During the banking crisis in the US, many of the prominent cryptocurrencies experienced substantial inflows, which suggests that digital currencies are becoming more widely accepted. This sudden upswing in the market has generated a sense of optimism and aided buyers in regaining lost ground. As part of this rebound, several cryptocurrencies have started to recover from significant support levels. Here are 3 cryptocurrencies that could 5x by 2023.
#3 Solana (SOL)
Solana coin price was oversold due to its relationship with cryptocurrency exchange FTX, which collapsed in November 2022. However, with Solana’s operations still on track; its cryptocurrency should gradually regain its original market value.
Currently, Solana’s price is holding steady above the support level of $22 and indicating efforts to reach a higher level. Nevertheless, it is anticipated that the coin’s price will remain stagnant above the mentioned support level for several weeks before it surpasses the $28 hurdle. During this period of accumulation, investors can purchase Solana at a considerably reduced price, which will ultimately result in a noteworthy upward trend.
Fig.1 SOL/USD 1-day chart – GoCharting
#2 Stellar (XLM)
XLM’s price has been on a downward trend, and it is now reflecting short red candles on the monthly chart. However, it has recently been stabilizing around the significant support level of $0.07, suggesting that the bearish momentum is waning. This price action implies that XLM is entering an accumulation phase, which will likely attract new buyers to enter the market. Consequently, after a period of consolidation above either $0.08, the XLM price should begin an upward trend towards its all-time high.
Fig.2 XLM/USD 1-week chart – GoCharting
#1 Ripple (XRP)
Over the last nine months, XRP’s price has been consolidating above the critical support level of $0.31. With cryptocurrencies currently in a state of recovery, if the price rebounds from this support level, a double-bottom pattern is apparent on the monthly chart. In the event of a potential bullish breakout from the bullish reversal pattern’s neckline resistance at $0.55, XRP could initiate a bullish cycle.
Fig.3 XRP/USD 1-week chart – GoCharting
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This article has been originally published at: https://cryptoticker.io/en/top-3-cryptocurrencies-that-can-5x-in-2023/