Altcoins Prepare for a Fine Upswing: Can They End the 2023 Trade on a Bullish Note?

The post Altcoins Prepare for a Fine Upswing: Can They End the 2023 Trade on a Bullish Note? appeared first on Coinpedia Fintech News

The crypto markets have been experiencing a roller coaster ride since the start of the month and are expected to forecast a similar trend. The Bitcoin price has regained its position within the bullish levels, and hence the altcoins are also gearing up to lift the markets above the bearish claws. Besides, the token is approaching crucial resistance, and a rise beyond these levels may begin a fresh bullish case soon.

As the Bitcoin breakout is expected to occur in the days ahead, some altcoins are accumulating strength to trigger a bullish breakout very soon.

Polygon (MATIC) Price Analysis

• The Polygon price in the weekly chart is entering the last phase of consolidation within a symmetrical triangle, indicating a rise in volatility soon

• The StochRSI has displayed a bearish divergence that suggests the price could undergo a minor pullback 

• Therefore, the price is believed to plunge slightly below $0.72, which may attract fresh liquidity and initiate a fresh upswing, piercing through the upper resistance to reach $1 very soon

Solana (SOL) Price Analysis

• The Solana ecosystem has been attracting fresh liquidity with the rise of JOE & BONK in the recent past

• After printing consecutive bullish candles, the bulls appear to have exhausted, which has reduced the pace of the rally

• Therefore, the SOL price could face a minor pullback to the interim support around $68 to $70, which may further pave the way for a fresh upswing beyond $80

Avalanche (AVAX) Price Analysis

• The Avalanche price has recently broken above the pivotal resistance, indicating the bulls are holding a tight grip over the rally

• Although the volume has dropped, the buying pressure continues to prevail, indicating the strength of the bulls

• Therefore, after a brief consolidation, the AVAX price is believed to resume with a fine upswing surpassing 1 FIB level and marking new highs beyond $50