March is off to a promising start after a bearish February, with significant upgrades on the horizon for several altcoins. These advancements have the potential to bolster the current market rally and help offset recent losses for investors.
Identified by BeInCrypto, three altcoins are poised to make waves in the days ahead as their price movements and market impact are closely monitored.
Ethereum (ETH)
Ethereum made a notable 13% surge on Monday before experiencing a slight pullback, currently hovering around $2,349. Despite the dip, ETH managed to break through the downtrend support line, reinforcing its bullish outlook. Maintaining this level is crucial for sustaining its upward trajectory.
The upcoming Pectra upgrade scheduled for March 5 aims to improve network scalability by minimizing consensus overhead and enhancing Layer 2 efficiency. This development is expected to reignite investor interest, potentially propelling ETH towards $2,654. A successful breakout above this level would help recover a portion of the recent 21% decline, solidifying Ethereum's market standing.
However, failing to hold $2,344 as support could reverse recent gains, potentially leading ETH towards $2,170 and signaling heightened selling pressure, prolonging its correction.
Onyxcoin (XCN)
XCN is gearing up for a significant milestone with the launch of the Onyxcoin Goliath Mainnet today, March 3. This much-anticipated event could serve as a catalyst for a price surge, as network upgrades tend to attract investor attention. The recent 32% spike in three days has positioned XCN at $0.0188, breaking a month-long downtrend and aiming to establish $0.0182 as a solid support level.
Failure to secure $0.0182 could reverse recent gains, potentially driving XCN back to $0.0150 and undoing its positive momentum.
Portal (PORTAL)
Portal has been consolidating below $0.151 for the past month and is currently trading at $0.131. The forthcoming Portal Bridge upgrade slated for March 4 could trigger a breakout, drawing in renewed investor interest and boosting trading volume. The integration of the new Solana bridge will enhance cross-chain functionality for Portal, expanding its ecosystem and potentially attracting more demand.
A successful upgrade could see PORTAL breach $0.151 and surge towards $0.182, marking a bullish turn and ending the prolonged consolidation phase.
Failure to surpass $0.151, however, could prolong the consolidation, with a drop below $0.130 potentially pushing PORTAL towards $0.118 and diminishing its bullish outlook.
These altcoins are definitely ones to watch as the market continues to evolve.