According to the analysis of crypto experts, will these 9 altcoins be effective in 2023 and make a millionaire?
Chainlink (LINK) and 8 other altcoins
According to Michaël van de Poppe, Chainlink (LINK) is currently in an accumulation zone like the general market. He said that the token will likely fall in the range of around $4 to $5. He then stated that he would benefit from a possible rally of relief once the Federal Reserve slows its monetary policy. Meanwhile, he noted that the token exhibits a similar historical cycle to the one recorded in 2019.
While predicting further corrections for LINK, the analyst suggested that the token could attract the interest of investors focused on DeFi. He said that 2023 will probably be the best moment to accumulate LINK. He also stated that the asset will likely rise in 2024 or 2025. Momentarily, LINK was trading at $5.60, correcting around 0.4% in the last 24 hours. At the current price level, Poppe noted that LINK is facing resistance around $7.80 and breaking the level could lead to further continuation with focus on $16.85.
Poppe pointed out that the interoperability blockchain token has been battered by crypto price action, noting that it flexes irrationally. Besides the bear market, the analyst noted that DOT was impressed by the lawsuit filed against the Gemini crypto exchange, considering the relationship between the two assets.
Poppe predicted a relief rally in late 2023, while predicting that the DOT could rally between $16 and $24. Momentarily, DOT was trading at $4.35, posting daily gains of 0.37% over the past 24 hours.
It has been noted that the price action for Cosmos (ATOM) could repeat the 2019 and 2020 trading patterns where the asset consolidated before rallying again. It is argued that at the current price, ATOM offers investors an opportunity to save. It is also predicted that in the event of a relief rally, the asset will gain territory above $25.
However, he expressed doubts about whether the current price action could lead to a bottoming out. Currently, ATOM is trading at $9.45 with small gains of 0.65% in the last 24 hours.
Binance Coin (BNB)
The analyst stated that Binance Coin (BNB) should be part of any portfolio as it is backed by Binance. Accordingly, the analyst believes that BNB could benefit if the overall crypto market rises again. However, he warned that BNB prospects largely depend on how Bitcoin performs.
At the same time, crypto experts at TradingShot via TradingView predicted that BNB could be among the top investments in 2023. BNB is trading at $245 with a correction of around 0.5% in the last 24 hours.
Finally, the trade expert noted that the interoperable, multi-chain network Skale (SKL) has the potential to recover, referring to the platform’s strong foundation. He suggested that if SKL breaks the $0.025 resistance, it will pick up previous highs and start a recovery towards the $0.20 region. Currently, SKL is trading at $0.02.
Although the analyst identifies the base of the SKL as a critical trigger for the rally, the technical analysis summary of the token on TradingView aligns with ‘sell’ at 16.
Solana (SOL), who made a name for himself with his big rally last year, experienced a “disaster” this year. Called the Ethereum (ETH) killer, Solana has attracted a large number of investors. Solana smart contracts are powered by both blockchains. But compared to Ethereum, the Solana front offers much faster transaction times and cheaper transaction costs.
Solana (SOL), which was hit hard by the FTX-Alameda crisis, experienced a nearly 95% meltdown from its ATH level of $260. SOL, which has seen an increase of approximately 14% in the last 24 hours, is trading at $11.12.
Avalanche (AVAX) is another project to rival Ethereum in terms of cryptocurrencies and blockchain platforms. In addition, the altcoin uses smart contracts similar to Ethereum to support blockchain projects.
AVAX is the native token of this platform. Due to the random nature of the consensus mechanism, AVAX can be considered safe. We can say that the Avalanche blockchain supports more robust security measures that make it 51% less susceptible to attacks than other blockchains. Badly affected by the crypto winter, AVAX experienced a nearly 90% meltdown from its ATH level of $146. AVAX, which has increased by 4.5% in the last 24 hours, is trading at $11.16.
cryptocoin.com As we mentioned earlier, Litecoin (LTC) was launched in 2011, just two years after Bitcoin, the leading cryptocurrency. Basically, it is generated by a hard fork from the Bitcoin blockchain network. It was originally created to address concerns among developers that Bitcoin is too centralized.
The project, which was widely adopted over time, nevertheless became one of the most affected assets of the bear period. LTC has lost nearly 80% of its value from its ATH level of $412. LTC, which has seen an increase of about 7.6% in the last 24 hours, is trading at $75.33.
Axie Infinity (AXS)
Axie Infinity (AXS) is one of the most well-known blockchain based games. The project was created by Sky Mavis in March 2018. Its in-game economy using ERC-20 tokens is one of the best metaverse cryptocurrency projects. The aim of this game is for players to play NFT, raid and collect.
This altcoin has lost about 95% from its ATH level of $166. AXS, which has seen an increase of about 6.7% in the last 24 hours, is trading at $6.38.