Published
5 months ago on
November 21, 2023
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There is always the chance that a highly volatile crypto market decides that a deep retrace needs to be on the cards. That being said, pull-backs can be good opportunities to get into those top-performing cryptocurrencies.
When crypto tokens such as $KAS, $SOL, $TAO, $RNDR etc., really get a head of steam going, there are only two scenarios open to the trader, both of which can be depressing.
The inexperienced trader will probably not be able to resist the FOMO and is likely to jump in near the top of that towering green candle that looks as though it’s never going to stop - that is until enough of them have bought, which supplies the exit liquidity for those selling out at the top.
The other scenario is for the more experienced trader who missed that particular boat and just has to gaze sadly at that rocket ship as it makes its way skywards. However, unlike the unseasoned trader, he/she knows that they can buy it when it comes back down, and failing that, there’s always another trade that will come along.
Kaspa (KAS)
Source: Trading View
One of the few cryptos to still be in the green on Tuesday, $KAS has potentially already come down to that dip buy. At least a short term bounce looks to be coming, but it remains to be seen whether a right shoulder might form for a head and shoulders chart pattern that could see $KAS make a deeper retrace.
Solana ($SOL)
Source: Trading View
$SOL may already be experiencing its own head and shoulders pattern. The crucial moment is approaching whereby the price either confirms the break of the neckline and carries on down, or whether it breaks back through the neckline and nullifies the pattern.
A measured move of the potential breakdown can bring the price back down to $42,000 which might be considered a gift as far as the long term bull market is concerned.
Bittsensor (TAO)
Source: Trading View
Another crypto with ground-breaking technology like $KAS and $SOL, is $TAO. A 480% price rise since 24 October has brought it to its present heights. Although the price has touched nicely on the 0.382 fibonacci, and a bounce from this would be very bullish. The fibonacci levels of 0.618, and 0.786 at $194 and $163 respectively, could also potentially be good buying levels.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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