As BTC is trying to break the resistance, let's see how web3 coins are performing!
Bitcoin is approaching the stringent resistance
at $18,500. In this week’s analysis, we will analyze the prices of web3
tokens to see which ones are showing signs of strength!
If BTC manages to break the resistance in the coming week, the $20,000 level could be hit soon! It is recommended for traders to hold off until the resistance is broken, as it could still reject the price.
Earlier this week, LINK
broke the lower demand zone at $5.7, which was the last support before the 52-week low
. The bulls
were quickly able to pull the price back above the support
, and it seems like we may have seen a false breakout.
As seen in the chart above, there is strong momentum. Traders can expect a strong week as long as the demand zone at $5.7 is sustained. Once the resistance at $6.7 is flipped, expect the price to start approaching the $7.5 mark.
It is still recommended to wait for LINK to flip the resistance at $6.7 before taking any positions.
Also Read: Breakout vs Fakeout (False Breakout)
HIVE has once again hit a 52-week low and has been one of the worst-performing coins.
We can see in the chart above that HIVE
in December until it finally broke down from the support at $0.31. It has once again recovered to the breakdown zone, however, traders should wait for the price to reclaim the support. If the support is reclaimed, we can expect the price to go back to $0.394.
Also Read: How to Trade Futures on Binance?
There finally seems to be some good news for the bulls, as a clear change in trend was seen last week. After continuously breaking support levels, DOT
has finally formed a higher low
after a strong downtrend. If the price is able to sustain above $5, expect a quick up move to $5.8 this week!
In our previous analysis, we had ascertained that BAT
was looking weak and had thus advised traders to maintain caution. This view proved to be correct as the token hit a new 52-week low shortly after.
BAT is trading right below a strong resistance level at $0.21. A bullish move will only be seen once the bulls take out the resistance. If they succeed, we can see a clear path to the next supply zone at $0.26. If failed, expect a new 52-week low to be hit!
Also Read: How to Stake Crypto on Coinbase?
In our previous analysis, we had expected the price to continue moving sideways between the price range $0.39 and $0.61. Traders should not expect any significant moves until either side of the zone is broken. This is why we expect the sideways movement to continue this week too.
A strong reversal was seen last week in APT
, and it looks like a continuation of the bullish trend will be seen. Traders can wait for the resistance at $5.45 to be broken before taking a long position
to be on the safer side.
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A quick recap of all the coins:
- LINK is rising once again
- HIVE can break out soon
- A reversal can be seen in DOT
- BAT is close to resistance
- FLUX is trading sideways
- APT is looking bullish
Remember that this is all based on the subjective views of the writer. As always, DYOR
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