As BTC is nearing $30k, how are the web3 tokens performing? Let's find out!
Bitcoin is on the verge of hitting $30,000 after a huge surge in buying volumes following the recent collapses in the banking world. In this week’s analysis, we will have a look at the Web 3.0 coins to see how they have reacted!
LINK/USDT
LINK has performed relatively weaker as it is still trading near the same price zone as it was in our previous analysis.
The price is currently approaching the resistance at $8 which has proved to be a zone of reversal in the past. This is why, it is advisable for traders to wait until the resistance level is breached before expecting any strong bullish moves. After successfully crossing the resistance, the next supply zone at $9.65 becomes more evident. Conversely, if the price encounters rejection once again, it is likely to experience a decline back to $6.7.
Also Read: Breakout vs Fakeout (False Breakout)
HIVE/USDT
HIVE plummeted to $0.31, however, the bulls were quick to return from the support zone which resulted in a sharp V-shaped recovery. HIVE must reclaim the resistance at $0.45 in order to rally further.
Also Read: What Are Ranges in Trading and How to Use Them
DOT/USDT
In our previous analysis, we underestimated the bears after DOT fell to $5.2 after breaking the crucial support that we had marked at $6. A strong reversal was seen shortly after which helped the price recover back to $6.8.
In the chart above, we can currently see the price retesting the support at $6.1. If this retest is successful, we can expect a continuation of the trend (DYOR).
BAT/USDT
In our previous analysis, BAT was on the verge of breaking the supporting trendline - which is why, we had advised traders to maintain caution.
BAT has since tumbled by over 20% and has been one of the worst-performing tokens. Until the resistance at $0.26 is reclaimed, the bears will continue to hold a strong grip over the bulls. A matter of concern for traders should be the fact that Bitcoin is rallying higher but BAT is hitting new lows. Therefore, traders should steer clear of BAT at the moment.
Also Read: What Is an OCO Order (One-Cancels-the-Other)
FLUX/USDT
FLUX has been continuously falling after breaking the support at $0.9. In the chart above, we can see that FLUX is trading right above the demand zone at $0.6. Traders should wait for a clear reversal as a breakdown from this level could result in a sharp sell-off!
APTOS/USDT
APT has fallen to a strong support level which could be the point of reversal.
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 approaching resistance.
- HIVE is right below the resistance.
- DOT is retesting support.
- BAT is one of the worst-performing tokens.
- FLUX is very close to the support.
- 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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