Top 3 Altcoins to Buy Before the Next Recovery Cycle Begins
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Brian Bollinger. The cryptocurrency market has experienced a slowdown in aggressive buying activity since January 2023. This has caused most major cryptocurrencies go sideways or to retrace. This consolidation period could revive the bullish trend and offer traders opportunities to invest in this market. In this piece, we will examine some of the top altcoin cryptocurrencies that have the potential for substantial growth in 2023.advertisementRipple(XRP)Source- TradingviewThe XRP coin price shows the formation of a flag pattern daily time frame chart. The ongoing correction in this coin is part the aforementioned chart pattern that seeks to recover bullish momentum. The XRP coin traded at $0.381 at press time with an intraday gain 0.39%. Trending StoriesThe flag pattern influences the price of XRP, which has a greater chance 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.Chainlink(LINK)Source- TradingviewThe chainlink price is currently rising within an ascending channel pattern. This pattern is showing a steady uptrend over the short term but prices could fall if the support trendline breaks. The LINK price currently trades at $6.95 and has an intraday loss 0.63%. A bearish break below the pattern’s support line will trigger a minor correction. A sustained sell could cause the coin price to fall at 22% to reach a high accumulation zone between $5-5-$5.42. This support level has supported LINK prices for nine months and could provide traders with a pullback opportunity. Concerning the ongoing range-bound rally, the LINK Price is bound to revisit the $9.4 ceiling.Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023Cosmos(ATOM)Source- TradingviewIn 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 current correction in this coin is structuring this pattern’s handle portion, which should help to replenish the exhausted bullish momentum. The coin is currently trading at $13.6. However, with the current correction, it could revisit the $13 and $11.2 support. This pullback will stabilize the bullish trend, bringing more buyers into the market. Interest traders can either buy at the aforementioned support, or wait for the $15.46 neckline breakdown to confirm. The neckline could lead to a bullish scenario.
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. Close Story