Top 5 altcoins to watch in 2023

Alternative coins (altcoins) have remained under pressure for several months, a situation complicated by the extensive cryptocurrency bear market. Indeed, in the past, altcoins rose thanks to interest from retail investors, but they failed to pick up as the crypto market was hit with cases such as the collapse of the FTX exchange and rising inflation.

However, cryptocurrency investors are hoping that 2023 will bring positive news and be behind the 2022 selloff. Along these lines, in a January 1 YouTube video, crypto trading expert Michaël van de Poppe identified specific altcoins to watch out for in 2023. Below are the altcoins identified by the analyst:

chain link (LINK)

According to Poppe, Chainlink (LINK) is currently in an accumulation zone like the general market. He noted that the token is likely to fall in the range of around $4 to $5 and will benefit from a possible easing rally once the Federal Reserve slows its monetary policy.

Meanwhile, he noted that the token exhibits a historical cycle similar to the one recorded in 2019.

With the analyst projecting further correction for LINK, he suggested that the token could interest investors focused on decentralized finance (DeFi). He said that 2023 would probably be the best moment to build up LINK, and said that the asset would probably take off in 2024 or 2025.

At press time, LINK was trading at $5.60, with a correction of about 0.4% in the last 24 hours. At the current price level, Poppe said that LINK faces resistance around $7.80, and a breach of the level could lead to a further continuation with a focus on $16.85.

On technical analysis, LINK’s summary of the one-day daily gauges from TradingView recommends ‘sell’ at 14 while moving averages go a ‘strong sell’ at 13. For oscillators, the meters are ‘neutral’ at 8.

Polka Dot (DOT)

Poppe pointed out that the interoperability blockchain token is being hammered by the crypto price movement, saying it is being stretched irrationally. In addition to the prevailing bear market, the analyst noted that DOT is affected by the lawsuit against the Gemini crypto exchange, considering the relationship between the two entities.

While projecting a relief rally later in 2023, Poppe projected that DOT could yield between $16 and $24. At the time of publication, DOT was trading at $4.35, recording daily gains of approximately 0.37% within the past 24 hours.

Elsewhere, DOT’s technical analysis summary for the ‘sell’ sentiment is at 13, while moving averages for a ‘strong sell’ are at 13.

Cosmos (ATOM)

Similarly, for Cosmos (ATOM), Poppe said the price movement could repeat the 2019 and 2020 trading patterns where the asset consolidated before rebounding. He suggested that ATOM at the current price presents an opportunity for investors to accumulate while predicting that the asset is likely to rise to a region above $25 in the event of a relief rally.

However, he expressed skepticism if the current price movement could lead to a bottom. Currently, ATOM is trading at $9.45 with minor gains of 0.65% in the last 24 hours.

As ATOM consolidates, the sign’s summary of daily technical analysis on TradingView is for ‘sell’ at 10, similar to moving averages at 8. The sign’s oscillators recommend a ‘neutral’ sentiment at 8.

Binance Coin (BNB)

In addition, Poppe said that Binance Coin (BNB) should form part of any portfolio because it is provided by the largest crypto exchange Binance. Along these lines, the analyst believes that BNB could benefit if the general crypto market rallies again. However, he cautioned that BNB outlook largely depends on how Bitcoin (BTC) performs.

At the same time, as reported by Finbold, crypto experts at TradingShot have projected through TradingView that BNB could be one of the best investments in 2023.

BNB continues to consolidate and is trading at $245 with a correction of about 0.5% in the last 24 hours.

Furthermore, BNB technical analysis summary on a daily basis goes for the ‘sell’ sentiment at 15 while moving averages are for ‘strong sell’ at 14. On the other hand, the oscillator gauges are for neutrality at 9.

Rocks (SKL)

Finally, the trade expert noted that interoperable, multichain network Skale (SKL) has the potential to rally, citing the strong foundation of the platform. He suggested that if SKL breaks the $0.025 resistance, it will take the previous highs and start rallying towards the $0.20 zone. Currently, SKL is trading at $0.02.

Despite the analyst identifying SKL’s fundamentals as a critical trigger for the rally, the token’s technical analysis summary on TradingView is in line with ‘sell’ at 16. Moving averages are for a ‘strong sell’ at 14, while oscillators for ‘buy’ are at 4. .

Finally, the highlighted altcoins movement will be largely determined by how the general crypto market reacts to prevailing factors such as macroeconomic elements such as rising inflation. Furthermore, the market is still feeling the effects of the FTX crypto exchange explosion, and how the matter is settled will be key.

Disclaimer: The content on this website should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.