Top 3 Cryptocurrencies Set to Kickstart Bullish Recovery in May 2023; Entry Today?

The crypto market starts May month on a bearish note as the leading cryptocurrencies Bitcoin and Ethereum witness significant outflow. Though this downfall can temporarily pause recovery in several cryptocurrencies the overall market sentiment remained bullish. Amid a higher possibility for an uptrend resuming here are top crypto coins whose bullish setup could offer a significant rally in the near future. 

Xrp(XRP)

Source- Tradingview 

Amid the recent sell-off in the crypto market, the XRP price has been in a correction phase for over a month and plunged to local support of $0.433. However, this bearish pullback shows sustainability above the 50% Fibonacci retracement level and keeps the overall sentiment bullish.

Thus, the XRP price maintained the bullish pattern called the double bottom as mentioned in our previous article. By the press time, the XRP price trades at $0.459 but under the influence of pattern, the coin price should rise 20% to challenge the $0.55 neckline resistance.

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A breakout above the aforementioned resistance will signal a bullish rally to $0.8.

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Polkadot (DOT)

Source- Tradingview 

For nearly a year Polkadot coin price has been forming an inverted head and shoulder pattern. The neckline of this pattern is the key resistance that carries the ongoing downtrend in DOT price.

By press time, the DOT price trades at the $5.74 mark, and under the influence of the chart pattern it should rise 15% to rechallenge the aforementioned neckline resistance. A potential breakout from the overhead resistance signals an early sign of trend reversal and surges the prices for potential gain to $8, followed by $9.67 or $10.85

Cosmos (ATOM)

Source- Tradingview 

In the weekly time frame chart, the Cosmos coin price shows a textbook example of a symmetrical triangle pattern. The price has gradually narrowed between the pattern’s converging trendline preparing for a decisive breakout.

Despite the sideways trend, the daily RSI slope rising indicated a higher possibility for an upside breakout from this pattern. As of now, the ATOM price trades at $10.99 but in response to this pattern, the prices should offer a decisive breakout from the pattern resistance trendline.

This potential breakout may signal an upcoming recovery rally and surge the ATOM price to $26 mark.