in market sentiment. Since the third week of 2023, a majority of major cryptocurrencies have shown limited growth and even a possibility for minor correction. As a result, today we will analyze some of the top altcoins that could continue their bullish recovery in February 2023
Avalanche(AVAX)
Source: Tradingview
The AVAX price seems less affected by the ongoing uncertainty in the market, as it maintained a strong recovery till the fourth week of 2023. On January 27th, the coin price gave a massive breakout from the $20-$19.7 neckline resistance of the rounding bottom pattern.
Over the past three days, the coin price has also retested the breached resistance as potential support, and the lower price rejection observed in the daily candle hints at price sustainability. Thus, in the ideal bullish scenario, this pattern breakout should lead to a price rally of 51% higher to hit $30.
Conversely, a breakdown below $20-19.7 will encourage a price correction.
Polkadot(DOT)
Source- Tradingview
On January 14th, the Polkadot coin price gave a bullish breakout from the trendline resistance of the falling wedge pattern. This breakout was supposed to intensify the bullish momentum and trigger a significant price rally. However, with the upcoming FOMC meeting this Wednesday, the market uncertainty stalled DOT price growth at $6.7.
On January 30th, the coin price reverted from the aforementioned resistance and reached the current price of $6.2. Therefore, if the daily closes below $6.2, this temporary correction will extend to $5.67 or breach the trendline.
Anyhow, in favorable bullish conditions, the potential rally from the pattern breakout should drive the price 90% higher to $11.87.
Also Read: Top 10 DeFi Lending Platforms In 2023
TRON(TRX)
Source- Tradingview
On January 11th, the TRON coin price gave a bullish breakout from the long coming trendline of a descendant triangle pattern. So far, the post-retest rally surged the coins 16.8% to hit the $0.065 mark.
However, with the current indecisiveness in the market, the coin price continues to walk sideways in a narrow range below the $0.065 ceiling. If the selling pressure persists, the prices could plunge to the $0.6 mark.
Anyhow, this correction should refresh the bullish momentum for a sustained rally in the long run. The post-correction rally could push the TRX price 47% higher to hit $0.092
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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