Bitcoin has inspired an explosion of other cryptocurrencies since its invention in 2009. There are more than 6000 altcoins, hence investing in cryptocurrency gives an individual, an opportunity of diversifying his/her investment with cryptocurrencies that has potential futures.
In most cases, there is always confusion on which coin that has potential futures that an individual can invest in due to their multiple availabilities. Well in this article, we will be making listing the top 10 coins to look into in 2023 together with their predictions and analysis which would help to clear this confusion to make the right investments (The Benefits Of Investing In Altcoins: How To Diversify Your Cryptocurrency Portfolio) and choices.
BITCOIN ($BTC):
In 2009, an anonymous called Satochi Nakamoto created Bitcoin. Bitcoin works on a technology called blockchain. As of 2015, an individual can buy Bitcoin at $500. Currently, as of May 2023, the price of one Bitcoin cost $26,000 plus. That’s a potential growth in the price of Bitcoin in the past few years.
There has been a sudden drop in the price of Bitcoin recently. They were moving from the support level at $25,000 on June 2023. At this support level, the bulls are trying to keep the support level at that price region. Although, on the moving average the price is facing selling pressure as the bears are trying to tweak the price to the $25,000 area.
$25,000 will be the key price level as any drop will lead to a $20,000 price region. The bulls need to aggressively buy the dip round $25,000 region in other to keep the support line. If the support line is been maintained we may see a $BTC rally up to $31,000.
$BNB (BINANCE COIN):
BNB is the native token of the Binance exchange, and it was launched in 2017 by CZ. It was built on the Ethereum blockchain. Binance gave out over 100 million worth of BNB coins during its initial stage of launch. As time goes on, the exchange bought the coins certainly and burn them back as it helps to increase the value of the coins in circulation. Binance coin is a utility coin, hence it has a good potential future.
As of June 5th, the price of BNB dropped sharply below the support level of $280. There was a quick reversal but the bears don’t allow the uptrend to stand strong as it quickly moved below the support level. If the bulls want the price to trade above $280, then they need to buy aggressively to move the price in an uptrend direction. If they can increase the price, BNB will be trading above $300.
$ETH (ETHER):
$ETHER has real-life use cases because of the possession of smart contracts together with other features. It was created by a Canadian developer called Vitalik Buterin in 2013. Over the recent years, $ETH has experienced tremendous growth in prices (on August 7th, 2015 it was trading at $2.77 and presently trading above $1700 at the time of typing) and in other areas.
As of June 4th $ETHER dropped in price below the resistance level forming a line of falling wedge pattern. Bulls tried to pump the price up above the resistance level unfortunately there was a high selling pressure from the bears. Well, buyers are expected to move the price up above $1900 to keep the uptrend movement.
$MATIC (POLYGON):
It utilizes sidechains for off-chain computations, this is achieved by scaling layer2 scaling solutions. It ensures asset security by proof of stake validators using a decentralized network and plasma framework. It provides interoperability features alongside scalability to an existing blockchain.
On daily candlestick, the bulls are aggressively purchasing the dip when the price dropped to $0.77 as of June 9th. Buyers tried to maintain the price above the resistance level at $0.82 but bears continue dragging the price down to about $0.79. well, in a short time, the price can be moving to $0.94.
$ADA (CARDANO):
$ADA was created using Haskell programming language. This language helps to reduce the risks of errors. It uses innovative proof of stake algorithm called ouroboros, which is the most measure for users. The dream of the $ADA project is to put together the properties of $LTC, $BTC, and $ETH into one cryptocurrency.
The bear market took the price of $ADA below $0.33 and it may move in an uptrend direction to hit a support level at $0.33
SOLANA ($SOL):
It uses a network timestamp system called proof-of-History. Solana is a high-speed single-layer blockchain, currently supporting a peak capacity of 64k transactions per second. It uses smart contracts, it helps to power decentralized finance (DEFI), and it uses decentralized apps (DAPPs).
The support level of $SOL was recently broken at $18.50. This was the result of bulls not being able to maintain the level at $20.30. If the price continues moving in a downtrend and without reclaiming the support level, it may get to $15.20 but if it should reclaim it, it will make a demand at a lower level. If bulls move the price to above $22.50, $SOL may later make a strong uptrend movement to $28.00.
LITCOIN ($LTC):
It serves as a similar use case to that of Bitcoin. As a fork of Bitcoin core, $LTC featured several improvements upon the original Bitcoin protocol including reduced block time, increased total supply, and a different proof of work algorithm.
Bears are trying to drag the price of $LTC in a downward direction. At this level, bulls need to defend and keep the price in an uptrend direction. At this moment, the price of $LTC may fall to $75 and thereafter to $64.50. If the price turns up from the present level or the uptrend line, $LTC will remain stuck inside the triangle for a while. For the next uptrend movement to occur, the bulls need to push the price up aggressively.
$DOT (POLKADOT):
It is a multichain system that enables communications and information sharing between various blockchains. It seeks to develop a network of interconnected chains that is scalable and functional. Due to its unique strategy, $DOT has attracted attention. $DOT sub-chain and its integration could skyrocket the price in the future.
Recently, the price of $DOT dipped to $5.17. fortunately, it pumped back and moved in an uptrend direction above the support level. Dumpers tried bringing the price down below $4.00. On the EMA the first stage of resistance to look into is $5.30, a movement above that will minimize dumping and will trigger an uptrend movement to above $5.60
RIPPLE ($XRP):
The main objective has always been to increase the intrinsic value of its currency and trading technologies, as well as take the adoption of cryptocurrencies to a new level.
The bears are moving the price in a downward direction. They have been selling, dumping their bags around resistance levels between $0.30 and $0.56 intact. Although bulls have to take the price in an upward direction if that is done, the movement to an uptrend direction will commence.
Chainlink ($LINK):
This is a decentralized Oracle network that enables smart contracts to communicate with external APIs and real-world data. Projects in decentralized finance have largely embraced it. The expansion of the decentralized finance market and $LINK capacity to deliver trustworthy and secure data. With its peculiar features, the $LINK price will be in an uptrend direction crossing its support level to $6.74.
The information given above is for educational purposes only!!! Do not take it as any investment advice. The thoughts, opinions, and other things expressed here are based on the writer’s view via technical analysis, fundamental analysis, and research.
