Published January 29, 2023
Top 3 NFT Tokens To Boost Profitability In 2023: Amid the recent recovery in the crypto market, the NFT tokens witnessed a significant inflow and a strong recovery. Since last month, NFT sales have increased by 39.98%, NFT transactions have increased by 28.5%, but NFT buyers have dropped by 3.76%, according to the NFT industry data aggregator cryptoslam. Anyhow, today, we will analyze the daily technical chart for some of the top NFTs tokens to see their growth potential in 2023.
On January 21st, the Apecoin price gave a bullish breakout from the resistance trendline of a two-month-long rising channel pattern. Now, in theory, this pattern is known to trigger a significant downfall upon The breakdown of its support friend.
Therefore, the aforementioned resistance breakout is a sign of strong commitment from buyers to chase higher prices. By the press time, the price traders at $6.1 and witnessed a 13.5% rise in the last five days.
This price jump has recently $6-5.93 resistance offering a suitable entry opportunity for sidelines traders. Thus, with sustained buying, the Apecoin price could rise another 25% to an early target of the $7.6 mark, followed by a $9.13 barrier.
The MANA coin price shows the formation of a cup and handle pattern in the daily time frame chart. Over the last two weeks, the coin price witnessed high volatility and started consolidating between the $0.75 and $0.6 levels.
However, today the Mana price experienced strong buying pressure and breached the $0.75 neckline resistance of the above-mentioned pattern. With a 15% intraday gain, the coin price currently exchanges hands at the $0.798 mark.
If the daily candle closes above the $0.75 resistance, the bullish pattern will be triggered and increase the underlying buying pressure in the market. The post-breakout rally could surge the coin 60% higher to poke the $1.22 mark.
In the daily time frame chart, the Theta network coin shows a simple structure of a rounding bottom pattern. Amid the recent recovery, the prices rose 54% from January 1st and currently trade at $1.1.
However, a bearish divergence in the daily RSI slope and the power struggle of buyers to surpass the local resistance of $1.135 indicates a higher possibility of a minor correction.
This potential correction will replenish the bullish momentum for even higher gains. Anyhow, under the influence of the bullish pattern, the theta coin price should witness a sustained recovery to $1.7, registering a 52% gain.
Published 3 days ago
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