With the market finding a little bit stability, it is only logical to check out our favorite metaverse and NFT category! Wanna know which coin will outperform? Let's find out!
After dropping hard from $48k, Bitcoin (BTC) has started to consolidate around $40k. This is good for altcoins as traders will start to gain more confidence in the market and hold higher beta coins. Metaverse and NFT projects have some of the hottest coins in the market, therefore, analyzing these coins using several technical indicators makes sense to make sure we are allocating capital correctly to the best project. Let's start!
Oh, by the way! You may also check out our list of the best technical indicators for trading!
MANA/USDT
As mentioned last week, MANA broke down from a large value area between $2.25 and $2.85. The price has continued to expand to the downside here. The RSI has already been rejected at 50, which shows low relative buyer strength, as well as the volume being so low showing little interest. It is likely that the price has started moving towards the lows at $1.71. This could ignite more buyer interest as all the liquidity below would be taken. If the price can reclaim the value area, MANA will move back to $2.85. However, right now, there is no use of taking a long position into this downtrend.
APE/USDT
APE continues its upwards descent after breaking out of the accumulation area between $9.6 and $15.4. It is in a clear uptrend on the 4-hour, with every dip being heavily bought. Volume has also started to tick up, showing that buyers and sellers are agreeing with the price being around $20. It is hard to derive targets for APE token, as it is basically in price discovery. However, a longer-term target could be the top of wick created on the release of the coin which is around $40.
SAND/USDT
SAND had a clear rejection from the supply zone between $3.1 and $2.9. This shows that there are lots of sellers still present within this market. The price is in a clear downtrend, and if it does not reclaim $2.62, then the next target will likely be around $2.22 as there will be resting liquidity there. It is extremely hard to be bullish on SAND as it is below the key support level while also being in a clear downtrend.
RACA/USDT
The price failed to test the upper range high, capitulating below this value area and expanding towards the downside. RACA is now in a demand zone here, so being bullish on the token makes sense. However, after breaking down from a value area (which RACA did) an expansionary move to the downside usually continues for a while. Bidding around 0.0013 could be a good play for a retest of the bottom of the value area, which is around 0.0017. There is an easy invalidation below 0.0012, this is since the price will likely break down to new lows below this.
VRA/USDT
VRA originally reacted nicely off the demand zone at $0.02. However, it started to enter back into a downtrend and has been sold off hard since, losing this massive level between $0.02 – $0.018. Unless there is a reclaim of this level, it is likely that the price will drop down to $0.0156. Buyers should start to show up around this support level. If the price can reclaim the supply zone, then the next target would be $0.0245, which is a 27% move.
AXS/USDT
AXS was consolidating in a value area between $72 and $45. Unfortunately for AXS bulls, the price has started to break down from this value area, showing that buyers do not have the strength to facilitate trade in this area, and that price will likely trend lower. $36 is most likely the next stop. However, if bulls can reclaim $44, then the price can attempt to test higher levels, such as the midrange at $59, or even the range highs at $72.
GALA/USDT
Similar to AXS, GALA also had formed a value area and was consolidating within it, attempting to find value. It has now broken down through the bottom of this value area ($0.28 – $0.19), it can be inferred that the price will start to break much lower, the next logical target to the downside is $0.154 as there is significant liquidity below this low. If the price can flip to $0.19. then it will likely move back into the midrange at $0.24. Until the price does flip to $0.19 having a bearish bias makes sense.
While you are at it, check out our guide on the GALA token and its price prediction!
Summary of All Charts to Keep It Simple
- Bitcoin has started consolidating around $40K after thrusting down the past two weeks. We can, therefore, look at metaverse and NFT token to see which ones are gaining the interest of buyers.
- APE is by far the best-looking chart out of the seven. With price essentially moving into price discovery (only price history is a wick on release), it can continue to send and likely onboard many new participants. Any dips are a great buying opportunity.
- RACA is consolidating on a demand zone currently; this is between $0.0014 and $0.00125. If buyers show up in this area it can likely start to move up to around $0.0016.
- MANA, AXS, and SAND have all broken down from vital value area ranges. This infers that they will likely test lower. However, if they can reclaim $2.25, $0.195, and $42, then they could start to test the other range of the extreme.
- VRA is in no man’s land now as it is between major supply and support, it is therefore advised not to take a position currently, only trying to play the extremes.
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