Before the beginning of the article, let’s take a look at the Bitcoin rainbow chart.
From the chart, we can see that from the end of 2022 to the end of 2023, Bitcoin's price has been in a special sale range. Old dogs have been calling for a bull market since early last year, encouraging everyone to buy boldly and not to be afraid of being trapped, and have mentioned several times that the big gains are still ahead. Looking back, no matter which day in 2023 someone bought Bitcoin and held it until today, they have already outperformed 90% of investors in the market. Bitcoin, as the weather vane of the crypto market, truly deserves its status.
Today I continue to share the second popular metaverse concept cryptocurrency SAND from the last bull market.
Since SAND was listed on Binance, the lowest price reached $0.0289, and the highest price exceeded $8.48, with a price increase of around 293 times. However, in this bull market, SAND's price broke the recent low and reached around $0.2. Just a few weeks ago, after reaching a low, SAND's price chose to go up after several weeks of consolidation, breaking the previous high of $0.98 at the end of the bear market, reaching around $1.06. However, in the past three weeks, the coin price has not stabilized and has experienced significant pullbacks, which also indicates that there is still a lot of selling pressure around the $1 mark. However, the price breaking through the previous two-year high indicates that the resistance level has been surpassed. After the price adjustment, there is a chance to create a new high in recent years.
From the chart, we can see that 0.32 is the starting point for the weekly level surge at the 30MA. In the short term, as long as SAND does not fall below 0.32, the trend will continue to rise. The next target for SAND is if the price breaks above $1.06, it will test the weekly level selling pressure area of 1.4-1.5. This is also the washout area chosen by the whales after weeks of downward price action at the end of the bear market.
At the current price, if SAND reaches $1.06, the yield is about 192%. If the price reaches $1.4, the yield is about 254%. If the price falls below $0.32 triggering a stop-loss, the loss will be about 42%.
Today I will share the second hottest gaming sector cryptocurrency AXS from the last bull market.
AXS reached its highest price of $165 in the last bull market, and after listing, the lowest price reached $0.12, with an astonishing increase of 1375 times. In the last bull market, besides MEME coins, the gaming sector's explosive growth made many people wealthy, while also causing many latecomers to see their principal almost wiped out. In this bull market, AXS's price has dropped to a recent low of $3.83. However, after reaching this low, AXS's price went through several weeks of consolidation and once reached $10.35. But like SAND, it has seen significant pullbacks in recent weeks, almost recovering its previous gains.
From the chart, we can see that after AXS hit $5.28 last week, it started to rebound, and this price is also close to the previous weekly level surge starting point. Therefore, in the short term, AXS's support level is around $5.28.
If AXS continues to rise, it must first break through the weekly high of $11.1 from the previous decline. If AXS reaches $11.1 at the current price, the yield is about 173%. If the price breaks $11.1, then AXS will continue to test the high of around $13.9 from early last year, and if AXS reaches $13.9, the yield will be 217%. If the AXS price reaches the stop-loss position of $5.28, the loss will be about 17%.
The difference between AXS and other cryptocurrencies is that AXS's supply has increased nearly four times compared to the initial listing. Even if it can reach the peak of the bull market cycle in the short term, the price can only reach $41.25. However, AXS's token unlocking will continue next year, and the quantity is also very large. Therefore, unless multiple super whales speculate on AXS, the possibility of the coin price returning to its peak is almost zero.
At the beginning of the altcoin season, the old dogs will try to update some popular cryptocurrencies from the last bull market for everyone's reference. Of course, some popular cryptocurrencies in this bull market are still held by old dogs, and I believe the upcoming market will bring us more surprises.