With BTC trying to test the resistance again, let's check out the price movement of NFT and metaverse tokens!
After getting rejected by the $24K price level, BTC descended to the previous range high. The bears got in control briefly. Since the price has tested one extreme, it may test the other soon. Caution is advised!
Let’s check the performance of the NFT & metaverse category in the 4H time frame!
MANA/USDT
MANA is now a risk-off asset after it got rejected at range highs and psychological resistance ($1). If the price breaks below the trendline, bulls should look for exits as it could break down to new local lows. However, if buyers step up and react at range lows, there is a chance of another test of the range highs.
Check out our guide to cross vs isolated margin!
SAND/USDT
SAND also has been rejected from range highs. Although buyers tried to hold the price above the level, the supply was too high. It formed more liquidity above $1.52, forming triple highs. $1 is a good area to bid as it has proven to be a successful support zone before. However, if the price breaks below $1, it’s going to hit new lows.
RACA/USDT
RACA also found sufficient supply at range highs after sweeping all the local liquidity. It seems as if the price is going to move towards the equal lows at $0.00036. If it sweeps these lows and buyers show up, then it could potentially test range highs again ($0.000415). However, if it forms a value below the equal lows, it will likely move towards the support at $0.000319.
Check out our guide to death cross and golden cross!
STX/USDT
There is massive selling pressure in STX’s chart, as evident by the large wicks (from $0.48 to $0.53). The price is trying to enter the area of high volume, which makes it a risky area to take a position. There is a higher time frame order block around $0.375, which could act as strong resistance.
GALA/USDT
GALA could only reach the midrange if buyers step up near the lows. If it fails to retrace into the range, it will likely go lower. If value forms below this $0.046 support, the token will likely push to new local lows. However, if it does reclaim $0.05, it could potentially move into the mean area around $0.56 again.
Want to learn more? Find out how to trade futures on Binance!
Summary
- After testing the high of their respective ranges, MANA and SAND are moving back into buy areas ($0.78 and $1). Buyers need to step up here. If they don’t, the price could move to new local lows.
- RACA is also in a range and will likely sweep the equal lows, around $0.00036, before making any move higher.
- GALA also looks very weak. If sellers manage to break below $0.047, the token likely push to new local lows.
- STX is the only coin with a higher time frame uptrend. The order block around $0.375 could be a good area to bid. However, if it drops below, it’ll move to new lows.
Not sure whether to invest your hard-earned money in crypto or stocks? Read our comprehensive guide on Bitcoin vs S&P 500!
