As BTC is near its range high, let's see if a breakout is around the corner!
After sweeping the range lows at $18,000, BTC has moved back up to the range highs. Since there is a clear excess of support at the lows, the prices could potentially move up even further than the range highs at $20,000. This is a highly volatile zone to look for a breakout, so caution is advised.
MANA/USDT
After breaking through support at $0.68, MANA has attempted to consolidate around the May wick lows at $0.63. This is a must-hold level for the coin, as if it continues to break down, it is likely to touch the local lows at $0.58 before further upside. However, if the price can break back above $0.63, there is potential for a move to the equal highs at $0.66.
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SAND/USDT
Over the past week, SAND pumped up to the range lows at $0.8 for an underside retest. Unfortunately, the coin ran into a huge supply zone that triggered its decline.
The price has since done an underside retest of $0.77. It is likely that it will continue to trend down to the lows around $0.7. For continued upside, $0.77 needs to be reclaimed.
RACA/USDT
After being rejected multiple times and trying to move into the previous value area from $0.00030 to $0.00028, RACA has started to form another value area below, ranging from $0.00028 to $0.00025.
The price is currently moving into the lows of this range. It, therefore, could be an optimal area to buy some tokens with anticipation of a move, at least, back into the midrange, if not to $0.00028.
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STX/USDT
After recently being in an uptrend, STX is likely to break down to new lows. The price moved to test the previous range lows at $0.314 and was rejected. If there was still a sufficient buyer presence, they would’ve protected the support at $0.3.
Now, the price is breaking the market structure and will likely move toward $0.281. There is a possibility of a positive RSI divergence setup on a sweep of these lows.
GALA/USDT
GALA is still in a downtrend. This week, the price retested the bottom of a short range between $0.043 to $0.038. However, it got rejected and has now swept the lows at $0.035. There is a large positive divergence on the chart. If it plays out, GALA could bounce to $0.038.
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Summary
- MANA must hold the May wick support.
- SAND needs to reclaim $0.77 support.
- RACA has formed a range between $0.00028 to $0.00025.
- STX needs to hold wick support at $0.2815
- GALA is breaking to new lows.
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