As the market is breaking the resistance, let's see how the metaverse and NFT tokens are performing!
Metaverse and NFT coins have taken a much-needed pullback in the past week. Let’s have a look at how they are performing in the 4-hour chart!
MANA has found support again at $0.617 after being in a 4-hour downtrend. The price is moving into oversold levels on the RSI (as can be seen by the bounce off 30). Therefore, the token may experience some relief by, potentially, testing the resistance at $0.732.
MANA bulls need to hold the support at $0.617, as there are not many support levels to stop the price from moving toward $0.430.
Also Read: Breakout vs Fakeout (False Breakout)
After breaking down below the range high at $0.69, SAND attempted to reclaim the level. This move below the support level triggered many stop losses, which in turn triggered many sell orders. However, the downward move was not too sharp, showing that there is still some buyer interest absorbing the selling pressure. If the price can reclaim the range high, then $0.7785 could be the next target (DYOR!).
After moving up close to 30% last week, RACA has now fully retraced the move. The price could not break above the $0.00024 range high after re-testing it. There has been a bullish reaction at the lows though. This could be because it is psychological support for the token (it is at the whole number of $0.0002), or also because of the positive RSI divergence. This divergence could help the price move back toward the range high.
STX arguably looks like one of the best NFT and metaverse coins this week. Instead of heavily pulling back, looks like the price may go higher. STX is consolidating at $0.312 support, and if it can hold this area, buyers could target the equal highs at $0.340 (make sure to DYOR!). This may prove to be a good target, as short seller's stop losses would be there. As well as this it would force them to buy to cover their positions, forcing the price to move up even higher. STX is still in an uptrend.
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GALA has also formed a positive RSI divergence after experiencing a heavy sell-off. The price is currently at $0.434 support, so shorting makes very little sense here. In fact, a bounce is relatively likely. If the price does break down below this support, the next support is at $0.032. Practice caution, as the price has not confirmed any reversal yet (you do not want to buy into a downtrend).
Writer’s Disclaimer: This article is based on my limited knowledge and experience. It has been written for educational purposes. It should not be construed as advice in any shape or form. As always do your own research.
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