Top 3 Altcoins That May Resume Bullish Recovery In March 2023

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

Ripple(XRP)

Source- Tradingview

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.

Solana(SOL)

Source- Tradingview

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. 

Uniswap(UNI)

Source- Tradingview

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.