With BTC breaking above the $23k mark, let's see how web3 tokens are performing this week!
After briefly breaking below the support level at $21,800 last week, Bitcoin bounced back strongly to $23,000. The bulls seem to be stronger than the bears at the moment, and the uptrend seems to be intact. As long as the price is trading above $21,800, the bulls should be able to maintain a tight grip on the bears!
In this week’s analysis, we will look at a few web3 tokens to analyze the price movements from last week.
LINK/USDT
In our previous analysis, we had ascertained that the price may fall further if the trendline is broken. This trendline was broken on Monday - therefore, it is important to maintain caution now. At the time of writing, the price was retesting the trendline after the breakout.
Traders can expect the price to test the support at $6 if the retest is successful. However, if this trendline is reclaimed, the price could continue the uptrend this week by approaching the resistance at $7.7.
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HIVE/USDT
After a very volatile week last week, HIVE has been trading sideways. In the chart above, we can clearly see a resistance at $0.43 that needs to be broken before we see any further bullish moves.
Until the resistance is not broken, the sideways trend will continue. For this reason, it would be safe for traders to wait for a breakout in the 4-hour time frame. If the price is able to break out, it could approach the next resistance at $0.48.
The price could also face resistance thus traders should maintain caution.
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DOT/USDT
DOT tested the lower support at $6 this week - however, the bulls were strong enough to keep the support intact. This is a good sign, as the price can be seen rising after bouncing off the support. It loos like DOT is now heading towards the resistance at $6.8.
BAT/USDT
In our previous analysis, BAT was testing the supporting trendline in the strong uptrend. As seen in the chart above, the price was able to bounce off the support and continued the strong uptrend.
We may see a swing towards the upper trendline at $0.34 this week if the momentum continues.
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FLUX/USDT
FLUX has fallen by over 30% in the past few weeks - however, it seems like the pullback may finally be over. Once we see the price flip the resistance at $0.82, the further upside can be seen. Traders can expect the price to hit $0.9 once the resistance is cleared.
APTOS/USDT
A clear double-bottom pattern can be seen in APT after a bullish RSI divergence was formed on the 4-hour timeframe. It seems like APT has successfully retested the support at $12 and is ready for yet another move!
The price could start rising towards the high at $20 in the coming week after the formation of the bullish double-bottom pattern.
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Summary
A quick recap of all the coins:
- LINK is testing resistance.
- HIVE is below the resistance.
- DOT has reversed from its support level.
- BAT could break the trendline.
- FLUX is trying to break out.
- APT formed a double bottom.
Writer’s Disclaimer: This article is based on my limited knowledge and experience. It has been written for educational purposes. It should not be construed as advice in any shape or form. Please DYOR!
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