5 Altcoins That Are Set To Explode in the 2023 Altcoin Season

• The global crypto market cap is up 1.06% over the last 24 hours.
• SHIB, ADA, DOGE, and BNB are up while XRP is down.
• ADA and SHIB could generate 600% gains for investors in the coming months.

Ripple (XRP), Binance Coin (BNB), Shiba Inu (SHIB), Cardano (ADA), and Dogecoin (DOGE) are 5 altcoins that are set to dominate the 2023 altcoin season.

At press time, the global crypto market cap is up 1.06% to take it to $931.74 billion, as fresh buy volume enters the market. Among the 5 altcoins set to explode in 2023’s altcoin season, Ripple (XRP) is down 0.49% over the last 24 hours and now trades at $0.4573, while the rest of the tokens in the list are all up in the same time period, according to CoinMarketCap.

BNB is trading at $273.98 after a 1.64% increase in price, and ADA’s 2.27% price increase means that it is now trading at $0.3603. Meanwhile, DOGE is trading at $0.05956 after a slight 24-hour increase of 0.33%, and SHIB’s 0.49% elevation in price has taken its price to $0.00001002.

Ripple (XRP)

A bullish ascending triangle pattern has formed on XRP’s monthly chart as the remittance token has posted higher lows and higher highs over the last 2 months. XRP’s price will have some resistance at $0.80, which is its next target over the coming months. Should it break above this level, the next target will be $1.24. Given its current price, this will be a 300+% gain.

Binance Coin (BNB)

A bullish sign for BNB traders and investors is the monthly 9 EMA line positioned above the 20 EMA line. Although the two lines are looking to cross bearishly, an indicator that suggests that this won’t happen is the gradient of the monthly histogram turning slightly positive.

As things stand, the upside and downside potential for BNB in the current parallel price channel is relatively the same, as the altcoin’s price has consolidated at the center of the channel. Should BNB’s price enter into a bullish rally, it will have to overcome the obstacle at $339.70. Thereafter, the next target will be $437.80. Reaching this level will constitute a 59.9% gain.

Cardano (ADA)

ADA’s price has been targeted by crypto bears ever since the launch of the Vasil hard fork upgrade, which will increase the transaction processing capability and by extension the scalability of the Cardano Network.

The current price of ADA is not a true indication of all of the developments happening within the Cardano ecosystem, resulting in an undervaluation of the network’s native cryptocurrency, ADA. Investors could see ADA as a medium- to long-term buy opportunity which will play out towards the second and third quarter of next year. This will see the price of ADA post 600% gains.

Dogecoin (DOGE)

The largest meme token by market cap, DOGE, has seen its price enter into a consolidation channel over the last 3-4 months, as it levels off at the base of the descending triangle chart pattern formed on its monthly chart.

This suggests that DOGE’s price has reached its bottom for this bear cycle. Investors and traders may look to buy into the token at its current level when worsening macroeconomic conditions begin to turn around.

At its current level, the upside for the meme token suggests that DOGE’s price could post a 300% gain before meeting some resistance. A successful challenge of this first key resistance level will see DOGE’s price rise to $0.3, which is almost a 600% gain from its current level.

Shiba Inu (SHIB)

The monthly chart for SHIB/USDT has seen the meme token’s price movement begin to come alive over the last 4 months, with the meme token able to reach a high of $0.00002000 during this time period before being brought back down.

One thing that investors need to keep in mind is the growing utility of the SHIB token. Perhaps the major additions to the SHIB ecosystem that will be major contributing factors to SHIB’s rally in the next altcoin season are the SHIB burn portal and the SHIB-based metaverse.

When investors and traders enter the market again, the price of SHIB will register near-300% gains before encountering its first resistance. From there on, if SHIB’s price can break above this level, then its next target will be $0.00007000.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.