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Top Altcoin: A healthy retracement in Top Altcoins like MINA, ORDI, and AXS offers buyers an opportunity to accumulate at market dips

Published December 30, 2023

Top Altcoin: As the cryptocurrency market prolongs its ongoing correction trend, the Top altcoins like MINA, Ordinals(ORDI), and Axie Infinity(AXS) can provide suitable dip opportunities as the overall market trend remains bullish.

In the last 24 hours, the top two leading cryptocurrencies Bitcoin and Ethereum show a decline of 1.46% and 1.41%, trading at $42080 and $2313 respectively.

The global cryptocurrency market capitalization currently stands at $1.65 trillion, reflecting a 1.45% decline in the past day. Meanwhile, the total volume of cryptocurrency transactions in the last 24 hours has reached $70.21 billion, marking a 12.23% reduction.

Also Read: Heres the Last Bitcoin Options Expiry of the Year 2023, Heres What the Data Tells

The MINA coin price has demonstrated remarkable resilience, maintaining a stable position above the $0.675 mark. This stability led to a significant recovery, as evidenced by a 98% surge in its value over the past two weeks, bringing the trading price to $1.34.

A key factor in this rally was a breakout from the $1.246 neckline resistance of a bullish double-bottom pattern, a classic indicator of investor accumulation and a potential trend reversal. The recent 5.5% increase from the $1.24 neckline support further solidifies Minas position above this critical threshold, suggesting a continued upward trajectory.

Should this pattern hold, theres an expectation for The mina price to increase by another 62%, targeting a potential high of $2.16. This bullish outlook is further supported by the expansion in the upper boundary of the Bollinger Band indicator, signaling a dominance of buyers in the market

Cardano(ADA) has entered a phase of consolidation after its aggressive rally from mid-October to mid-December. Struggling to break past the $0.68 resistance, the ADA coin is currently trading at $0.6, following an 11% decrease over the last 48 hours.

The price movement, oscillating between an ascending trendline support and a horizontal resistance, forms an ascending trendline pattern a bullish continuation indicator. This pattern suggests that the Cardano price might soon approach the lower trendline, which could act as a springboard for buyers to challenge the $0.65 barrier.

A successful breakout from this level could signify a sustained uptrend, potentially leading to a 60% recovery towards the $0.85 mark.

The rising slope of the 20-day EMA provides additional support, bolstering the likelihood of this upward movement

The Axie-Infinity(AXS) coin has been on a steady climb within a rising channel pattern, marked by parallel trendlines serving as dynamic support and resistance. In October this consistent growth gave a bullish breakout above the upper trendline, signaling a shift toward a more aggressive rally.

This breakout led to a significant surge in Axie-Infinity price, reaching a 10-month high and marking a 175% growth over two months. However, the broader market correction has prompted a slight pullback in AXSs price, now trading at $9.11.

This correction may lead to a retest of the breached resistance trendline, now acting as support. If AXS maintains its position above this new support level, its poised for another rebound, potentially reaching target levels of $11.6 and subsequently $14. The RSI slope, currently above 64%, indicates a supportive market sentiment for this recovery trend.

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Top Altcoins to Buy December 29th: MINA, ORDI, AXS - CoinGape