BeInCrypto’s team of editors has curated a unique list of the top five altcoins with the most potential in March, based on upcoming events and ecosystem developments.
Optimism (OP), Polygon (MATIC), and Filecoin (FIL) have made the cut due to their respective mainnet upgrades launching next month, while VeChain (VET) is set to host The Hive Summit and Decentraland (MANA) is gearing up for Fashion Week.
Optimism (OP) Tops the List of Interesting Altcoins
Leading the charge on this list is Optimism (OP), which currently sits at a market capitalization of $863 million and a price of $2.75.
Optimism is one of the most popular layer 2 (L2) scaling solutions for the Ethereum blockchain and is scheduled to undergo a mainnet update on March 15th. This update, dubbed Bedrock, aims to simplify the protocol and enhance network security and performance.
According to wave analysis, the OP price is currently in wave 4 of a bullish structure (in white), with a potential correction towards the horizontal support area of $2.10 in sub-wave 4. If this support holds, the token could see a rise towards $3.80.
However, if the price drops below the wave 1 high at $1.42, the bullish scenario would be invalidated, and the token could tumble to $0.70.
Polygon (MATIC) prepares to launch mainnet beta
The team behind the Polygon (MATIC) project is gearing up for the launch of the beta version of its main network, zkEVM, on March 27th.
This eagerly awaited solution will be on par with Ethereum Virtual Machine (EVM), enabling developers to easily integrate Ethereum applications into the new network. As a result of this announcement, the MATIC token has already seen a surge in price, hitting a new yearly high.
However, technical analysis shows that the price of Polygon has broken through the ascending support line and dropped below the $1.28 horizontal area.
This bearish trend is likely to continue until the price can recover above this level. If the price doesn’t recover, a fall to Fibo levels of 0.5-0.618 correction by $1.06-$1.15 is possible.
Nevertheless, a successful recovery above $1.28 could see the market push towards $1.55. Despite the bearish trend, there’s still plenty of anticipation surrounding the launch of the beta version of Polygon’s main network zkEVM, which has the potential to further boost the value of the MATIC token.
VeChain (VET) Presents The HiVe
VeChain’s (VET) upcoming event, The Hive Summit, is set to take place on March 4 in Las Vegas. The event, which is sponsored by the VeChain Foundation project, will bring together experts to discuss the future and sustainability of Web3. Keynote speakers at the event will include VeChain Founder Sunny Lu and VeChain Foundation CEO Antonio Senatore.
The price of VET has been on the rise since January 2023, following an ascending support line. The price hit a high of $0.033 on February 20, but has since seen a pullback.
Despite the recent dip, VET is still trading above the support line at $0.027, suggesting that the bullish trend may continue, with the price potentially rising to $0.040.
However, a bearish break below the rising support line could trigger a decline towards $0.020. Investors will be keeping a close eye on the outcome of The Hive Summit, as any announcements or developments at the event could have a significant impact on the future price of the VET token.
Decentraland (MANA) holds a fashion week
“Decentraland (MANA) is set to showcase its fashion week in a unique metaverse experience. The current price of the MANA token is $0.61, and its market cap is $1.185 billion, ranking at #53 in the cryptocurrency market.
The second annual Metaverse Fashion Week (MVFW) will be hosted by Decentraland from March 28 to 31. This year, the event will be joined by top brands such as Dolce & Gabbana, Tommy Hilfiger, Coach, Adidas, and DKNY, making it a significant event in the metaverse.
The price of MANA has been in a downtrend since early February, trading below the descending resistance line. A descending triangle has formed on the chart, which is typically considered a bearish pattern when combined with the $0.062 horizontal support area.
If the price falls below this support level, it may drop towards the 0.618 Fibo level correction at $0.50. On the other hand, a bullish break above the resistance line could trigger a move towards $0.84.
Overall, the Metaverse Fashion Week event may bring new interest to Decentraland, and it remains to be seen how the MANA token will perform in the future.”