The correction follows a weekly gain of 50.7%

The recent rally move that prompted some bullish Boba Network price predictions has stalled as the bulls were unable to unlock previous resistance. This scenario means that the BOBA/USDT pair remains below the $2 mark.

This price is a far cry from the $6.5 price reached when the crypto token rose sharply on its November 26, 2021 listing date. This listing came at the worst possible time, as Omicron’s mid-November debut 2021 was about to send the crypto market into a downward spiral. The Boba Network drop appears to have bottomed out, as the March 7-13 double bottom prompted a rally that took the BOBA/USDT pair just below the $2 mark.

The recovery movement on the Boba Network received a boost earlier in the week as the project announced that it had raised $45 million to improve its scalability on Ethereum and expand its ecosystem. The move led to a 30% gain in BOBA/USDT on Tuesday and improved BOBA’s gain to 0.71% last week.

The downturn for the day comes as bearish stress overwhelms the market due to several developments. Lawmakers on both sides of the Atlantic are pursuing legislation to increase traceability and assert more control over Bitcoin usage and adoption. Data has also emerged to show that the costs of using Ethereum continue to outweigh those of Bitcoin. Traders are also taking advantage of unrealized profits from positions set up to take advantage of last week’s surge. With today’s decline, the BOBA/USDT pair is down 3.94% at the time of writing.

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Boba Network Price Prediction

The bears rejected the intraday advance at the resistance level of 1.92718 (24th Jan and 8th Feb highs). This rejection set up a downside, which practically has a clear view of 1.43600 as an immediate downside target.

Here, the trendline that connects the March 14/27 and April 5, 2022 lows provides additional support. If the bears initiate a break of this trendline and the support at 1.43600, the way to 1.23953 (2/28 March low) will open. Rounding potential targets south is support at 1.00212, formed by previous lows on 7/13 March 2022.

On the other hand, bulls need to break through resistance at 1.92718 to clear the way towards 2.33649. This move could result from a bounce off the support targets mentioned above. A push towards 2.56570 requires a break above 2.33649.

BOBA/USDT: daily chart

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