Correction Follows 50.7% Weekly Gain
The recent recovery move that prompted some bullish Boba Network price predictions has stalled, as the bulls were unable to uncap a previous resistance. This scenario means the BOBA/USDT pair remains below the $2 mark.
This price point is far from the $6.5 price mark attained when the crypto token spiked sharply on its 26 November 2021 listing date. This listing came at the worst possible time, as the onset of Omicron in mid-November 2021 was about to send the crypto market into a downward spiral. Boba Network’s slide appears to have found a floor, as the double bottom of 7 March and 13 March prompted a recovery that has taken the BOBA/USDT pair just short of the $2 mark.
The recovery move on the Boba Network got a boost earlier in the week as the project announced that it had raised $45m to improve its scalability on Ethereum and expand its ecosystem. This move led to a 30% gain in the BOBA/USDT on Tuesday and improved BOBA’s gain to 0.71% in the past week.
The day’s downturn comes as bearish stress overwhelms the market due to several developments. Lawmakers on both sides of the Atlantic pursue legislation to increase traceability and assert more control over Bitcoin’s use and adoption. Data has also emerged to show that the costs of Ethereum usage continue to outweigh that of Bitcoin. Traders are also cashing in on unrealized profits from positions set up to take advantage of last week’s surge. With today’s decline, the BOBA/USDT pair has shed 3.94% as of writing.
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Boba Network Price Prediction
The bears rejected the intraday advance at the 1.92718 resistance level (24 January and 8 February highs). This rejection has set up a decline, which practically has a clear view of 1.43600 as the immediate downside target.
Here, the trendline that connects the lows of 14/27 March and 5 April 2022 provides additional support. If the bears initiate a breakdown of this trendline and the 1.43600 support, the pathway towards 1.23953 (2/28 March lows) will be blown open. Rounding off potential targets to the south is the 1.00212 support, formed by previous dips of 7/13 March 2022.
On the flip side, the bulls need to uncap the resistance at 1.92718 to clear the pathway towards 2.33649. This move could come off a bounce on the support targets mentioned above. A push towards 2.56570 requires a break above 2.33649.
BOBA/USDT: Daily Chart
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