Top 3 Altcoins to watch going into 2023: Safepal, Lido Dao, Uniswap
- The Crypto Total Market Cap has fallen to 750 million dollars.
- DEX tokens could witness a bid after the result of the Centralized FTX Exchange scandal.
- SFP, LDO and UNI are DEX tokens in the market that have shown strength despite the market's overall demise.
Safepal price shocks the market
Safepal price (SFP) witnessed a 180% rally in November while the total market cap fell by 25%. A sharp rally occurred during the 3rd trading week of November, establishing a new monthly high at $0.81. Now, as the market has witnessed another liquidation, the decentralized wallet and exchange token's price hovers at $0.48, 70% above the origin point of its' jaw-dropping rally.
At the time of writing, the Safepal price tests the 21-day simple moving average for support. If the bulls can find a stable leg, A challenge of the newfound highs could occur. Bullish targets would be the $0.81 high and potentially liquidity levels near $0.84 to induce a market capitulation of newly established bears. Invalidation of the uptrend potential remains near the origin point of the 180% rally at $0.28.
SFP/USDT 1-Day Chart
Lido Dao price has potential
Lido Dao price is another alt-coin that has demonstrated strength despite BItcoin's demise.
Since June, LDO has pumped by 560%. The outperformance by the multi-network staking coin has speculators wondering if the LDO price has any potential to bring forth more gains.
Lido Dao price currently auctions at $1.10. A Fibonacci retracement tool surrounding the entirety of the stunning rally shows the current price as hovering just above the 61.8% Fib level. The Volume Profile Indicator shows fewer transactions during the current downtrend when compared to the influx of buying pressure that kicked off the impressive summertime rally. The Relative Strength Index has climbed back into support after briefly tagging oversold levels when Lido Dao bounced at the 61.8% Fib level at $0.93 earlier in the month.
Combining these narratives, Lido Dao price does have the potential to challenge bears who may have recently established a position near the $2 $3 levels. LDO's uptrend potential depends on the origin point of the 5x rally at $0.49, remaining untagged.
LDO/USDT 1-Day Chart
Uniswap price is one to watch
Uniswap price is worth keeping on your watchlist, especially if a Christmas rally blesses the crypto market. Between June 14 and August 12, UNI established a 2X bullrun. After the impressive move north, the Ethereum-based swap token has since fallen by 50% and has remained range bound between $5 and $8.
Uniswap price currently auctions at $5.84. Glasnode's Exchange From Withdrawals Indicator displayed UNI'a largest uptick in withdrawals from all exchanges on November 13. Based on historical evidence, large upticks in withdrawals from all exchanges have resulted in sharp countertrend bounces for the UNI price in the past. The last time the indicator portrayed comparable metrics was in September of 2021 when UNI traded at $20, days before rallying 20% to $25.
Glassnode’s Exchange Withdrawals
Similar to Lido Dao, Uni also hovers above the 61.8% Fib level, considered the "golden pocket," where opportunities are abundant and promising. A challenge of the 2x rallies’ high at $9.72 would result in a 88% increase from the current market value. Invalidation of the bullish potential would be the June 18 swing low at $3.33
UNI/USDT 1-Day Chart
In the following video, our analysts deep dive into the price action of Pancakeswap, another Decentralized Exchange (DEX) token analysts are keeping an eye on as 2022 comes to an end. -FXStreet Team
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
