The crypto markets will most likely experience a significant upward trend in the next few months, which could be confirmed as a bull run. Although major cryptocurrencies like Bitcoin and Ethereum have primarily overcome unfavorable market conditions, several notable alternative coins seem poised for a significant surge.
These altcoins may be less well known, but they are slowly gaining momentum within the crypto industry and show excellent growth potential.
Matic’s performance for the past few months has been chiefly a successive run. At the beginning of the month, the price of Polygon fell below the neckline at $1.18, and soon dropped below $1.
However, the price quickly bounced back and increased by over 30%, surpassing $1.25. Although the price correction was quite minor, there has been a positive change, which could lead to an increase toward the $1.5 mark shortly.
Furthermore, Polygon has a significant distance to cover this year to achieve the minimum forecast of approximately $1.65 by the end of 2023. This means that the cryptocurrency must maintain its upward momentum, and by the looks of it, the crypto displays great potential of reaching its mark.
Binance Coin (BNB)
Among altcoins, BNB has to be one of the most popular of the bunch. Since its initial launch, the crypto has shown significant progress, and there’s room for improvement in the future.
Since its rebound in July 2022, the price of BinanceCoin has experienced an impressive increase within an ascending rising triangle. Although the price is trying to break through the triangle's upper resistance, the bears seem more active, resulting in the price hovering within the resistance zone.
Additionally, the RSI is weakening, indicating a potential bearish decline in the near future. This could cause the price to drop slightly, but the increasing bullish pressure persists, which suggests that any pullback may not last long. If there is a bullish reversal, BinanceCoin's price could break the resistance level at around $338 and rapidly increase to reach $360 approximately shortly.
Since the start of 2023, the price of ADA has demonstrated considerable strength and experienced a significant surge. In addition, the price has formed a pattern of an inverse wave and has tested the lower support, which has resulted in a rebound. At present, it seems that Cardano has primarily overcome the negative impact of bearish trends, and there may be a significant increase in the value of ADA soon.
Additionally, the ascending triangle formation could sustain the upward trend and drive prices higher until they reach the pattern's upper limit, resulting in a bullish breakout.
XRP Ledger (XRP)
As Bitcoin's price surged above $26k, XRP attempted to rise above the $0.4 mark but was unsuccessful. This rejection caused the price to drop over 8% and initiated a descending trend that may push the price toward the lower support level. Currently, XRP is struggling to remain above the interim support at around $0.35, but there is a possibility of a minor upward trend in the near future. Moreover, the token may rise back to approximately $0.38 within the next few days.
The XRP price could continue its bearish trend that started after being rejected at the local high of $0.4. However, if the price experiences a bullish reversal, it could lead to a significant upswing toward the resistance zone above the $0.38 mark along the trend line. On the other hand, rejection is possible, causing the price to drop lower than its current level.
This trend may persist until the price reaches the major support zone between $0.3333 and $0.3375. Before reaching these levels, XRP bulls are expected to enter and stabilize the price to prevent further losses. Although the XRP price may have higher targets, there may not be enough bullish action to support it.
The current situation of the Apecoin price can be compared to the opening scene of Indiana Jones, where the protagonist has to run to avoid a colossal boulder crushing him. Bulls might be feeling the same way, as the price has been declining for four consecutive days. The price has suffered a loss of over 10% from its peak, and it would be unwise for any bull to start buying at this point.
APE is positioned for a further decline, offering two options for bullish traders to determine where to enter the market. The first option is to buy at the monthly S2 support level, which is approximately $3.85, as this level may cause a technical rebound. The second option is to purchase at the March low, which is about $3.70, as the Relative Strength Index (RSI) will have likely reached the oversold area by then, making it a more reasonable choice.
The current trend indicates a shift in sentiment as US stocks show a strong upward movement in early morning trading. The same pattern is observed in Europe, where investors are showing a preference for taking risks on this Tuesday. This could encourage bullish investors to start buying in large quantities, driving APE (presumably a stock or asset) to soar toward the $4 mark by the end of the US session later today.
The road ahead
The crypto market as a whole is showing positive growth, with both well-known and lesser-known altcoins thriving, showing potential for future growth.
With the current recognition of crypto among investors and beginners, it leaves room for increased demand for big coins like BTC and altcoins like APE, ADA, BNB, and more.