Bitcoin experienced a significant price surge in the past 12 hours, nearing $30,000 after trading sideways. The altcoins, including SOL, BCH, XRP, XLM, and MNT, also turned green, with gains of up to 12%. On Monday, a fake report falsely claiming SEC approval...
Top 3 crypto coins to buy in 2023
2023-02-13 • 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.
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.
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.
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.
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.
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.
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.
You can access more of such trade ideas and prompt market updates on the telegram channel.
Former BlackRock executive Steven Schoenfield anticipates that the U.S. Securities and Exchange Commission (SEC) will approve a Bitcoin spot ETF within three to six months due to evolving regulatory dynamics, including the SEC's recent loss in the Grayscale lawsuit.
Bitcoin surged by more than 3% to reach over $26,600, recovering from losses incurred in the previous week's drop. Ether also rose by 3.5%, approaching the $1,700 level. Solana's SOL token jumped by almost 7% after integration with Shopify's Solana Pay, enabling USDC stablecoin payments.
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