• Crypto markets are turning bullish as the majority of cryptos have risen beyond their crucial resistance.
• Altcoins are showing signs of a continued upswing and may lead the AltSeason for 2023.
• Polygon (MATIC) is trading within an ascending triangle and heading towards the upper resistance.
The crypto markets have been slowly yet steadily turning bullish in recent weeks, with many of the major cryptos breaking through crucial resistance levels. Altcoins have been particularly strong during this period, with some of them maintaining significant strength even as the bears dominated the rally and quickly surged high with double-digit gains. This shows the possibility of a continued upswing and could potentially lead to an AltSeason in the year 2023.
Bitcoin, the largest cryptocurrency by market cap, initially dropped to its local lows but then held the pivotal support at $20,800, bouncing back above $21,000. This is a positive sign for the markets and may lead to further gains in the coming days.
Among the altcoins, Polygon (MATIC) is particularly strong at the moment and appears to be gearing up for a massive bull rally in the first quarter of 2023. The MATIC price has been trading within an ascending triangle and is heading towards the upper resistance. However, in the meantime, the price may face a minor pullback but is likely to remain above $1, which could trigger the next leg up. If the MATIC price does break through the resistance, it could reach the important $3.50 level.
Other altcoins that have the potential to perform well in 2023 include Ethereum, Cardano, Chainlink, Ripple, VeChain, Compound, Uniswap, and Yearn.Finance, amongst others. Ethereum has been consolidating above $1,000, while Cardano has been trading above the $0.50 level. Chainlink has been trading above the $15 level, while Ripple has been trading above the $0.30 level. VeChain is trading above the $0.30 level, while Compound is trading above the $100 level. Uniswap has been trading above the $30 level, while Yearn.Finance has been trading above the $40 level.
All these altcoins have the potential to perform well and may lead the way in the AltSeason of 2023. Investors should do their own research before investing in any of these tokens and be prepared for the risks associated with investing in the cryptocurrency markets.