Top 5 Altcoins to Watch in March 2023

01.03.2023

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Top 5 Altcoins to Watch in the crypto market in March 2023: Optimism (OP) and Polygon (MATIC), and Filecoin (FIL) will undergo mainnet network upgrades. VeChain (VET) will present The Hive summit, while a fashion week will be held in Decentraland (MANA).

Optimism (OP) Announces Bedrock Upgrade

Price: $2.82
Market Cap: $887 million
Rank: #59

The first protocol upgrade of the Optimism mainnet will go live on March 15. The so-called Bedrock upgrade will provide simplicity, modularity and positively impact security and performance. Bedrock is a preparatory step for the multichain future of Optimism. The upgrade is expected to take around 4 hours.

The OP price is likely in wave four of a five-wave upward movement (white). The most likely level for the correction to end would be at the $2.10 horizontal support area, which is in sub-wave four territory. Then, the increase can continue toward $3.80.

However, a fall below the wave one high at $1.42 would invalidate this bullish forecast. In that case, the digital currency could fall toward $0.70.

OP/USDT Daily Chart. Source: TradingView

Polygon (MATIC) Altcoin Prepares for Mainnet Launch

Price: $1.24
Market Cap: $10.816 billion
Rank: #9

On March 27, the Polygon network will launch Polygon zkEVM mainnet beta, described as the future of Ethereum scaling. Developers can copy-paste code that works on Ethereum, and that will work seamlessly on Polygon zkEVM.

However, the Polygon price broke down from an ascending support line and fell below the $1.28 horizontal resistance area. Unless it reclaims the latter, the trend is considered bearish. Therefore, a drop to the 0.5-0.618 Fib retracement support levels at $1.06-$1.15 could occur.

However, if the altcoin reclaims the area, it could increase to $1.55.

MATIC/USDT Daily Chart. Source: TradingView

Filecoin (FIL) Network Upgrade Coming in March

Price: $6.66
Market Cap: $2.621 billion
Rank: #27

On March 14, the Filecoin v18 Hygge upgrade will launch. It will allow developers to deploy EVM contracts on the Filecoin mainnet through the Filecoin EVM.

The Filecoin price is validating an ascending channel as support (green icon). If successful, this could also create a bullish engulfing candlestick.

As long as the price trades above the channel, a bounce toward $9 is expected. A fall below the channel’s resistance line could cause the crypto asset to drop to $5.50.

FIL/USDT Daily Chart. Source: TradingView

VeChain (VET) Presents The HiVe

Price: $0.027
Market Cap: $2.009 billion
Rank: #32

The HiVe summit will be held on March 4. It is a platform for discussion and ideation for a future centered around Web3 and sustainable development. The VeChain Foundation presents the summit. Sunny Lu, the founder of VeChain, and Antonio Senatore, the CEO of VeChain Foundation, will be two of the main speakers.

The VET price has increased alongside an ascending support line since Jan. 2023. The upward movement led to a high of $0.033 on Feb. 20.

While the price fell afterward, it is still trading above the ascending support line at the $0.027 support area. Therefore, the crypto market trend is considered bullish, and an increase toward $0.040 is expected.

However, a breakdown from the ascending support line could lead to a fall toward $0.020.

VET/USDT Daily Chart. Source: TradingView

Decentraland (MANA) Altcoin Hosts Fashion Week

Price: $0.65
Market Cap: $1.213 billion
Rank: #46

The metaverse fashion week will be held between March 28-31 in Decentraland. For the first time, the event will offer interoperability between virtual worlds. Besides Decentraland, designers can appear in the Spatial and Over metaverses.

The Decentraland price has fallen below a descending resistance line since the beginning of February. When combined with the $0.062 horizontal support area, this creates a descending triangle, considered a bearish pattern.

If the price breaks down from the support area, it could fall to the 0.618 Fib retracement support level at $0.50. However, a breakout from the line could lead to an increase toward $0.84.