According to crypto analyst Danielle du Toit, 5 altcoins show some promise as they trade above the 200-day SMA. Analyst Ekta Mourya explains three altcoin projects that will be bought in 2023 if the bull rally continues.
Altcoin projects giving a bullish signal
Currently, there are five altcoins that show some promise as they are trading above the 200-day SMA. This is often considered an important indicator for determining whether an asset is in an uptrend or a downtrend. The five altcoins with the potential to move up are TRON (TRX), Enjin (ENJ), Solar (SXP), Ontology (ONT), and Cosmos (ATOM).
Since the altcoin has been trading above the 200-day SMA since Jan. 26, TRON is considered to have the biggest chance for a massive price increase. TRON is currently facing a hurdle near $0.0645. But if the crypto can reverse this, the TRON price could rise by 12%.
ENJ has also crossed its 200-day SMA and is up 130% in the last 40 days. Additionally, it turned an important $0.4121 resistance level to support. The altcoin price is expected to target $0.5753, which is 35% off its current price.
ONT is in a very similar position as it is trading above its 200-day SMA and is now expected to surge 79% after it recently broke the $0.2124 resistance. This bounce of support will be key in triggering the crypto’s rise.
Like the other altcoins mentioned above, SXP is trading above the 200-day SMA and is now poised to move upwards. SXP is currently trading at $0.3248 after the 11.59% increase in price.
ATOM price action is weaker than other altcoins due to the lack of obvious high bottoms. The price of ATOM will likely touch the 200-day SMA at $11.88. If the bulls can defend this level, the altcoin price could rise by around 48% to retest $17.54.
zk-rollup tokens to watch in 2023
Aleph Zero is a layer-1 privacy enhancing Blockchain that provides scalability, low transaction fees and relatively high security for developers. Protocol recently announced a series of developer-focused events as it hosts a new high-service NFT market. Since the launch of Artzero, the NFT Marketplace on the ALEPH Zero Blockchain, Azero Price has increased by about 10% since Feb. 12.
Syscoin (SYS) is a permissionless Blockchain-based cryptocurrency built on the Bitcoin scripting system. Also, their tokenomics is based on Ethereum’s EIP-1559 offering without a limited maximum supply. SYS posted a 17.3% gain for owners last week. The developers behind the protocol have announced that it will be the native token of SYS’ upcoming optimistic Tier-2 project. This will increase the utility of the token and act as an incentive to the holders in the market.
Mina Protocol, which is also the lightest Blockchain in the world, has witnessed positive developments recently. Protocol recently announced a funding opportunity for developer offerings in the zkIgnite innovation program. As you follow on Kriptokoin.com, on February 15, ZK-Rollup invited the first group of developers to build on the Mina protocol. As the developer ecosystem on the Mina protocol evolves, MINA is expected to increase its utility among other zk-rollups projects.
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