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Amid the US bank crisis, a majority of major cryptocurrencies witnessed significant inflow indicating the increasing adoption of digital currency. This sudden uptick triggers a recovery sentiment in the market and could assist buyers to regain lost ground. Amid this recovery, we will analyze top cryptocurrencies that can offer a massive return in 2023
The ongoing downtrend in Algorand price reached a crucial bottom pattern of $0.154. This accumulation held the coin price during the whole 2020 sideway trend and replenished the bullish momentum to trigger the 2021 bull run.
Thus, the ALGO price turned sideways above this support indicating the exhausted bearish momentum and allowing interested traders to enter the market. A bullish divergence in the monthly RSI slope indicates gradual growth in underlying bullishness which hints at an early sign of a trend reversal.
For the past nine months, the XRP price has maintained suitability above the $0.31 support. Amid the ongoing recovery in the market, if the coin price rebounded from this support, the monthly chart revealed the formation of a double-bottom pattern.
A potential bullish breakout from the $0.55 neckline resistance of this bullish reversal pattern could initiate a bull cycle in XRP.
The XLM price downtrend started showing short red candles in the monthly chart, and gradually turning sideways above the crucial support of $0.07 indicating the exhausted bearish momentum.
This price behavior indicates the XLM coin is entering an accumulation phase which will attract new buyers to enter the market. Thus, after a potential sideways trend above $0.07 or $0.04, the XLM price should start a parabolic uptrend toward its ATH.
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The Solana coin price witnessed an overextended selling for its relation with crypto exchange FTX, which crashed in November 2022. However, with Solana’s operations still on track, its coin should gradually regain its original market value.
As of now, the Solana price shows sustainability above $8.25 support and showcases attempts to reclaim higher ground. However, the coin price is expected to go sideways above the aforementioned support for a few weeks before it surpasses the $28 barrier.
This accumulation phase will allow investors to add Solana at a highly discounted price which will eventually lead to a significant uptrend.
Uniswap price have been in a sideways trend for nearly a year now. This long accumulation phase revealed the formation of a symmetrical triangle pattern in the monthly time frame chart.
During the January recovery, the coin price breached the upper trendline of this pattern, indicating the release of trapped bullish momentum. This breakout should drive a significant uptrend and encourage UNI to reclaim higher grounds.
The post 5 Cryptocurrencies That Can 100x In 2023 appeared first on CoinGape.
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