Most of the cryptocurrency market entered 2023 with great optimism. Because most of the Bitcoin and altcoin projects started to show good results on charts covering several time periods. Crypto analyst Valdrin Tahiri examines strong rising Threshold (T), eCash (XEC), Axie Infinity, (AXS), Aptos (APT) and Phantom (FTM). Crypto analyst Christian Encila is considering Cardano (ADA) and ApeCoin (APE).
A very profitable altcoin in the market: Threshold (T)
On January 13, altcoin price broke out of a descending resistance line. Three days later, it reached $0.065. However, it formed a long upper wick and is currently trading at $0.053. Therefore, the price failed to rise above the $0.053 zone, which has been in effect since May 2022. If it breaks out successfully, the next resistance will be at $0.082. On the other hand, a rejection could lead to a decline towards the 0.5-0.618 Fib retracement support area at $0.034-0.040.
Altcoin reaching all-time high: Aptos (APT)
cryptocoin.comAs you follow, the price of APT has increased by 493% since the beginning of the year. It reached an all-time high of $20,400 on January 26. The high was made very close to the 2.61 external Fib retracement of the previous drop (white). On the same day, the price created a bearish shooting star candlestick. If a downside move follows this, the nearest support area will be $13,202. On the other hand, if altcoin price continues its uptrend, it could rally to the external Fib retracement of $3.61 from $28.565.
Phantom (FTM) clearing large resistor
The altcoin price has rallied at an accelerated rate since it diverged below and subsequently reclaimed the $0.20 horizontal support area. Before this price action there was a bullish divergence in the RSI. The indicator is now trending bullish by breaking above 50. Currently, the digital asset is in the process of reaching a weekly close above the $0.41 resistance. If it does, it could rally to the next resistance at $1.10. On the other hand, a weekly close below $0.41 could lead to a retest of the $0.20 support area.
Axie Infinity cleared the main resistor
AXS price broke out of a descending resistance line on Jan. It has been rising since then and broke above the $10 horizontal resistance area on Jan. The region is now expected to support it. Despite the breakout, the crypto asset failed to clear the 0.618 Fib retracement resistance level at $14.29. If it successfully climbs above the $14.29 resistance area, altcoin price could rally to $20.65. On the other hand, failure to do so will likely lead to a retest of the $10 support area.
eCash (XEC) struggles with resistance
Similar to APT and AXS, eCash price also broke out of a descending resistance line on January 23. The upward move has continued since then, with XEC price reaching $0.000045 three days later. However, the price failed to break out of the $0.000045 resistance area and created a long upper wick. A successful breakout could take XEC price to $0.000060, while a rejection could result in a drop to $0.000030.
Altcoin with bullish potential: Cardano (ADA)
ADA was trading at $0.3791, up about 12% over the past seven days. Although the price of the asset has dropped 88.33%, many are confident that the launch of the Djed stablecoin next week will provide the necessary boost to $1. Cardano’s update to Blockchain is the latest in a long series of developments making it one of the most proficient layer one networks in the cryptocurrency industry. While the technical data alone shows ADA (along with the majority of the market) is pretty late for a significant rebound, its fundamentals point to sustained price increases this year.
ApeCoin (APE) as the latest altcoin
Controversial ApeCoin, which received a lot of negative press during its launch and throughout 2022, reported a 32% gain last week. APT is currently trading at $6.35, representing a 4.7% price increase over the previous 24 hours. The price of ApeCoin has fluctuated between $5.35 and $6.0 since January 23. However, APE surpassed this range and reached $6.40 after BTC crossed $23.5k.
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