Bitcoin hit the $25,000 mark on Tuesday after breaking the stringent resistance at $24,000. Let's see how the web3 tokens are performing!
Bitcoin hit the $25,000 mark on Tuesday after breaking the stringent resistance at $24,000. Strong buying volumes can be seen all across the market which is hinting towards a strong week ahead. Will we see a similar breakout in the web 3.0 tokens too?
In this week’s analysis, we will look at a few web3 tokens to analyze the price performance.
LINK/USDT
In our previous analysis, we had anticipated the price to approach the resistance at $7.7 after bouncing off the supporting trendline. LINK bounced back strongly and is on the verge of breaking the resistance at $8.
Traders can expect the price to surge to the next supply zone at $9.6. As seen in the chart above, LINK attempted to break out of the resistance on Tuesday but failed. The resistance has, thus, been weakened which increases the chances of a breakout. However, if the breakout fails, we may see the price fall back to $6.7.
Also Read: Breakout vs Fakeout (False Breakout)
HIVE/USDT
HIVE has broken above the resistance at $0.43. In the coming week, we might see the price test the previous swing high at $0.52. However, at the time of writing, the buying volumes are low which may trigger sideways movement. It is crucial for the price to sustain over the resistance, as a breakdown could lead to the price plummeting to the support at $0.39.
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DOT/USDT
DOT rallied to the resistance at $6.8 which was marked in our previous analysis. It was one of the strongest tokens last week, and it seems like the bulls are ready to go higher!
After breaking the resistance at $6.8, the price retested the breakout zone - which is a bullish sign. We might see the price rally to the supply zone at $7.8 this week if the buying volumes remain this high (DYOR). This view will become invalid if the price falls below $6.8.
BAT/USDT
BAT has continued the sharp uptrend and any signs of a reversal cannot currently be seen. However, the price is now approaching a crucial resistance at $0.35, which could be the reversal zone. Traders must maintain caution near the resistance this week.
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FLUX/USDT
After breaking the resistance at $0.82, FLUX retested the breakout zone and bounced off the support. This is pointing towards a continuation of the uptrend, and the price may start approaching the resistance at $0.9 this week. The RSI has also bounced off the oversold zone, therefore, there should be some buying orders placed at the current levels.
APTOS/USDT
APT rallied to $18, however, it plunged to $13 shortly after the RSI reached the overbought zone. A support level can be seen at $13 which could lead to a reversal this week.
The price could start rising towards last week’s high at $18 in the coming week after bouncing off the support level.
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Summary
A quick recap of all the coins:
- LINK is trying to break out.
- HIVE has just broken the resistance.
- DOT is looking strong.
- BAT is near resistance.
- FLUX is about to reverse
- 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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