‘Bull Run Ready’ Altcoins on Binance Announced!

The altcoin market is also moving in the new week, where Bitcoin is stable in the $25,000 region. Specifically, Ethereum (ETH) managed to reclaim the psychological resistance level at $1,700. The altcoins you can follow on the Binance list this week are as follows…

These altcoins on the Binance list are ready for positive moves

Cardano (ADA)

Cardano (ADA) price is showing signs of an uptrend after its mid-January rally. These moves could mean that traders can make a profit in the altcoin if they play their cards right.

Technically speaking, ADA price is currently in a weekend consolidation after the crypto’s 5% rally in January. Traders should note that ADA’s 8-day EMA line has crossed the 21-day SMA line with a bullish cross. According to analyst Danielle du Toit, the next level the bulls will aim for will be around $0.43, which is an increase of about 9% for the current price of ADA.

This bullish argument will be invalidated if ADA price breaks below the low above $0.385. If the price breaks below this level, it could drop as low as $0.30. This move will result in a 25% price drop from the price of ADA right now.

Tron (TRX)

Among the major altcoins on the Binance list, TRON has shown a steady upward trend in total monthly transaction count and overall growth every month since December 2021. According to the chart shared below, the network is moving in the right direction and the total number of transactions has been increasing since September.

On-chain metrics such as Total Value Locked (TVL) and transaction count are in an uptrend. TRON has surpassed Ethereum (ETH), XRP, Bitcoin and Cardano (ADA) in terms of transaction count.

TRON’s partnerships spark bullish rhetoric among TRX investors

TRON’s recent partnership with Princeton Blockchain was a very positive development for the altcoin project. For altcoins, such partnerships can help boost the TRON network’s offerings and make them relevant in the crypto community. With TRON’s help, Princeton will be able to further its goal of introducing blockchain technology to Princeton students. The Princeton blockchain club has announced that TRON DAO is a gold-level donor for 2023.

Ethereum (ETH)

Ethereum price increased by about 20% between February 13 and 23. Consolidation started when ETH faced the monthly resistance level at $1,677. During this sideways move, ETH produced two higher lows and two lower highs, indicating a pennant formation.

Assuming the pennant breach occurred around $1,720, a 20% move would put the Ethereum price target at $2,055. This pattern often leads to an explosive increase in bullish momentum that drives the price up. While the decisive break of the pennant is the first confirmation of a bullish move, market participants can expect a four-hour candlestick above the breakout line at $1,801.

While the bullish outlook for Ethereum price makes sense, traders need to be careful as a deadly drop in Bitcoin price will set everything back for ETH. A decisive change to the $1,554 support level on the four-hour and daily timeframe would invalidate the bullish argument. Such a development could see Ethereum price drop to the $1,329 support base, according to analyst Akash Girimath.

Avalanche (AVAX)

AVAX price starts the week on a high note as the bulls are already breaking above last week’s high. The uptrend comes as the US stock market will be closed for a public holiday this Monday, which should send some trading volume to crypto. All these elements could trigger the end of crypto winter as there is a bullish technical signal just a few clicks away.

With the 55-day SMA firmly moving above the 200-day SMA, AVAX could see massive demand take flight once the golden cross is activated. Meanwhile, it seems bearish with a break above $22 and it could see a quick rise. As the bulls finally move away from the region marking crypto winter, longer-term recovery could be given another 40% gain with $30 as the next hurdle.

On the other hand, if the $22 resistance is not reversible, a simple rejection could trigger a drop to $18, according to analyst Filip L. Similar to AVAX, Filecoin is busy testing a critical resistance in a strong start to the week.

Filecoin (FIL)

Filecoin price has rallied sharply over the past few days. In the past week alone, the altcoin has surged more than 80% and broke through several resistance levels. On the daily chart, the FIL gained 24%. Meanwhile, other altcoins were rising lower.

Filecoin’s technical outlook has remained extremely bullish with a huge surge in demand. The number of buyers has been overwhelming, as both demand and savings for the altcoin have increased significantly over the past two weeks.

On the technical side, a move above the $9.80 level could push FIL price towards $10.70. Both $9.30 and $9.80 will act as crucial resistance levels. On the other hand, FIL needs to stay above two key support lines instead of being able to topple the next resistance mark.

The vital support area was between $7.40 and $6.30. FIL could slide as low as $5.69 if the price drops below $6.30. The amount of FIL traded in the last session was green, indicating increased purchasing power.

Filecoin technical analysis

Since FIL crossed the $7 mark, it has visited the overvalued zone three times. Currently, Filecoin is overbought. The RSI was at 80, showing buyers dominating the altcoin. Usually, overbought trends lead to some kind of price correction due to price correction. In such a case, Filecoin needs to stay above the $7.40 support line.

Other technical indicators show that the bulls are in full force at the time of writing. The Moving Average Convergence Divergence indicator shows price momentum and change. This indicator has currently formed green signal bars related to buy signals.