The crypto market seems to be continuing its correction phase initiated in February 2023. As a result, a majority of major cryptocurrencies witnessed prolonged downfall and further discounts in market value. While the overall market trend remains bullish, we’ll analyze some of the top collectibles & NFTs tokens to determine their potential growth in March.

Apecoin(APE)

Source- Tradingview 

The ongoing correction in Apecoin shows early signs of a falling channel pattern formation. Under the influence of this pattern, the coin price has followed a steady downtrend for over a month while wobbling between two downsloping trendlines.

Thus, the coin holders can expect the Ape price to reach even lower levels until this pattern is intact. By the press time, the Apecoin price trades at $4.78 with an intraday loss of 0.42%. Furthermore, the altcoin currently retests the lower support trendline of this pattern indicating a higher chance of a bullish pullback to the overhead trendline.

Anyhow, the market participants waiting for a long opportunity should wait for a breakout from the pattern’s resistance trendline.

Stacks(STX)

Source- Tradingview 

Amid the increasing bearishness in the crypto market, the stacks coin price reverted from the $1 psychological resistance on March 2nd. The coin price lost for three consecutive days has recorded a 26% drop to trade at its current price of $0.76.

However, the decreasing volume in the downfall indicates the ongoing downfall is temporary and the prices should resume the bullish recovery once it obtains a suitable support level.

Thus, as per the Fibonacci retracement level, the $0.382FIB at $0.725, 0.5FIB at $0.6288, and 0.618FIB at $0.53 are some strong support that could replenish the exhausted bullish momentum.

Also Read: Best Crypto Future Trading Bot 2023 ; Here’s The List

Tezos(XTZ)

Source- Tradingview 

Over the past three months’ price action, the Tezos coin showcased a V-top reversal from the $1.5 resistance. During this downfall, the XTZ price branched several support levels and tumbled 24.5% to reach the current price of $1.12.

However, on March 3rd, the sellers attempted another breakdown from the 0.5FIB support level but failed by the end of the day end. Thus, the lower price rejection attached to the daily candle indicates the buyers are actively defending this support.

Other than this, the $0.618FIB at $1 stands as strong support that could recuperate buying pressure.

The post Top 3 NFT Tokens Set To Resume Bullish Recovery In March 2023 appeared first on CoinGape.

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Filed under: News - @ March 4, 2023 1:10 pm