Technical Analysis: LINK, HIVE, DOT, BAT, FLUX and APT Price Prediction (Nov. W3)
Trading Analysis

Technical Analysis: LINK, HIVE, DOT, BAT, FLUX and APT Price Prediction (Nov. W3)

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1 year ago

Bitcoin hit a new 52-week low that resulted in many tokens plunging in value.

Technical Analysis: LINK, HIVE, DOT, BAT, FLUX and APT Price Prediction (Nov. W3)

Зміст

After the collapse of FTX last week, the overall market seems weak. It has been unable to recover after the deep sell-off. This is why it is important we analyze the tokens that are showing signs of weakness and may fall further.

With Bitcoin dropping to the $16,000 level, many tokens have dropped to crucial support levels. Is it time to buy or wait for a further drop?

LINK/USDT

In our previous analysis, we ascertained if the support at $7.5 is taken out, the price will test the last standing support at $6.2.

At the time of writing, LINK is trading dangerously close to the support at $6.2, and it looks like a breakdown could be seen soon. If this support is broken, traders can expect the price to collapse to $5.2, which is the 52-week low.

Therefore, it would be beneficial for traders to stay away from LINK until it is able to reclaim the resistance at $6.5.

Also Read: Leverage in Crypto Trading

HIVE/USDT

Looking at the chart above, HIVE can clearly be seen as one of the weaker tokens in the list as it was trading just above its 52-week low. After the sell-off last week, HIVE crashed by almost 50% as it was one of the worst-hit tokens, and it has been unable to recover from the lows.

Also Read: How to Trade Futures on Binance?

DOT/USDT

In our previous analysis, we had anticipated DOT to hit a new 52-week low once it broke the support at $6. This was seen last week during the sell-off which led to DOT hitting a new low at $5.32.

At the time of writing, DOT was on the verge of breaking a supporting trendline, following which a fall could be seen. Therefore, DOT must break the resistance at $6 to be considered a potential buy. If the resistance is reclaimed, expect the price to approach the supply zone at $6.8.

BAT/USDT

We had advised traders to not take any long positions in BAT last week after it broke a crucial support at $0.28. BAT has since fallen by 25%, and it doesn’t look like the downtrend has ended yet.

BAT has not shown any signs of a reversal yet, and a 52-week low seems imminent this week. Until the price is able to cross the resistance at $0.26, the bulls are not likely to be able to rally the price. Traders can expect the price to recover to $0.28 if the resistance is reclaimed, however, at the time of writing, it does not seem likely.

FLUX/USDT

FLUX is another token that has plummeted by 50% in the past week. It is important for traders to stay cautious as such weak tokens can drop sharply at any point.

Traders can expect the price to partially recover to $0.6, however, they must maintain caution as FLUX is a very volatile token!

APTOS/USDT

APT seems to be recovering after the steep fall last week which is a great sign for traders. However, traders should wait for APT to cross the resistance at $5.5 before taking a long position.

If the resistance is taken out, traders can expect the price to rise to $6.5.

Summary

A quick recap of all the coins:

  • LINK is about to break crucial support.
  • HIVE was unable to recover after the sell-off.
  • DOT can hit a new low soon.
  • Avoid long positions in BAT until the resistance is flipped.
  • FLUX is consolidating.
  • APT is recovering after the sell-off.
Remember that this is all based on the subjective views of the writer. As always, DYOR!
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