With Bitcoin going below $22,400, let's check how NFT and metaverse tokens are doing!
Bitcoin dropped below pivotal support at $22,400 this month. Following that, some coins are moving towards the lows of their ranges, and therefore, could present good investment opportunities.
MANA/USDT
MANA has broken down after being rejected at range highs ($1.05). The price is now moving into the range lows at $0.8. If investors want to buy, this area offers the best risk to reward. However, buyers should be cautious because MANA has just broken down a large trendline, and may continue its descent to new local lows ($0.63).
SAND/USDT
After breaking below the trendline, SAND has dropped into key psychological support and range lows at $1. This is an extremely important level for bulls to hold. If they hold $1, they could push the price up to test the equal highs at $1.43.
RACA/USDT
After being rejected above $0.00048, RACA has been accepted back into its previous range from $0.00042 to $0.00036. Buyers did not bid the range highs on the retest; therefore, the equal lows at $0.00036 will likely be taken. If the price continues to form value below these equal lows, new local lows will form.
STX/USDT
After getting rejected at the value area lows ($0.494), STX has taken a large descent down. The price has now broken through a large trendline, offering no relief so far. It is now entering an order block at $0.37. This could provide some relief to buyers, however, it is not recommended to buy here as it is in an incredibly strong downtrend.
GALA/USDT
GALA found sufficient supply above the equal highs at $0.07. This has driven the price down to range lows at $0.05. The price has been consolidating above the lows. This could set up for a good long to at least $0.06. If the price continues to move down, the range extreme at $0.046 could also be a good area to buy. However, if value forms below this area, the price will likely go much lower.
Summary
- MANA has broken down from range highs at $1.05. It is now testing the range lows at $0.8. If you are aiming to buy the dips, this is a good risk/reward area to do so.
- SAND is moving into key psychological support and range lows at $1. This level needs to be held, otherwise, the price could drop down to $0.77. If the level is held then the equal highs around $1.43 could be a target.
- RACA has broken back into its previous range between $0.00042 to $0.00036. It is, therefore, likely to test the range lows before going any higher.
- STX has broken down since its rejection into a value area between $0.6 and $0.49. The price is now sitting on an order block; however, it is not recommended to bid here as it is in a clear downtrend.
- GALA cleaned out the equal highs at $0.07 before getting rejected by the range highs at $0.067. Now the price is at range lows, which is a good risk/reward area to bid, providing prices do not break below $0.049.
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