After BTC getting rejected by the resistance, let's see which web3 crypto is showing signs of strength!
After being rejected from the resistance at $18,500 it looks like there is still time before we see the bulls returning. In this week’s analysis, we will have a look to see which tokens you should keep an eye on!
Last week, Bitcoin surged to $18,500, a strong resistance level. A breakout from this level could push the price above $20,000. However, the bears were too strong for the bulls, leading to a drop in price to $16,000. It is recommended for traders to hold off until the resistance is broken, as sideways movement is expected to continue this week.
Many coins have reached important support levels as Bitcoin fell to $16,000. Is it time to buy, or should you wait for a further drop?
LINK/USDT
LINK has been in a strong downtrend since the beginning of the month. Could a reversal be coming soon, with LINK trading at a crucial support level of $5.7? A breakdown from this level could result in a new 52-week low being set. However, there is a bullish divergence seen in the 4-hour timeframe, which suggests a reversal may be imminent.
It is still recommended to wait for LINK to flip the resistance at $6.7 before taking any positions.
Also Read: Leverage in Crypto Trading
HIVE/USDT
HIVE continues to be one of the weaker tokens, hitting another 52-week low on Monday. The coin plunged over 20% on Friday, resulting in a new 52-week low.
The chart shows that HIVE has been consolidating this month and has broken down from the support at $0.32. It is recommended to stay clear of HIVE until it is able to reclaim the resistance at $0.32.
Also Read: How to Trade Futures on Binance?
DOT/USDT
DOT has been consistently hitting new lows for the past month, and there are no signs of a reversal in the near future. It broke a crucial support level at $5 and fell sharply to $4.4.
At the time of writing, there are no signs of a reversal, so traders should avoid any long positions until the resistance at $5 is flipped.
BAT/USDT
In our previous analysis, it was determined that a rally for BAT was unlikely. This analysis proved to be correct as the price traded sideways for a few weeks before crashing 25% on Friday. The sell-off occurred after the support at $0.21 was broken, resulting in a new 52-week low for BAT.
It is currently risky for traders to buy BAT, so it is recommended to wait for the price to flip the resistance at $0.21.
Also Read: How to Stake Crypto on Coinbase?
FLUX/USDT
After forming a large wick, FLUX lost all of its gains from the rally seen earlier in November. It is currently approaching the support at $0.4, but traders should not expect significant price movements in the coming week. It is expected that the price will trade sideways for the week.
APTOS/USDT
APT is currently trading close to its all-time low. Traders should avoid any long positions until a clear reversal is seen. If a bounce from the support at $3.7 is observed, a short-term reversal to $4.2 may be possible.
Also Read: How to Avoid This Strange New Crypto Malware?
Summary
A quick recap of all the coins:
- A bullish divergence can be seen in LINK.
- HIVE hit a new 52-week low.
- DOT is one of the weaker coins.
- Avoid long positions in BAT until the resistance is flipped.
- FLUX is trading sideways.
- APT is close to its all-time low.
Remember that this is all based on the subjective views of the writer. As always, DYOR!
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.
