The viral altcoin BTW is the best-performing cryptocurrency at present (October 14), up almost 40% in a single day and 250% over the past month. It at present trades round $2.50 and has a market capitalization of just about $4 billion.
The triple-digit month-to-month enhance has put the token within the highlight, fueling expectations that the worth may climb even larger within the close to future. Nevertheless, many suppose now could be the proper time to open brief positions, and sure indicators assist a bearish situation.
Main Pink Candle Incoming?
Regardless of the crypto market’s heightened volatility, Bitway has skilled a virtually uninterrupted upward trajectory currently and is now the Thirty second-largest digital asset, after flipping standard altcoins like Bittensor (TAO), Shiba Inu (SHIB), Cronos (CRO), and lots of extra.
The spectacular worth enhance has rewarded early patrons with important earnings (at the very least on paper), leaving many market contributors questioning if the asset’s uptrend nonetheless has room to proceed. Nonetheless, a number of analysts warn {that a} short-term correction, and even a significant collapse, are actually extra seemingly.
X consumer Zayn famous that BTW has posted eight consecutive inexperienced candles, signaling extraordinarily overbought situations. The analyst expects a “onerous correction” to $2 and under however alerted merchants to watch out when opening positions:
“Everybody will likely be trying to brief right here, so don’t go all in. Preserve your place small and preserve your stop-loss and liquidation ranges above $3.50.”
UMER (THE BULL) issued the following warning, anticipating a brief setup and monitoring the $2-$2.05 zone. The X consumer went even additional, calling BTW a “rip-off coin” that may print “large wicks” in both route, so individuals ought to at all times commerce it with a stop-loss.
Crypto With Gopal additionally chipped in. He mentioned BTW has fashioned a double-top sample after the worth was rejected close to $2.75-$2.80, signaling doable profit-booking strain.
“Bears are watching the $2.40 neckline – a breakdown may set off a deeper pullback towards $2.10. BTW is at a essential resolution zone – bulls should defend assist to maintain the rally alive,” he concluded.
Further Pink Flags
BTW’s Relative Energy Index (RSI) helps Zayn’s concept that the token has entered excessive overbought territory. Newest knowledge exhibits the ratio has surged previous 80, suggesting the worth has pumped an excessive amount of in a brief interval and could also be due for a short-term pullback.
- BTW RSI, Supply: RSI Hunter
One other regarding issue is the excessive focus of token possession. In keeping with CoinMarketCap, the highest 10 addresses management greater than 96% of BTW’s provide, making the coin extremely susceptible to potential worth manipulation.
- BTW Holders Distribution, Supply: CoinMarketCap
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