Three altcoins to explode in 2023’s alt season: MINA, AVAX, LRC

With Bitcoin dominance slowly treading lower, things are starting to get interesting for altcoins. While some of these alts are already popping off, this article takes a look at three tokens that are primed for healthy gains.

Also read: Why Vitalik Buterin is bullish on ZK coins

MINA price takes the necessary steps 

MINA price shows two important developments, both of which are bullish. The first thing to note is that the token bounced off the $0.705 support level for the third time, which kick-started the initial rally. 

Since this retest, MINA price has appreciated by 10% and is on its way to retest the next critical hurdles at $0.969 and $1.045. The buy-side liquidity resting above the equal highs at $1.045 will be a key target for bulls and will constitute a nearly 35% upswing from the current level.

MINA/USDT 4-hour chart

On the other hand, a breakdown of the $0.705 support floor would invalidate the bullish thesis for MINA. This development could see Mina Protocol revisit the March 13 lows at $0.669. 

LRC price coils up before northbound explosive move

Loopring price shows an ascending triangle formation on the four-hour chart. This technical formation contains a set of higher lows and equal highs. As the consolidation ensues, the  underlying asset’s volatility, in this case, LRC, gets squeezed

A decisive close above the triangle’s base at $0.370 will confirm a breakout. In this case, the ascending triangle formation forecasts an 18% upswing to $0.437, obtained by adding the distance between the first swing high and swing low to the breakout point. 

LRC/USDT 4-hour chart

Invalidation of the bullish thesis for Loopring price will occur if LRC bulls fail to defend against sell-side pressure. If the altcoin produces a lower low below the March 30 swing low at $0.344, the market structure would shift, favoring the bears. Such a development could see LRC crumble to March 22 swing low at $0.320. 

AVAX price confirms bullish breakout

AVAX price was also consolidating inside an ascending triangle setup but breached the horizontal blockade at $17.78 on April 4, confirming a breakout. Due to the short-term bearish outlook, Avalanche price has retraced lower and is currently retesting the aforementioned resistance level.

If bulls are successful in holding their ground, the ascending triangle setup forecasts a 12% ascent to $20.12, coinciding with the 79% retracement level.

AVAX/USDT 4-hour chart

While the bullish outlook is logical, investors need to pay close attention to the support level at $17.00. A breakdown of this level would invalidate the ascending triangle setup and the bullish thesis for AVAX price. 

In such a case, Avalanche price could slide lower and retest the $15.49 support floor.