As the market is going through a phase of high volatility again, let's check the performance of NFT and metaverse tokens!
With Bitcoin breaking down from its value area between $20,300 and $18,250, the price has started to gain momentum to the downside. Unless buyers can manage to flip the value area lows, the market may drive down further. It is advised to exercise caution while taking positions in this time of volatility.
With that being said, let's look at the NFT and metaverse coins in the 4-hour charts, and how they are performing.
MANA/USDT
After forming a range between $0.731 and $0.617, MANA has now capitulated below, clearly setting up a new trend downwards. The only way this downtrend can be invalidated is through a reclaim of this previous range. There is very little support below, however, the psychological support at $0.5 could hold strong. If the price does move below $0.5, the June 2021 lows ($0.369) will be the next target.
SAND/USDT
SAND has also dropped to new lows after being rejected at the supply zone around $1. The price is now in a heavy downtrend and has swept all the lows with no reaction. This shows that there is a heavy sell-side presence and that the price will continue its descent. If the $0.7 resistance level can be flipped, a further move into $0.78 will be possible.
Also Read: Bull Market vs Bear Market: What’s the Difference?
RACA/USDT
After moving up more than 10% in the past week, RACA has now lost its demand zone at $0.00024. As can be seen by the large wick to the upside, before the move, there is clear sell-side pressure. With the price in a clear downtrend, there are no safe signals that can convince us to buy RACA. If the price can reclaim support at $0.00024, a move into $0.00027 could be possible. However, until it happens, caution is advised.
Also Read: How to Protect Your Crypto From Hacks in 2022 and 2023?
STX/USDT
After consolidating and ranging around $0.34, STX has been driven to new all-time lows. It is likely that it continues its descent. Psychological support at around $0.2 may hold, however, considering the fear and volatility that have surrounded the market, things seem too uncertain. The RSI has entered the oversold region - therefore, if this RSI can reclaim 30, there is a possibility for a relief bounce. This could coincide with a reclaim of $0.285.
GALA/USDT
GALA bears are currently attempting a support/resistance flip at $0.031. If they are successful, the price will likely move closer to the low at $0.024. If in the next two 4-hour candles show a positive move up, a positive RSI divergence could signal a move up. If this coincides with a move above support at $0.031, it could send GALA to $0.036.
Also Read: Breakout vs Fakeout (False Breakout) — Spot the Difference and Increase Accuracy
Summary
- MANA has broken from its range and is now trending down.
- SAND needs to reclaim $0.7 for a chance at moving higher.
- RACA continues to move to new local lows.
- STX has recently printed new all-time lows.
- GALA could potentially form a positive RSI divergence.
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