As Bitcoin has just formed a tight value area, let's check how NFT and metaverse tokens are performing!
Over the past week, Bitcoin has been consolidating between $19,700 and $18,000, forming a tight value area. Market participants are mostly playing with the extremes of this area until there is a breakout. If the price breaks to the upside, buyers may bid on some higher beta altcoins again.
Let's look at the NFT and metaverse coins charts, and how they are performing in the 4-hour time frame.
MANA/USDT
MANA is in a clear downtrend and continues to drive to new local lows. Buyers stepped in at around $0.67, leaving equal lows. There is a mini range between $0.73 and $0.67. The price could move to test the range highs before diving lower. However, it is likely that, at some point, these equal lows will be taken out, as the liquidity will be a target for market makers. If the price breaks above $0.73, then the next target will be the supply zone at $0.76.
Also Read: What Is Fundamental Analysis in Cryptocurrency and Stocks?
SAND/USDT
SAND also continues to print new local lows. There is a clear sell-side pressure, however, in the 4-hour time frame, the price is ranging between $0.8 and $0.92. The token is close to the lows, therefore, buyers may fill their bags (at their own risk) for a potential move up to the range highs. If the price breaks below the range lows, the $0.78 support will be the next target.
RACA/USDT
RACA is in an extremely strong downtrend and continues to form new lows. Unfortunately, the value is forming below the June lows at $0.00032. If the price fails to reclaim this level, it is going to continue to drive lower. However, if it succeeds, buyers could look for a move towards the resistance at $0.00037.
Also Read: What Is Crypto Options Trading?
STX/USDT
STX is currently holding support at $0.31. There is clear demand at these levels, indicated by the long wicks. The price needs to move through the order block it is currently in. If it succeeds, a move up to $0.35 could easily happen. However, there are clear equal lows at $0.31. If STX gets rejected at the order block, sellers will take hold. However, support is present at $0.30 from the June lows.
GALA/USDT
After falling off the key support at around $0.046, GALA has continued to make new lows. However, the price is now consolidating and starting to range between $0.0425 and $0.391. If there are sufficient buyers here, the price will test the highs.
Also Read: Crypto Short Squeezes
Summary
- MANA is in a downtrend. The price has found support at around $0.67. There is a mini range between $0.73, and $0.67. These equal lows will likely be swept. If the token breaks above $0.73, $0.76 could be hit.
- SAND is also in a downtrend. However, the price is now ranging between $0.8 and $0.92. If it breaks below the range lows, $0.78 is a good area to check out.
- RACA is in a very strong downtrend and is forming value below the June lows at $0.00032. Buyers need to reclaim this level soon.
- STX is currently holding around $0.31. The price needs to move through the current order block.
- After falling off the key support at around $0.046, GALA has been making new lows. The price seems to be consolidating and ranging between $0.0425 and $0.391.
Check out our crypto technical analysis section for more trend analyses!
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