The second month of 2023 offered limited growth to the majority of major cryptocurrencies, causing a near sideways trend in the market. However, despite an uncertain sentiment among market participants, the crypto coin has revealed the formation of a strong bullish pattern. These technical setups could encourage the below-mentioned coin to prolong its price recovery in March 2023
The ongoing correction in the XRP coin price is confirmed between two downsloping trendlines. Over the past five months, this correction phase has tumbled the coin price by 11.7% where it currently trades at the $0.379 mark.
However, this correction phase is part of a famous bullish pattern called a flag. In theory, the pattern usually appears in an established uptrend, where the minor correction is meant to stabilize the excessive buying and offer a short break before the next bill cycle begins.
Thus, the coin holders waiting for an entry opportunity should wait for a bullish breakout from the pattern’s resistance trendline. This breakout will offer an entry opportunity and signal the resumption of the prior uptrend.
In a favorable bullish scenario, the XRP coin breakout from the overhead trendline could lead the price to the $5.1 mark.
After witnessing an explosive rally in January, the Solana coin price went sideways after hitting the $28.6 level. As a result, the coin price has been consolidating for over a month, resting between the $26.8 and $20 support.
Anyhow, this narrow range is most likely a short retesting period from the buyers that could replenish the bullish momentum. Thus, a higher possibility of an upside breakout from the $26.8 resistance will accelerate the bullish pressure.
This breakout could drive the SOL price to the following targets $30.5, $34.6, and $39.
The last seven months’ price action in the Uniswap coin shows the formation of a rounding bottom pattern. This bullish continuation pattern indicates sustained growth and a gradual shift in price trends.
As of now, the coin show shows a short-term sideways trend as the market sentiment remains uncertain. However, under the influence of a bullish pattern, the coin should rise above the $7.78 resistance.
This breakout will intensify the buying pressure and may encourage the UNI price to challenge the $9.65 neckline resistance. Anyhow, under ideal bullish conditions. The UNI price is the $14.5 mark.
The post Top 3 Altcoins That May Resume Bullish Recovery In March 2023 appeared first on CoinGape.
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