At the beginning of the article, let's take a look at the Bitcoin rainbow chart. From
In the chart, we can see that from the end of 2022 to the end of 2023, the price of Bitcoin has been in a special discount zone. The old dog has been calling for a bull market since the beginning of last year, encouraging everyone to buy boldly and not to be afraid of being trapped, also mentioning many times that the big gains are yet to come. Looking back now, no matter which day in 2023 you bought Bitcoin and held it until today, you would have outperformed 90% of investors in the market. Bitcoin, as a barometer of the crypto market, is undoubtedly deserving of that title.
Today, I will continue to share the second very popular metaverse concept coin from the last bull market, SAND.
Since being listed on Binance, SAND's lowest price reached $0.0289, while the highest price exceeded $8.48, resulting in a price increase of about 293 times. However, in this bull market, SAND's price fell below recent lows, reaching around $0.2. Just a few weeks ago, after hitting a low, SAND's price chose to move upwards after several weeks of consolidation, breaking through the previous high of $0.98 before the end of the bear market, reaching around $1.06. However, in the past three weeks, the price has not stabilized and has seen a significant pullback, indicating that there is still considerable selling pressure around the $1 mark. Nevertheless, the fact that the price has broken through the previous two-year high indicates that the resistance level has been surpassed. After the price adjustment, there is a chance to create new highs in the coming years.
From the chart, we can see that $0.32 is the starting point for the weekly level surge at the 30MA. In the short term, as long as SAND does not fall below $0.32, the trend will remain upward. The next target for SAND's price, if it breaks above $1.06, will be to test the weekly level selling pressure area of $1.4-$1.5. This is also the washout area where the market makers chose to drop again after several weeks of consolidation at the end of the bear market.
At the current price of SAND at $1.06, the return is approximately 192%. If the price reaches $1.4, the return would be about 254%. If the price falls below $0.32 and triggers a stop-loss, the loss would be around 42%.
Today, I will share the second most popular gaming sector coin from the last bull market, AXS.
AXS reached a maximum price of $165 during the last bull market, with a minimum price of $0.12 after being listed, resulting in an astonishing increase of 1375 times. In the last bull market, aside from MEME coins, the gaming sector's explosive growth made many people wealthy, while also causing many late investors to lose almost all their capital. In this bull market, AXS's price fell to a recent low of $3.83. However, after reaching this low, AXS's price consolidated for several weeks and once rose to $10.35. But like SAND, it has seen a significant pullback in recent weeks, almost erasing the previous gains.
From the chart, we can see that AXS started to rebound after hitting $5.28 last week, which is also close to the previous starting point of the weekly surge. Therefore, in the short term, AXS's support level is around $5.28.
If AXS continues to rise, it must first break through the high point of $11.1 at the weekly level. At the current price, if AXS reaches $11.1, the return would be approximately 173%. If the price breaks through $11.1, AXS will continue to test the high point of around $13.9 from early last year, and if AXS reaches $13.9, the return would be 217%. If AXS hits the stop-loss level of $5.28, the loss would be about 17%.
What sets AXS apart from other coins is that the current supply of AXS has increased nearly four times compared to when it was first listed. Even if it can reach the peak price during the bull market cycle in the short term, the price can only reach $41.25. However, AXS's token unlocks will continue next year, and the quantity is also very large. Therefore, unless multiple super whales speculate on AXS, the possibility of the coin price returning to its peak price is almost zero.
In the early stages of the altcoin season, the old dog will try to update more popular coins from the last bull market for everyone's reference. Of course, some of the popular coins in this bull market are still held by the old dog, and I believe the upcoming market will bring us more surprises.
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