Published 11 mins ago
Top 5 Altcoins That May Skyrocket In 2023: The recent growth in the majority of cryptocurrencies since January 1st has created a sense of recovery sentiment in the crypto market. Thus, amid this recovery, we are picking up the top crypto coins which are following the famous bullish pattern called the falling wedge. Under the influence of this pattern, the selected coins could witness massive gains in 2023.
About The Falling Wedge Pattern
This pattern displays itself when an asset price is wobbling between two converging trend lines. With these trendline extending downwards, this pattern often showcases an established downtrend and provide a discount opportunity to market participants. Furthermore, the most common outcome of the pattern is a bullish breakout from the resistance trendline, triggering a fresh recovery rally. This breakout signals a switch in market sentiment from selling in rallies to buying on dips. In addition, the lower high formation during this pattern also acts as a potential target upon breakout.
Ethereum(ETH)
Source- Tradingview
With the recent recovery, the Ethereum coin price shows a strong green candle in the monthly time frame chart, This bullish candle breaks the long-coming trendline of the wedge pattern hinting at an early sign of trend reversal.
The ETH price currently trades at the $1558 mark and is discounted 68.12% from the all-time high of $4891. Thus, with sustained buying, the coin price should chase the potential targets of $2140, $3630, and $4680.
Ripple(XRP)
Source- Tradingview
The Ripple(XRP) coin price has been wobbling within the wedge pattern for nearly two years. Amid the new year recovery, the price shows a breakout attempt from the pattern trendline, which could ring a recovery opportunity for XRP holders.
The coin price currently trades at the $0.4 mark and is 89.37% down from All time high of $3.84. Thus, a monthly candle closing above the downsloping will accelerate the bullish momentum and offer an entry opportunity for sidelined buyers.
Under the influence of a wedge pattern, the potential target for XRP price could be $0.56, $0.936, $1.36, or $1.9.
Cardano(ADA)
Source- Tradingview
In response to the falling wedge pattern, the Cardano coin price showcased a steady downtrend for the past seven months, On January 12th, the Cardano coin price offered a bullish breakout from the long coming trendline, offering an entry opportunity for sidelined traders. So far, the post-retest rally has surged the coin price 12% higher to currently trade at the $0.36 mark.
Furthermore, if the buying pressure persists, the coin price could rise to the $0.43, $0.58, or $0.67 mark.
Polkadot(DOT)
Source- Tradingview
The Polkadot coin price currently exchanges hands at $6.27 and is discounted 88.6% from an all-time high of $55.
On January 14th, the prices provided a massive breakout from the pattern resistance trendline and pushed the post-retest to rally 17% higher to hit the local resistance of $6.7.
Anyhow, in response to the wedge pattern breakout, the prices could extend the bull run to $7.3, $9.6, or $11.8.
Aave(AAVE)
Source- Tradingview
The AAVE price monthly chart showcases one of the textbook examples of a falling pattern. The coin price has been resonating within this pattern for nearly two years and has tumbled its market value by 87.77%.
The recent recovery in the crypto market bolstered coin buyers to breach the pattern’s resistance trendline, suggesting an upcoming recovery in AAVE price.
This altcoin currently trades at the $81 mark and provides potential targets of $114, $250, $425, or $584.
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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