- The first quarter of 2023 was full of ups and downs but was favourable overall
- The altcoins to keep an eye out for are Monero (XMR), Polkadot (DOT), Cosmos (ATOM), Polygon (MATIC), Avalanche (AVAX)
- Polkadot is eyeing $9.6, Avalanche: $30.5, Cosmos: $16, Monero: $290, Polygon: $2
The first three months of 2023 are over, marking the end of the first quarter of the year. For investors in the crypto market, the last quarter was full of momentum, worry and exciting happenings.
However, things are far from over for altcoins in the market as the second quarter of 2023 dawns.
What happened In January?
The outlook on the market in January was far from positive, especially with the wave of panic that swept through the market after the collapse of FTX in November last year.
A significant amount of layoffs occurred with tech and Web3 companies in January.
In the first year of the month, cryptocurrency lenders, Genesis Global Capital and Silvergate Capital each laid off about 40% of their workforces.
Others including Meta, Twitter, Stripe and other crypto exchanges like ByBit and Kraken also had to cut down their workforces by large amounts in January.
February In Summary
The fear contagion from the FTX collapse had begun to subside but was nowhere near being over in February.
The bankruptcy of Genesis made many wonder how many other crypto-affiliated companies would go under.
However, in more positive news, Finnish firms, Aave and Membrance Finance also introduced their stablecoins named GHO (pronounced Go) and EUROe (on the polygon network).
How Did March Go?
Asides from the Silvergate, Silicon Valley Bank & Signature Bank bankruptcies, March has been a bullish month so far.
Bitcoin is ever closer to $30,000 despite SVB’s collapse and is currently ranging between $25,000 and $29,000 as investors continue to monitor its performance closely.
In light of everything that has happened in the first quarter of the year, this article will focus on what the crypto market likely has in store for altcoins in the second quarter of the year.
Which altcoins are most likely to pump through April, May and June, and which ones should you keep an eye out for?
Let’s find out.
1. Top Altcoins – Polkadot
In January, Polkadot broke out of the descending wedge it has been in since May last year and has been making higher highs.
Since breaking out of this formation, the cryptocurrency has not made any significantly strong moves to the upside and now appears to be in another wedge.
This time, an inverted wedge.
Polkadot, after hitting the bottom of this formation, now appears to be headed for a 56% rally to the upside through the next few months.
Polkadot currently trades at $6.2 but may be eyeing a rally to the next major resistance around $9.6 over the next few months.
In all, after breaking through the $6.2 zone, $DOT appears to be attempting to break right up again and reclaim its previous levels.
With the right push, DOT may retest the $8 zone, break through and head for $9.6.
2. Cosmos ($ATOM)
ATOM appears to be in a highly protracted formation and has been in a symmetrical triangle since June last year.
The good news, however, is that the formation is starting to tighten.
This means that a breakout is imminent, and may happen in the second quarter of 2023.
In all, after rising to the top of the triangle from December 2022 to February this year, ATOM appears to have cleared another support level ($10.3 in blue).
If its bulls defend this level properly, ATOM has a chance of rising to the top of the channel and retesting the $15.8 (green) resistance zone in a 41% move to the upside.
The daily RSI indicates slightly oversold conditions, indicating that the bears may have a firmer grip on the steering wheel. However, ATOM has a good chance of rising again in Q2 of 2023.
3. Top Altcoins – Avalanche (AVAX)
Ever since breaking through the $30.5 zone in a slump that brought the cryptocurrency to its knees around $14, Avalanche has been trading back and forth between $10 and $30.5.
AVAX has been largely bullish throughout Q1 and has risen by over 110% from $11 in January to $22.7 in February.
However, a slight retracement has brought the cryptocurrency to where it now sits at around $18.
AVAX has a fairly good chance of continuing its rise to the upside in the second quarter of 2023, considering how it has followed an ascending trendline throughout the year.
4. Top Altcoins – Monero (XMR)
From a short-term perspective, Monero appears very bullish and is even in an ascending channel.
This means that Monero is bullish from a daily and weekly perspective.
From a quarterly perspective, however, cryptocurrency appears to be in the middle of a larger picture.
Monero trades around $160 at the time of the writing but may be on its way to levels as high as $290.
After a bad slump in April last year, Monero came crashing down from $290 to the $120 zone.
The recovery phase of Monero has lasted almost a year now, but the cryptocurrency appears determined to rally upwards until it reaches its former price levels again.
Judging by this, Q2 of 2023 appears bullish already.
Monero will likely break through the top of the channel sometime soon if it gets a strong enough push. And when it does, a strong bullish rally is expected to follow.
5. Top Altcoins – Polygon (MATIC)
Just like the others on this list, MATIC appears bullish overall and is even in an ascending channel.
MATIC has hit the bottom of the channel and is primed for a bounce and rally, provided that the bears do not succeed in pushing the price of the cryptocurrency below the channel’s lower support.
April especially is expected to be a good one for the cryptocurrency.
MATIC currently trades around $1.1 but may see some action if a rally to the $1.7 zone happens.
MATIC’s rise to the top of the channel is expected to constitute a 50% rise to the upside if this rebound happens. And if a breakout happens sometime around Q2, the next major price target for MATIC is the $2 zone.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.