Cryptocurrencies have gained a lot of popularity in recent years, and many people are now looking to invest in them. With so many different cryptocurrencies available, it can be difficult to know which ones are worth investing in. In this article, we'll take a look at the top three cryptocurrencies that you should consider investing in for 2023.
1. AAVE
The AAVE cryptocurrency saw a drop in price after reaching a peak of $115.80 on August 11th. In November, it created a lower high before continuing to decline. The price reached a low of $50.20 on November 22nd, but then rebounded and formed a bullish hammer candlestick pattern. This validated the $54 support level. However, the double bottom pattern formed on December 20th has not yet been confirmed, as it has not been accompanied by bullish divergence in the relative strength index (RSI). If the AAVE price moves above the $66.50 level, it would confirm the double bottom pattern and may lead to an increase towards $95. On the other hand, a daily close below the $54 support level would result in a new yearly low.
2. OCEAN
The Ocean Protocol (OCEAN) cryptocurrency has seen a decline in price since reaching an all-time high of $1.94 in April 2021. In November 2021, it created a lower high and then fell below a descending resistance line. After reaching a low of $0.115 on November 22nd, the OCEAN price started an upward movement. However, the weekly relative strength index (RSI) generated bullish divergence and completed a swing failure pattern, which is a bullish sign that often precedes a trend reversal.
Despite this, the OCEAN price was unable to break out of the resistance line and instead formed a long upper wick. It is currently trading below the resistance line and the $0.155 level. If the OCEAN price is able to reclaim the $0.155 area and break out from the descending resistance line, it would confirm a bullish reversal and potentially lead to an increase towards the next resistance at $0.40. On the other hand, a close below $0.115 could result in new lows.
3. XRP
XRP is a cryptocurrency that is supported by many who believe that its value will significantly increase in the near future. The current stagnation of its exchange rate is largely attributed to the ongoing lawsuit between the Securities and Exchange Commission (SEC) and Ripple. Once this lawsuit is resolved, it is expected that the value of XRP will begin to grow rapidly.
Ripple is a global platform that enables money transfers and is primarily used by large financial institutions. Its goal is to integrate into the banking system and increase the adoption of blockchain-based cash payment technologies.
It is worth noting that XRP has consistently ranked among the top cryptocurrencies by market capitalization.