After getting rejected by the resistance at $25k, BTC faced a sharp fall to $22k. What impact did it have on web3 coins?
Bitcoin was rejected by the resistance at $25,000 which led to the price falling to $22,000.Keeping the current situation in mind, let’s see how the Web 3.0 coins reacted during the fall!
LINK/USDT
In our previous analysis, we had marked a strong resistance at $8 as seen in the chart above. LINK reversed from the resistance and plummeted to $7 after the rejection.
A chance for the continuation of the bullish trend can only be seen once the price is able to flip the resistance at $8. Thus traders should wait for the resistance to be flipped before expecting any strong moves. Once the resistance is crossed, a clear path to the next supply zone at $9.65 can be seen. However, if the price gets rejected again, we may see it fall back to $6.7.
Also Read: Breakout vs Fakeout (False Breakout)
HIVE/USDT
HIVE surged by over 25% to $0.58 on Friday after a huge volume spurt was seen. However, the bears were quick to return and formed a wick as can be seen above. HIVE is now once again trading near the support at $0.45 which is a strong support zone.
Also Read: What Are Ranges in Trading and How to Use Them
DOT/USDT
DOT has almost perfectly followed the path that we had anticipated in last week's analysis. We had expected the price to rally to the resistance at $7.8 which is exactly what can be seen in the chart above. There was a reversal from the resistance which led to the price plunging to $6.4.
A support can be seen at $6 which could be the zone of reversal for DOT this week.
BAT/USDT
BAT is on the verge of breaking the supporting trendline, which is why traders should maintain caution this week. A double bottom pattern can be seen, which is hinting towards a reversal from the zone of support. If a reversal happens, traders can expect the price to approach the resistance at $0.34. However, if the support is broken, expect the price to plunge to the next support at $0.27.
Also Read: What Is an OCO Order (One-Cancels-the-Other)
FLUX/USDT
FLUX is still trading under the resisting trendline mentioned in last week’s analysis. Until the trendline is broken, no major moves can be expected. Once a breakout is seen, a strong move to $0.95 is probable - however, traders should hold until a clear breakout occurs.
APTOS/USDT
APT fell to $11 this week - however, a strong reversal from the support was seen, pointing towards a change in trend.
The price could start rising towards last week’s high at $15 in the coming week after bouncing off the support level.
Also Read: 2019 vs 2023: Analyzing The Market Structures
Summary
A quick recap of all the coins:
- LINK is trading sideways.
- HIVE rallied strongly last week.
- DOT has fallen significantly.
- BAT formed a double bottom.
- FLUX is about to break the trendline.
- APT is close to the support level.
Remember that this is all based on the subjective views of the writer. As always, DYOR!
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