The non-fungible token (NFT) ecosystem is growing rapidly and those who produce solutions in this area are gaining value day by day.
Cointelegraph analyst Rakesh Upadhyay evaluated what awaits us in Chiliz, Flow and Simple Attention Token prices, which have recently risen rapidly.
CHZ / USD – Chilean technical analysis
The CHZ price traded at the lowest $ 0.032468 on Feb. 23, and jumped 377 percent to $ 0.155004 in less than a week. This sharp rise pushed the relative strength index (RSI) above 89. In other words, overbought in the short term. Consequently, the probability of correction or consolidation has increased in the next few days.
Daily chart of CHZ / USDT parity. Source: TradingView
In the event of a decline, the first support to be followed will be $ 0.108195, calculated at the 38.2% Fibonacci retracement level. If the price leaps up from this support, it will be revealed that the bulls are increasing their purchases in small retracements and are not expecting a deeper correction.
If the bulls can push the price above $ 0.155004, the CHZ / USD pair may continue its upward trend and rise to $ 0.230731.
Conversely, if the bears pull the price below $ 0.108195, the pair could drop to the calculated 50% Fibonacci retracement level at $ 0.093736 and then the 61.8% retracement zone at $ 0.079277. Such a deep fall will show that the momentum is weakening.
From this point on, the price may move range-dependent for a few days before starting the next trend move.
FLOW/USD – Flow fiyat analizi
FLOW has had a strong uptrend since the end of January. On February 26, the token accelerated to $ 41,275 from its intraday low of $ 18,379, rallying 124 percent in a week.
Daily chart of FLOW / USD parity. Source: TradingView
The sharp rise in the past few days has pushed the relative strength index (RSI) into the overbought zone, indicating that the market will suffer from overbought in the short term. The long wick in the candle model on March 3 shows that traders are making profits during the rallies.
If there is any retracement from the current levels, the FLOW price could find support around $ 30. If the price bounces above this level, the FLOW / USD pair could then test the psychological resistance at $ 50.
If the price drops below the 20-day exponential moving average (EMA) ($ 24,225), the uptrend may end. Such a move will show that the last bullish move of the rally was rejected by the market.
BAT/USD – Basic Attention Token teknik analiz
BAT price gained an upward momentum and traded at the lowest $ 0.3945 on February 23, and peaked at $ 0.8412 on March 3. In this short time, an increase of 113 percent was achieved. However, the token has since been depreciating due to profit gains.
Daily chart of BAT / USD parity. Source: TradingView
The BAT / USD pair has strong supports first at the 38.2% Fibonacci retracement level ($ 0.6706) and the 50% retracement level ($ 0.6179). If the pair clings to one of these supports and moves up again, it will be revealed that traders have increased purchases during the decline. The upward moving averages (MA) and the relative strength index (RSI) above 62 show that the bulls have the upper hand in the market.
On the other hand, if the bears pull the price below $ 0.6179, the pair could drop to the 20-day exponential moving average (EMA) ($ 0.5730). Landing on this support can cause movement to range for several days. If the 20-EMA level is also lost, a drop to the 50-day simple moving average (SMA) ($ 0.4410) could be seen.
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