Bitcoin has broken out of the strong resistance at $21,800 and has hit the $23,000 mark. Let's see how the web 3 tokens are performing!
Bitcoin has broken out of the stringent resistance at $21,800 and has hit the $23,000 mark! In this week’s analysis, we will analyze a few web 3.0 tokens to see how they have performed during this rally and whether it may be time to book profits.
With Bitcoin trading above $21,800, the bulls seem to be well in control, and it looks like there may be more to this rally.
In our previous analysis, we had set the first target at $6.7, which has been hit this week. The next target can be set at the resistance marked in the chart above at $7.5. At the time of writing, LINK is facing strong resistance at $7.2.
Traders can start booking profits at $7.5 if a reversal is seen. However, if a breakout happens, traders should hold for higher targets. A clear path to the next supply zone (resistance) at $9.5 will be seen once the resistance at $7.5 is reclaimed.
Also Read: Breakout vs Fakeout (False Breakout)
HIVE has rallied by over 40% since our analysis after breaking the resistance at $0.3135. We had expected the price to hit $0.39 once the resistance was broken, and that is exactly what was seen.
It seems like HIVE is now consolidating after the sharp move up, thus, traders should maintain caution now. The price must flip the next resistance at $0.44 for the next leg in the rally.
Also Read: How to Trade Futures on Binance?
The strong move to $5.8 that we had anticipated in DOT was seen on Monday after the price pierced through resistance levels. The bears are nowhere to be seen at the moment, and the price should be able to continue the rally. The next resistance can be seen at $6.8. Traders can expect a strong week ahead.
A strong uptrend can be seen in BAT as it continues to form higher highs. The token has just broken yet another resistance at $0.26 and could start rising soon.
The next supply zone (resistance) can be seen at $0.32, which should be hit in the coming week considering the strong momentum.
Also Read: How to Stake Crypto on Coinbase?
After a very long sideways consolidation, FLUX has finally broken out of the tight range. It has been trading in the tight range since November, and the bulls seem to have returned!
FLUX should start approaching the resistance at $0.77 soon. This view is valid only if it stays above the crucial support at $0.61.
APT was the strongest-performing coin in the past week after it almost tripled in price to hit $20! It could be risky to buy APT at this level as the RSI is at the overbought level. Traders can wait for the RSI to fall below 70 before taking a long position to stay on the safer side.
Also Read: How to Avoid This Strange New Crypto Malware?
A quick recap of all the coins:
- LINK is approaching a resistance
- HIVE is looking bullish
- DOT has to break the resistance
- BAT just broke a strong resistance
- FLUX broke the tight zone
- APT rose by 300%
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. As always do your own research.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.