After Russia started an operation in Ukraine on February 24, Bitcoin (BTC), which fell to $ 34,580 during the day, rose to $ 39,000 in the evening after US President Biden announced sanctions against Russia. In light of all these developments, we evaluated the technical analysis of CoinMarketCap’s leading Web3 projects Chainlink (LINK) and Theta Network (THETA) dated February 25 for you.
3-Day LINK/USDT Chart
LINK has been in a downtrend since reaching an all-time high (ATH) value of $52 in May. With the emergence of the Russia-Ukraine war, LINK, which fell to 11.7 dollars during the decreases in the markets on February 24, saw its lowest levels since July.
If the support level in the current 11-12 dollar band on the chart is lost, a decrease can be experienced up to the 7-8 dollar band, which is another support area. In addition, if the price enters an upward trend in case of reaction purchases from the support level of 11-12 dollars, the first important resistance area is located at the levels of 27-28 dollars. In addition, the moving exponential averages (EMAs) can also act as resistance on possible rises.
CoinMarketCap according to data LINK, which has gained 16.59% in the last 24 hoursright now from $13.71 is being traded.
Daily THETA/USDT Chart
THETA is similar to LINK. the all-time high It has been in a downtrend since April, when it reached $15.72. THETA, which experienced a correction up to $ 4 in May, tested the resistance zone in the $ 9.5-10.5 band in June, right after that. Accumulating between the $4 support and the $9.5 resistance since then, THETA lost the current support zone in January and slumped to the $2.40 support.
TIf HETA fails to receive a reaction from the current $2.40 support level, it may decline to the support area in the $1.20 to $1.70 band. In order for THETA to enter an uptrend, it needs to provide the necessary liquidity in the $1.20-1.70 support range, or it needs to close above the old support-new resistance zone at $4, then test and get confirmation from this zone.
CoinMarketCap according to data THETA, which has gained 18% in the last 24 hoursright now from $2.76 is being traded.
*No information contained herein does not contain investment advice. Always decide on your investments as a result of your own research.