75
Top Crypto Coins Ready to Skyrocket: Amid the recent new year recovery in the crypto market, a majority of coins witnessed a significant rally since January 1st. Though the market sentiment showed certain weakness last week, it seems the buyers are trying to recuperate bullish momentum before the bull run continues. Therefore, today, we have selected some of the top crypto coins following a famous bullish continuation pattern called a falling wedge. Here’s how this bullish pattern could assist buyers in reclaiming a higher level in the near future.
Uniswap(UNI)
Over the past five months, the Uniswap token price fell within two converging trendlines indicating the formation of a falling wedge pattern. Though it seems this pattern is leading a directional downtrend, in theory, a bullish breakout from its overhead trendline is the most common outlook, which signals an early sign of recovery.
Thus, with the recent recovery in the market, the Uniswap coin has given an upward breakout from the long-coming trendline on January 13th. So far, the post-breakout rally has surged the prices 10% higher, and it currently trades at $6.68.
If the UNI price manages to sustain above the breached trendline, the holders could grab potential targets at $7.8, $9.6, or $12.1.
Cardano(ADA)
Cardano coin price has been following the wedge pattern for the past seven months and displays one of the textbook examples of this pattern. Furthermore, the coin price faced multiple resistance from the pattern downsloping trendline, indicating the traders were aggressively selling at this trendline.
Thus, on January 13th, a bullish breakout from the above trendline indicated the trader’s sentiments must be shifted from selling on the rallies to buying on dips. From the breakout point, the coin price surged 17.31% high to challenge the local resistance of $0.38.
However, the coin price currently trades at $0.376 and shows a power struggle to surpass mentioned resistance. Thus, if the selling pressure persists, the Cardano coin may witness a minor consolidation before the bullish rally resumes.
Anyhow the potential target for ADA price under the influence of this pattern could be $0.42, $0.52, and $0.67
Also Read: Top 10 DeFi Lending Platforms In 2023
Hedera(HBAR)
In theory, the converging trendlines during the pattern formation display the failure of the coin seller to carry a deeper downfall. as a result, the buyers gradually wrestle trend controls from sellers, leading to an upward breakout from the pattern’s resistance trendline.
On January 30, the Hedera coin price gave a decisive break out from the dynamic resistance, which led to a post-retest rally of 47% to hit the $0.074 mark.
By press time, the coin price trades at $0.069, witnessing a temporary correction after the major rally. Anyhow in a favorable bullish condition, the HBAR price should experience a sustained recovery to $0.08, followed by the $0.1 mark.
Polkadot(DOT)
On January 14th, the Polkadot coin price gave a massive breakout from the eight-month-long falling wedge pattern. The post-breakout rally pushed the coin prices 16% higher, where it currently exchanges hands at the $6.5 mark.
By the technical setup, the lower high tops during the pattern formation act as a potential target upon the break out of the pattern’s resistant trendline.
Thus, if the recovery sentiment in the market continues, the coin chart shows the potential target of $8, $9.7, or $11.87.
