After BTC getting rejected by the resistance, let's see which web3 crypto is showing signs of strength!
After being rejected from the resistance at $18,500 it looks like there is still time before we see the bulls returning. In this week’s analysis, we will have a look to see which tokens you should keep an eye on!
Many coins have reached important support levels as Bitcoin fell to $16,000. Is it time to buy, or should you wait for a further drop?
It is still recommended to wait for LINK to flip the resistance at $6.7 before taking any positions.
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HIVE continues to be one of the weaker tokens, hitting another 52-week low on Monday. The coin plunged over 20% on Friday, resulting in a new 52-week low.
The chart shows that HIVE has been consolidating this month and has broken down from the support at $0.32. It is recommended to stay clear of HIVE until it is able to reclaim the resistance at $0.32.
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DOT has been consistently hitting new lows for the past month, and there are no signs of a reversal in the near future. It broke a crucial support level at $5 and fell sharply to $4.4.
At the time of writing, there are no signs of a reversal, so traders should avoid any long positions until the resistance at $5 is flipped.
In our previous analysis, it was determined that a rally for BAT was unlikely. This analysis proved to be correct as the price traded sideways for a few weeks before crashing 25% on Friday. The sell-off occurred after the support at $0.21 was broken, resulting in a new 52-week low for BAT.
It is currently risky for traders to buy BAT, so it is recommended to wait for the price to flip the resistance at $0.21.
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After forming a large wick, FLUX lost all of its gains from the rally seen earlier in November. It is currently approaching the support at $0.4, but traders should not expect significant price movements in the coming week. It is expected that the price will trade sideways for the week.
APT is currently trading close to its all-time low. Traders should avoid any long positions until a clear reversal is seen. If a bounce from the support at $3.7 is observed, a short-term reversal to $4.2 may be possible.
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A quick recap of all the coins:
- A bullish divergence can be seen in LINK.
- HIVE hit a new 52-week low.
- DOT is one of the weaker coins.
- Avoid long positions in BAT until the resistance is flipped.
- FLUX is trading sideways.
- APT is close to its all-time low.