Technical Analysis Weekly Anchor Protocol, Spell, Shiba INU, and More

The crypto space since the beginning of the week maintained more or less a stagnant trend. The global market capitalization remained below $1.8 trillion, except the mid-week jump which uplifted the levels close to $1.85 trillion. The Bitcoin price yet again faked its surge beyond $40K with a strong rejection and inability to regain the lost positions. 

On the other hand, Altcoins performed slightly well compared to Bitcoin. Despite the current uncertain trend, the assets appear to be poised to rebound with strong bullish momentum in the upcoming week. 

Anchor Protocol(ANC) Technical Analysis for Short-Term 

Source: Tradingview

• The ANC price has currently slashed below the neckline of the Head & Shoulder pattern with the fresh surge in the early trading hours
• However, the asset is attempting to reverse the trend by accumulating a notable buying volume
• The weekend may witness a significant rebound, where-in the price may initially try to regain the levels above the neckline and further continue towards the target at $4
• On the other hand, in case the buying pressure nullifies, then the price may slide down, slightly below $3 to hit the local support. Moreover, a bounce may be ignited depending on the intensity of buying pressure. 
• The ANC price at the press time is $3.35 with a drop of 7.88% with a market capitalization of $881.9 million

Spell Token (SPELL) Technical Analysis for Short-Term

Source: Tradingview

• The Spell token displayed massive weakness with its rally and hence hovered below the support levels throughout the week
• Currently, these support levels have flipped to the resistance levels which has to be achieved to maintain a decent uptrend
• A notable breakout is expected anytime from now as the asset is at the apex of the descending triangle and one wrong move may squash the bullish momentum
• On the other hand, if the price flips and ignites an uptrend, then it is required to smash the immediate resistance at $0.00397 to hold strong bullish momentum
• The SPELL price at the press time is $0.003592 with a jump of 0.66% and a market capitalization of $303 million 

Read More: Spell Token(SPELL)/USDT Technical Analysis: 07 February 2022

Shiba INU(SHIB) Technical Analysis for Short-Term

Source: Tradingview

• The Shiba INU price at the press time is testing the pivotal zones that it tested a couple of times in the recent past. 
• The previous time it bounced, the buying volume was at the peak, and hence price rallied more than 50% to range beyond $0.000035
• Currently, the buyer’s weakness is witnessed which has compelled the price to struggle to rebound from the support
• However, the apex of the descending triangle in which the price is swinging is little distinct and hence the consolidation may continue throughout the weekend and a notable bounce may be expected just before the beginning of the upcoming week
• The SHIB price at the press time is $0.00002242 with a jump of 0.72% with a market capitalization of $12.3 billion 

Read More: Shiba Technical Analysis: Will SHIB Price Break From the Descending Trend?

Uma(UMA) Technical Analysis for Short-Term

Source: Tradingview

• UMA price witnessed a sudden spike at the beginning of the month and woefully shed most of its gains in the next couple of months
• No doubt the asset quickly regained its levels above the resistance at $8.6 but the uncertain market sentiments dragged the price much below the levels again
• The price initially rejected the bullish flag pattern and continued to trend within a descending parallel channel, luckily within the upper bands
• Markets are slowly gaining a decent bullish momentum and hence the UMA price may also utilize all its resources to slice through the upper resistance and gain the upper resistance again
• The UMA price at the press time is $7.37 with a jump of around 0.86% and a market capitalization of $477.9 million

Fantom(FTM) Technical Analysis for Short-Term

Source: Tradingview

• Fantom’s price was drastically impacted with the announcement of its initial founder Andre’s exit from DeFi space. Woefully the asset is still unable to recover from the losses yet.
• No doubt the price at the press time is attempting very hard to prevent slicing through the lower support and drain below, but the buying pressure is below the expected value 
• Therefore, the asset may remain consolidated within the falling symmetrical triangle which is usually a bearish signal
• However, as the market sentiments are easing out a little, a rebound towards the upper resistance may be expected. But, attaining $1.47 levels is extremely important to maintain the uptrend
• The FTM price at the press time is around $1.23 with a jump of 5.05% and a market capitalization of $3.1 billion

Read More: Fantom(FTM) Technical Analysis: FTM Price Feared To Plunge Another 10%

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.

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