Top 3 Cryptocurrencies with Bullish Setup Poised for Massive Growth in May 2023

With the recent growth in the crypto market, several cryptocurrencies replenish their bullish recovery to regain the lost grounds. The recovery sentiment back to the market could offer entry opportunities to interested traders and ride the prevailing uptrend. In this article, we’ll analyze three top cryptocurrencies with strong bullish setups more likely to witness significant growth.

Binance Coin(BNB) 

Source- Tradingview 

For over a year, the Binance coin price narrowing within two converging trendlines shows the formation of a symmetrical triangle pattern. In theory, this pattern is a continuation setup that triggered an aggressive rally upon the breakout of either of the trendlines.

As of now, the BNB price has recently turned down from the overhead trendline indicating a high possibility of upcoming correction. However, a bullish growth in the RSI indicator reflects a higher possibility of an upside breakout.

Thus interest must wait for the weekly candle closing above the overhead trendline. By the press time, the BNB price trades at $333.9, but an upside breakout to resistance may set the altcoin on a bullish ride to $480.

Polygon (MATIC)

Source- Tradingview 

Amid the recent correction, the polygon coin is plunged back to the support trendline of a rising channel pattern, the coin holders should remain watchful of this support at the price behavior around it as it may influence the future price of MATIC.

As of now, the polygon coin price trades at $0.979 and is trying to sustain above the lower trendline. If the prices manage to hold above this trendline, the buyers will trigger a new bull cycle within the pattern.

Under favorable conditions, a bullish rally to the overhead trendline is possible projecting a potential gain of 65-70%.

Also Read: 15 New Cryptocurrencies In Upcoming Binance Listing For 2023

Avalanche(AVAX)

Source- Tradingview 

In the daily time frame chart, the AVAX price forms one of the famous bullish reversal patterns called inverted head and shoulder. Under the influence of this pattern, the AVAX price is likely to bounce back from the $16.5 support and complete the right shoulder formation of this pattern shown in the above chart.

The potential reversal may surge the price by 28.5% to hit the neckline resistance of $21.6. However, a potential breakout from this aforementioned resistance will be the key signal for trend reversal. 

This breakout will intensify the buying pressure and drive the AVAX price to $29.

The post Top 3 Cryptocurrencies with Bullish Setup Poised for Massive Growth in May 2023 appeared first on CoinGape.