It’s been a wild ride for cryptocurrencies in 2023. Prices have fluctuated wildly, and there’s been no shortage of newsworthy events. But despite all the turbulence, cryptocurrencies are still here and still going strong. In this article, we’re going to take a look at the top 10 cryptocurrencies by market capitalization and see how they’ve fared in 2023.
We’ll also provide an in-depth price analysis for each of the top 10 cryptos, so you can get a better idea of where they might be headed in the future. So without further ado, let’s get started!
Just what does the recent price study reveal?
Traders frequently place more emphasis on the promising future prospects than the short-term drawbacks because the cryptocurrency and stock markets are frequently forward-looking. Analysts are beginning to focus more on this as 2024 brings about the next halving of Bitcoin.
Bitcoin’s price grew by 234% and 316%, respectively, in the years leading up to the last two halving occurrences, according to market analyst Rekt Capital. Bitcoin might experience a similar price spike in 2023 if history is any indication.
The Consumer Price Index (CPI) data set, which will be issued on January 12th, suggests that short-term market conditions may be volatile. The significance of the over 50% increase in altcoin trading volume has also divided commentators. Contributor to CryptoQuant Maartunn has issued a warning that the market may experience “additional fall” as a result of strong altcoin dominance.
Industry observers are keeping a careful eye on the issue that is developing at the Digital Currency Group (DCG). The DCG, Genesis, and Gemini overhang may “play out in the next quarter,” according to Mike Novogratz, CEO of Galaxy Digital Holdings, in an interview with CNBC on Jan. 10. Novogratz does not anticipate “a lot of selling,” but the situation may nonetheless have a negative effect on the market.
Will stronger selling occur at greater levels if Bitcoin and other cryptocurrencies recover further? Let’s look at the top 10 cryptocurrency charts to find out.
The list of 10 cryptocurrencies for the year 2023
Cryptocurrencies made a huge splash in the past year and it doesn’t seem like the hype is going anywhere. With more and more people investing in digital currencies, it’s important to know which ones are the most promising. Here is a list of 10 cryptocurrencies that are worth watching in 2023:
BTC/USDT
Given that the price regained support and recovered on January 10, it suggests that the bears were unable to completely take advantage of the plunge near $17,400 on January 9. This shows that the market is still under heavy bullish pressure. The purchasers are most likely to attempt to keep the present relief rally going.
Right now, the market is showing that bulls are in charge. The relative strength index is over 66 and has moved up for the past 20 days. This implies that the BTC/USDT pair might increase to $17,850. The following level might be $18,388 if this one gets scaled. If the price declines and breaks through the moving averages, it may indicate that the pair may trade in a range between $16,256 and $18,388 for a few more days.
ETH/USDT
Over the previous two days, the price of the cryptocurrency Ether (ETH) has fluctuated close to the $1,352 overhead resistance. The relative strength index (RSI) is close to overbought area and the 20-day exponential moving average (EMA) ($1,261) has begun to turn up, indicating that the path of least resistance is upward.
Price movement above $1,352 and a break of the downtrend line could indicate a trend change. 1 ETH/USDT could increase to $1,700. If that threshold is crossed, $1,800 might be the next objective. But in this area, bears are probably going to put up a good fight. The price could retest the moving averages, though, if it drops back from the overhead barrier. It would be possible for the sideways movement between $1,352 and $1,150 to last a little while longer if these support levels were to fail.
BNB/USDT
BNB’s price has decreased somewhat from $283 on January 9 but is still above the 50-day simple moving average (SMA) of $269. This indicates that the market is still rather positive. The bulls will try to raise the price back above the $283 overhead resistance. Depending on their success, the BNB/USDT pair may increase to $300 and eventually $318. The bulls are in charge, as seen by the rising 20-day EMA ($261) and the strong RSI reading.
Although things are looking well right now, if the price drops below the moving averages, this could change. The pair is likely to fall below the $250–236 support area if this occurs. In order to prevent a slide to $220, the bulls are expected to fight to hold this level.
XRP/USDT
Bulls have raised the price of XRP above the triangle and the 50-day simple moving average ($0.37) on January 11. XRP has been trading inside a symmetrical triangle for the previous few days.
