High-Revenue Generating Cryptocurrencies To Keep An Eye On In 2023

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The whole crypto market valuation fell from almost $2.2 trillion at the start of 2022 to under $850 billion in December, making for a turbulent year for crypto investors. Several well-known bankruptcies in 2022 precipitated a severe decline in valuation.

With the demise of its LUNA coin and TerraUSD (UST) stablecoin, the Terra ecosystem as a whole collapsed. Three Arrows Capital collapsed after this black swan occurrence, and FTX was finally brought down by a bank run and implosion. These consecutive developments appear to have been the most detrimental to the cryptocurrency sector as they produced a credit and liquidity constraint.

While investors' patience may be tried during a prolonged down market, this is often the greatest time to purchase cryptocurrencies with strong fundamentals at discounted prices. Those who are able to invest during times of panic, when the majority of people are selling, stand to gain the greatest when the trend reverses.

BTC/USDT

Until Bitcoin BTC begins an uptrend, the cryptocurrency market as a whole is unlikely to begin a new bull phase.

In order to validate a trend change, however, positive divergence needs to be accompanied by bullish price movement.

The $17,622 level must be turned into support by the bulls before the trade can be considered official. That might set the stage for a surge to the $25,211 level. However, the currency is traded under wise trading suggestions via trading bots like bitcoin trader and otters for better income.

ETH/USDT

Ethereum (ETH) has been on a steep decline, but there is some good news: it appears to be finding support around the key psychological barrier of $1,000. Repeated gains close to the 20-week moving average ($1,428) are also indicative of occasional purchasing by the bulls.

The sellers have failed to drag the ETH/USDT combination to the June bottom of $881, showing traders are purchasing the dips, despite the fact that three recoveries in the last weeks have been rejected at the 20-week EMA.

Several bears may close their short bets if bulls lift the price just above a 20-week exponential moving average and keep it there for an extended period of time. Because of that, there is a chance of a surge to the $2,030 resistance level. The 50-week simple moving average ($1,977) is close by, therefore it's possible that this level may present a significant challenge to the bulls.

A dual bottom pattern will be formed if buyers are able to push the price beyond $2,030. Potentially problematic for the bulls is the area between $3,600 and $4,000.

MATIC/USDT

There are a number of big cryptocurrencies trading around or near their June lows as per the report by trading bots like bitcoin trader, but Polygon stands out as an outperformer by trying to create a base high above its annual low.

The more time passes with the price being rangebound, the more powerful the subsequent breakout will be. It's possible that a rise above $1.30 could be more likely if the price breaks $1.05 in the near future. If that occurs, the pair may gain enough bullish momentum to break beyond the $2 threshold.

Alternatively, if the price drops below $0.69, the bears may gain the upper hand. The exchange rate is at crucial support of $0.31, and it could drop to $0.40 before it finds a bottom.

TON/USDT

Since bottoming out at $0.74 in June, Toncoin (TON) has already been making steady gains. In October, buyers put in a stronger low at $1.18, indicating strength.

The bulls need to raze their way through overhanging territory if they want to keep their advantage. There is nothing in the way of resistance over $2.50, so a sustained move above this level might bring in a lot more buyers. Upward momentum may continue toward a potential $4.26 price point.

The TON/USDT price action has met strong resistance at $2.15-$2.50. The pair might fall to $1.18 if they achieve that, below the 20-week moving average of $1.61. In the event of a breakdown in support, the pair might fall below $0.74, it's level in June.

To keep their edge, the bulls will need to charge headfirst into the territory above them. There is nothing in the way of resistance over $2.50, so a sustained move above this level might bring in a lot more buyers. If the price continues to rise, $4.26 may be the next target.

QNT/USDT

The value of one Quant (QNT) token increased from $40 in June to $228 in October. While the market is still in a bearish condition, the recent upswing is a clear indication of investor interest. While the price has retraced much of its earlier gains, buyers near $87 are attempting to shape a higher low.

Traders might profit by purchasing near the range's support level and selling near its resistance level.

The pair's potential speed and rise to $325 is dependent on whether or not bulls can push the price above $228. If the pair is able to break over this resistance, they may be able to head back up to $430, the previous high.

A reversal and subsequent breach below $87 would be reported by trade analysis forums like bitcoin traders indicating that bears had taken control of the market. After that, the exchange rate between the two currencies might drop below $50.

The Final Thoughts

Swift progress is being made in the cryptocurrency sector toward universal adoption by the entire global market. Exponential growth is characterized by a gradual onset followed by a dramatic acceleration.

The four previous cryptocurrency market bull runs have all finished in stratospheric price bubbles, retracements, restructurings, and then the next rise up to the next bull run, so we know what to expect.