21/03/2023
Top 3 crypto coins to buy in 2023
2023-02-13 âą Updated
The crypto space has seen considerable movement since the beginning of 2023, creating what some analysts call a "crypto bull run." Even though most crypto coins eligible for a massive 'bull-run' are typical 'meme coins,' there may still be some exciting opportunities for mainstream traders to seize.
BTCUSD
BTCUSDDaily-Picture
After the price initially broke above the highlighted highs, we see the price making its first major retracement towards the area of retest (previous demand zone before the breakout). Even though fundamentally speaking, BTCUSD can be expected to go bearish since we can see price dropping despite an increase in mining difficulty. In simpler terms, BTCUSD's value is dropping even though it is becoming much harder to mine. Should this bearish move be sustained, we may see BTCUSD prices hit the $18k price area.
For my bullish trade, the 50 and 100-period moving averages aligning with the rally-base-rally demand zone is my mjor confluence.
Analystsâ Expectations:
Direction: Bullish
Target: $23000
Invalidation: $20280
ETHUSD
ETHUSDDaily-Picture
ETHUSD, like Bitcoin, is under the same pressure due to the rumor of the SEC's intending ban on staking providers. Ether has dropped about 0.5% in the last 24 hours and may drop even more. The gloomy prediction from the technical point of view is that we are yet to see ETHUSD in a tangible area of demand or support. Considering the confluence of the trendline support, rally-base-rally demand, and the moving averages, it is safe to expect prices to hit the $1400 area before possibly resuming bullish.
Analystsâ Expectations:
Direction: Bullish
Target: $1630
Invalidation: $1355
LTCUSD
LTCUSDH4-Picture
The technical analysis of the LTCUSD chart above presents a confluence of the rally-base-drop demand zone, the 200-period moving average, and the trendline support as indicators of a possible bullish movement from the $87-$90 range. The direction seems clear. However, we must not forget to manage our risk properly.
Analystsâ Expectations:
Direction: Bullish
Target: $95.5
Invalidation: $87.8
ETHNZD
ETHNZDDaily-Picture
ETHNZD is another clear setup from a technical point of view. There is trendline support, turnkey level, and moving average confluence, indicating a possible bullish move from the marked-out rectangle.
Analystsâ Expectations:
Direction: Bullish
Target: $2,620
Invalidation: $2,105
MEME COINS
As for meme coins worth buying this 2023, my biggest advice would be to invest in coins that have a relationship with the ongoing AI trend. It means you want to consider investing mostly in coins whose utility is directly or indirectly linked to AI products or services.
CONCLUSION
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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