Weekly Review: $BTC, $AXS, $FXS and $FET

The first full week of December leaves us with a week of low volatility in the largest tokens in the crypto market, with results very close to 0% in both $ETH and $BTC.

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This low volatility situation leaves a very similar scenario to last week, with the price very close to the 1st resistance at $17.5k, which is leaving rising lows, but has to confirm with some rising highs because otherwise we would see a breakout that would cause a new test to the $15.5k support.

Regarding the rest of the market we have detected some tokens that have had an increase in volatility and have closed the week with positive results, as is the case of $AXS, the token of @AxieInfinity that closes the week with a +20%.

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This weekly movement leaves us with a rebound from the support zone ($5.50/$6) that follows a sideways movement with a rising RSI, as we can see in the chart above. 

Despite this bullish momentum, the overall situation remains unchanged. The price is still in a downtrend since November 2021 when it marked its ATH (all-time high) at $160.

This downtrend would start to show signs of weakness if the price manages to break the first short-term resistance at the daily candle close, which we find at $12 as we can see in the 4h chart.

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Another token, that had a very positive evolution is $FXS, the governance token of Frax Share is close to the weekly close with a result of +24%.

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The situation of $FXS is similar to $AXS, despite the rebound movement from the $4 support. The price has failed to break the resistance zone, which in this case is between $7.20 and $8, and leaves us with a sideways scenario between both prices.

This resistance at $8 is very relevant for the future price of the token, since if we see a break of it, the price could go for the next resistance, set between $14 and $16.

Finally, I would like to highlight the evolution of $FET, the FETCH.AI token almost doubled its price from $0.063 at which it started the week to reach $0.13 at its weekly high.

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This upward movement brings some strength to the $0.06 support zone, but the rejection produced in recent days from $0.13, sets this price as short-term resistance. 

This situation implies us to be very attentive to this sideways range that is created between the reference support and resistance at $0.13. After the last movement, the possibility of a bullish breakout gains strength, provided that the trading volume continues to increase as we can see in the 4h chart.

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If trading volume slows down, we are likely to see bearish divergences on the RSI, which could alert us to a rejection move from resistance.

Finally, remember that nothing discussed in our articles can be considered as investment advice. Everyone must do their own analysis and develop their own trading strategy. The BELOBABA team only shows analysis and investment tools, and how they help us in our operations when making decisions.