Published 41 mins ago
The cryptocurrency market has seen a slowdown in the aggressive buying activity observed in January 2023, causing most major cryptocurrencies to go sideways or retrace. However, this period of consolidation could revitalize the bullish trend and provide traders with opportunities to invest in the market. In this piece, we will examine some of the top altcoin cryptocurrencies that have the potential for substantial growth in 2023.
The XRP coin price shows the formation of a flag pattern daily time frame chart. Thus, the ongoing correction in this coin is part of the aforementioned chart pattern meant to recuperate the bullish momentum.
This minor retracement is led by two parallel trendlines extending downward and has tumbled the coin price by 11.45% in the last three weeks. By press time, the XRP coin traded at the $0.381 mark, with an intraday gain of 0.39%.
Under the influence of the flag pattern, the XRP price possesses a higher possibility of an upside breakout. This, a daily candle closing above the overhead trendline, will accelerate the buying pressure and signal the resumption of prior recovery.
Therefore, in an ideal bullish scenario, the post-breakout really may drive the XRP price to the $0.5 mark.
The chainlink price is currently rising within an ascending channel pattern. Though this pattern carries a steady uptrend in the short term, the prices are poised for a strong downfall upon the breakdown of the support trendline.
As of now, the LINK price trades at $6.95 with an intraday loss of 0.63%. Thus, a bearish breakdown below the pattern’s support trendline will trigger a minor correction. With sustained selling, the coin price could tumble at 22% to revisit a high accumulation zone of $5-5-$5.42.
This support level has supported the LINK price for the past nine months and could offer a pullback opportunity to traders. Concerning the ongoing range-bound rally, the LINK Price is bound to revisit the $9.4 ceiling.
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In the last three months’ price action in the Cosmos coin, the daily time frame chart shows the formation of the cup and handle pattern. The ongoing correction in this coin is structuring the handle portion of this pattern, which should replenish the exhausted bullish momentum.
By the press time, the coin trades at $13.6, but with the current correction, it may revisit the $13 or $11.2 support. This pullback should stabilize the bullish trend and bring more buyers into the market,
Thus, the interest traders can buy at the aforementioned support or wait for the $15.46 neckline breakdown for extra confirmation. In a favorable bullish scenario, the neckline may lead the price to $22.6
On a contrary note, a breakdown below $11.2 will offset the bullish thesis.
The presented content may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.