Bitcoin is trading close to the support level. Are there any signs of reversal?
Bitcoin is trading close to the support level at $21,800. At the time of writing, there seems to be hope for bulls. However, if the support at $21,800 is broken, we might see the bears getting control.
In this week’s analysis, we will analyze a few web3 tokens to see whether they are showing signs of weakness and if you should consider selling them.
LINK/USDT
In our previous analysis, we had set the target at $7.5, which was hit soon after our analysis. We had anticipated profit booking near the resistance which can be seen after the reversal in the chart above.
Traders can expect the price to bounce back from the trendline at around $6.8. However, if this trendline is broken, some lower levels will be hit. The price could fall to the support at $6 in this case - therefore, traders should maintain caution until a reversal is seen.
Also Read: Breakout vs Fakeout (False Breakout)
HIVE/USDT
HIVE’s price jumped over 45% before traders started booking profits, resulting in HIVE giving up its gains.
HIVE briefly broke out of the resistance at $0.44, however, it was unable to sustain itself as the bulls were not strong enough. It seems like the HIVE bulls are still not strong enough - therefore, traders should practice caution until the resistance is reclaimed.
Also Read: How to Trade Futures on Binance?
DOT/USDT
DOT rallied to our target of $6.8 before being rejected by the resistance at $7. It can now be seen testing the support at $6, which, if broken, could push the price down to the next support at $5.5. Traders should wait for a reversal before buying DOT.
BAT/USDT
BAT is continuing its strong uptrend, and the rising channel is still intact. The token is currently testing the supporting trendline at $0.263.
If the supporting trendline is broken, expect the uptrend to end in the short term. The previous low at $0.24 could be tested in such an event.
Also Read: How to Stake Crypto on Coinbase?
FLUX/USDT
FLUX’s price gained over 40% after breaking the stringent resistance at $0.8. However, the price was unable to maintain itself and fell below the resistance. This is an indication of weakness. This week, FLUX could test the lower support at $0.62 (a crucial level).
APTOS/USDT
APT has started to correct in price after it fell by 35% last week from $20 to $13. We had ascertained that it was risky to buy the token last week, as it was at the overbought level on the RSI. At the time of writing, APT is showing no signs of a reversal.
Also Read: How to Avoid This Strange New Crypto Malware?
Summary
A quick recap of all the coins:
- LINK is testing support.
- HIVE has broken below the support level.
- DOT is trading near its support level.
- BAT could break the trendline.
- FLUX failed to break out.
- APT fell by 35%.
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.
