As early as the first quarter of 2023, several cryptocurrencies could experience a price surge. Your chances of seeing early earnings this year increase if you have these coins in your portfolio.
A well-known cryptocurrency analyst claims to be keeping a watch on three cryptocurrencies that are showing momentum to start the year.
Let’s analyze the top three picks of the season:
The peer-to-peer payments platform Litecoin is the altcoin that pseudonymous analyst DonAlt prefers, he informs his 448,700 Twitter followers (LTC).
In terms of the US dollar and Bitcoin (LTC/BTC), the crypto analyst believes that Litecoin is on the rise.
The LTC/BTC pair recently broke down from its range low but has since rebounded above that level. As long as the 0.00319 resistance holds, it’s likely that LTC will reach its range high, resulting in a four-fold increase in value.
The USD pair of LTC has also seen a breakout, although not as strong as that of the BTC pair. Despite this, many investors are optimistic that the currency will close out the year on a high note.
Traders are also keeping an eye on the cryptocurrency alternative Monero, which prioritizes user privacy (XMR). DonAlt notes that Monero is exhibiting relative strength as compared to Bitcoin (XMR/BTC).
As long as it maintains the breakout level of 0.0073 BTC ($121.39), the analyst believes it will continue to seem highly favorable when compared to BTC.
Because of this, the pair’s value in terms of the US dollar is dwindling. An enormous range of error exists between the minimum (about $90) and maximum (approximately $230).
In light of the fact that most altcoins have lost value by around 90% in comparison to Bitcoin, this is an impressive showing of fortitude.
At the time of writing, Monero is trading for $148.87, up 1.35% compared to the previous day.
DonAlt also includes Tron, a smart contract system, on its list of alternative cryptocurrencies (TRX). The crypto researcher sees some strong signals in the TRX/BTC ratio and believes this could be a good year for the coin.
The high-level BTC chart looks better than it has in a long time, and the USD chart looks about average. The expert is reluctant to say it, but this is likely one of the coins to keep an eye on in 2023. Above $0.063, it’s a bargain compared to the US dollar.
TRX is trading at $0.054, down a tiny amount from the day before.
Even though the market is in a bearish phase, there may be some good news in the form of rising interest in lesser-known coins. Sometimes a bear market will terminate when the last remaining bulls change their minds and become bears, at which point there will be no buyers. The price finds stability, and fresh buyers flood in, sparking a trend reversal and an upswing.