Bulls have a chance to push the price up to $0.42 if they can keep it above the triangle. This level, though, can be a significant challenge. The XRP/USDT pair might potentially increase to $0.51 if buyers can get through it. Momentum currently favors buyers, as seen by the fact that the RSI is currently in positive territory.
The upward momentum must be stopped if bears want to see the price return to the triangle. If they are unsuccessful, the price could continue to fall until it reaches the 20-day exponential moving average ($0.35) and eventually the support line.
ADA/USDT
Cardano ADA’s price is currently $0.331, down from its most recent high of $0.352. Since the middle of December, the market has been trending downward, and it now seems to be stabilizing in the shape of a falling wedge. Even though there was a breakout on Jan. 9 and 10, the bulls were unable to maintain the momentum, indicating that there may be some reluctance to buy at the present prices.
On January 11, the bears are attempting to pull the price back into the wedge, which might send the ADA/USDT pair down to the moving averages. However, if the bulls are successful in pushing the price above $0.35, it can try to climb higher to $0.44. The pair might drop to $0.24 if the price breaks below the moving averages, though, which would indicate that the breakout was a bull trap.
DOGE/USDT
Currently, the price of Dogecoin is $0.08, slightly below the $0.08 overhead barrier. This level is aggressively guarded by bears, as evidenced by the lengthy wick on the candlestick. Based on the 20-day EMA’s flatness and the RSI’s proximity to the midpoint, the sideways trend might last for a while. The price may change between $0.08 and $0.07 if this is the case. The price may rise from its current level and surpass the 50-day SMA ($0.08), while this possibility is also present. This would indicate that the correction may have ended if it happened. Under these circumstances, the price might rise to $0.11.
MATIC/USDT
Polygon’s ($0.9113) recent price movement implies that bulls are attempting to drive prices higher. Since January 9, the 50-day SMA ($0.84) has served as a resistance, but recent market movement implies that the bulls are attempting to drive the prices higher. This can indicate that the moving averages are poised to change from resistance to support.
Given that the price is progressively rising and the RSI is in positive zone, the bulls are in the lead. If the bulls are successful in pushing the price above $0.88, the pair may rise to the overhead resistance at $0.97. However, this level might be a significant barrier. If overcome, the increase might reach $1.05. The pair may drop below the 20-day EMA on the downside if the bears manage to push the price below the 50-day SMA. The pair may continue to fall to $0.75 if this support fails.
LTC/USDT
Near the $85 level, Litecoin is currently encountering resistance, although bulls have not given much ground, suggesting that purchasers are not yet taking profits. This implies that they anticipate a rise in price.
The LTC/USDT pair is expected to continue rising, according to market indications. A rally towards the $100 level might occur if purchasers can raise the price above the $85 mark. Bears may be active at higher levels, and the pair may drop down to the moving averages if the price reverses from current levels or fails to sustain over $85. Bulls may be buying the dips if the price bounces off this support, which might lead to a retest of $85. The pair might, however, drop below $61 if the price falls below the moving averages.
DOT/USDT
The lengthy wick on the day’s candlestick shows that selling pressure swiftly followed DOT’s recent price gain above the 50-day SMA ($4.92) on January 9. A bearish setup is indicated by the Polkadot price’s current trading below the 50-day and 20-day simple moving averages (SMAs). The bulls are defending the $4.70 level, though, and are not giving up easily. This means that the bulls will attempt to push the pair back above $5.10 without making a hasty retreat. The pair may climb to the downtrend line if they are successful. A break below $4.22 could render this optimistic outlook invalid.
UNI/USDT
Uniswap UNI tickers have been fluctuating in price between the moving averages for a while, but on January 8, they broke through and closed above the 50-day SMA ($5.58). This suggests that the doubt has been settled in the bulls’ advantage.
The resistance line of a symmetrical triangle pattern is currently being approached by the UNI/USDT pair. Bearish market forces have challenged this resistance level in the past, so it’s probable that they’ll try to drive the price lower once more. The price may indicate that traders are buying on dips if it bounces off the moving averages. This might make the pair’s breakout above the triangle pattern more likely. If this occurs, the price may begin to increase toward $7.80. The pair, however, may stay inside the triangular formation for some time longer if the price reverses from the current level or the resistance line and breaks below the moving averages.
Cryptocurrencies You Should Look Into Buying In 2023 [Read More..]
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