The crypto winter, hardened by the Terra and FTX bankruptcies, has taken back all the gains of the 2021 bull for months. The impact was so significant that ten investors left the list of crypto billionaires. So, which altcoin projects will stand out in a possible 2023 bull? Let’s see what the experts are waiting for.
5 altcoin projects to follow in 2023
ETH price has not been as dynamic as it used to be lately. It is struggling to maintain the $1,200 zone at the time of writing. But now that it uses PoS, the biggest altcoin is in better shape than ever before. Price action does not reflect the strong fundamentals of the network and ecosystem.
However, crypto analyst Sohrab Khawas predicts that the ETH price will pick up as we reach 2023 and the developers prepare for the highly anticipated Shanghai hard fork. Moreover, on-chain data from the Ethereum Exchange Reserve metric for All Exchanges shows that centralized exchanges’ ETH reserves have fallen by more than a quarter. In light of this, optimistic investors are buying Ethereum.
Technically, Ethereum is trading near the 20-day EMA ($1,228), which acts as a resistance. The 20-day EMA flattens the RSI near the midpoint, indicating an equilibrium between buyers and sellers. If the price breaks the moving averages, it could rally to $1,352 and potentially the downtrend line. However, this level will act as resistance. If the price fails to break the moving averages, $1,150 will be the next target for the bears. This potentially leads to a head and shoulders pattern and potentially a drop to $1,075 and then to $948.
Terra Classic (LUNC)
Despite the disaster in May, LUNC has been offering very positive indicators lately. As a matter of fact, this week was one of the best performers ever. It gained around 15% at one point on December 27. It is currently trading at around $0.000174 with a slight correction. Although analyst Khawas does not present an optimistic outlook on the chart, he thinks LUNC should be watched in the coming year due to its strong bullish activity.
Cardano may be preparing for a massive price hike. However, all signs point to the negative at the moment. Therefore, the bulls need to recover significantly for a safe countertrend scenario to be considered. In any case, Cardano is an altcoin project with high expectations.
On the daily timeframe, the ADA price has been relatively stable over the last 24 hours. However, ADA is still worth around $9 billion and is among the top 10 cryptocurrencies by market cap. cryptocoin.comThe new Cardano projects you follow from ADA continue to keep the ADA price alive.
XRP has been getting some pretty good positive indicators lately as Ripple company won a minor victory over the SEC in the famous civil lawsuit. The XRP price also accompanied these developments, rising around 3%. The 6th largest crypto by market cap is currently trading at $0.367. It will be fascinating to see how XRP kicks off the new year and whether it will be successful for the cryptocurrency market.
On the other hand, Toncoin is consolidating in its uptrend. However, the bears managed to resist the upward price action in the $2.90 region. However, the bulls have not left much ground, suggesting they may be buying on the dips. The rising 20-day EMA ($2.25) and positive RSI show that the bulls are in control. If the price rises above $2.50, the TON price will head towards $2.65. Thus, there are chances of a potential retest of $2.90. If the bears manage to push the price below the 20-day EMA, the price could drop to $1.91.