Bitcoin has continued trading sideways. It is important to see how the web3 tokens are reacting as it could be time to sell the relatively weaker ones!
Bitcoin was rejected by the resistance at $19,700. It indicates that the bulls are not strong enough for a rally yet. Until a breakout is seen on either side of the range currently formed, any significant moves in atlcoins do not seem likely. In this week’s analysis, let’s check which tokens have performed poorly against the greater market.
LINK/USDT
Since last week’s analysis, LINK’s price dropped further and is moving near the support at $6.8. It is important for LINK to sustain above $6.8 or else we could see a sharp drop to the demand zone at $6.2!
LINK made attempts to break out of the resistance (at $7.5) earlier this week but failed. If there is a breakout, the token will rally to the next supply zone at $9.5.
On the other hand, if the support is broken, the price will test the crucial zone of demand at $6.2.
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HIVE/USDT
In our previous analysis, we had advised traders to stay away from HIVE if the demand zone at $0.48 was breached. This breach was seen on Wednesday, and it is looking like the last standing support at $0.45 will be tested this week.
A reversal must be seen in HIVE as a break of the last standing support will result in the token plunging to $0.4. If a reversal is seen from the support at $0.45, expect a short-term bounce to $0.48.
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DOT/USDT
The last few weeks have seen DOT trading inside a range. Therefore, a strong move will occur from a breakout on either side of the zone.
Since DOT is trading extremely near to the 52W low, a sell-off might erase the current low - therefore, it is important that it breaks through the upper zone.
Expect another low to be hit soon if the present demand zone at $6 is broken!
BAT/USDT
In last week’s analysis, we had anticipated BAT to break the low at $0.28 - a move that was seen soon after our analysis. At the moment, the token is trading close to the new low set last week. Traders should avoid any long positions until the resistance at $0.31 is flipped.
It is very important to be cautious as BAT still has not crossed the resistance and can still break the current low at $0.26. If the current low is broken, expect a sharp drop leading to a new 52-week low.
FLUX/USDT
FLUX was one of the worst performers last week. We had advised traders to avoid any long positions at the moment. It has since fallen by over 25% and formed a bearish structure.
Traders should steer clear of FLUX until it is able to recapture the resistance at $0.8. It looks like FLUX could head for yet another 52-week low!
Summary
A quick recap of all the coins:
- LINK has to bounce from the support.
- HIVE has broken a crucial demand zone.
- DOT is trading sideways.
- BAT is trading close to the new low set last week.
- FLUX has hit a new 52-week low.
Remember that this is all based on the subjective views of the writer. As always, DYOR!
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