Technical Analysis: MANA, SAND, RACA, STX and GALA Price Prediction (August – W4)
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Technical Analysis: MANA, SAND, RACA, STX and GALA Price Prediction (August – W4)

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Created 3mo ago, last updated 3mo ago

With Bitcoin going below $22,400, let's check how NFT and metaverse tokens are doing!

Technical Analysis: MANA, SAND, RACA, STX and GALA Price Prediction (August – W4)

Table of Contents

Bitcoin dropped below pivotal support at $22,400 this month. Following that, some coins are moving towards the lows of their ranges, and therefore, could present good investment opportunities.

Let's look at the recent performance of the NFT & metaverse coins in the 4-hour time frame.

MANA/USDT

MANA has broken down after being rejected at range highs ($1.05). The price is now moving into the range lows at $0.8. If investors want to buy, this area offers the best risk to reward. However, buyers should be cautious because MANA has just broken down a large trendline, and may continue its descent to new local lows ($0.63).

SAND/USDT

After breaking below the trendline, SAND has dropped into key psychological support and range lows at $1. This is an extremely important level for bulls to hold. If they hold $1, they could push the price up to test the equal highs at $1.43.

RACA/USDT

After being rejected above $0.00048, RACA has been accepted back into its previous range from $0.00042 to $0.00036. Buyers did not bid the range highs on the retest; therefore, the equal lows at $0.00036 will likely be taken. If the price continues to form value below these equal lows, new local lows will form.

STX/USDT

After getting rejected at the value area lows ($0.494), STX has taken a large descent down. The price has now broken through a large trendline, offering no relief so far. It is now entering an order block at $0.37. This could provide some relief to buyers, however, it is not recommended to buy here as it is in an incredibly strong downtrend.

GALA/USDT

GALA found sufficient supply above the equal highs at $0.07. This has driven the price down to range lows at $0.05. The price has been consolidating above the lows. This could set up for a good long to at least $0.06. If the price continues to move down, the range extreme at $0.046 could also be a good area to buy. However, if value forms below this area, the price will likely go much lower.

Summary

  • MANA has broken down from range highs at $1.05. It is now testing the range lows at $0.8. If you are aiming to buy the dips, this is a good risk/reward area to do so.
  • SAND is moving into key psychological support and range lows at $1. This level needs to be held, otherwise, the price could drop down to $0.77. If the level is held then the equal highs around $1.43 could be a target.
  • RACA has broken back into its previous range between $0.00042 to $0.00036. It is, therefore, likely to test the range lows before going any higher.
  • STX has broken down since its rejection into a value area between $0.6 and $0.49. The price is now sitting on an order block; however, it is not recommended to bid here as it is in a clear downtrend.
  • GALA cleaned out the equal highs at $0.07 before getting rejected by the range highs at $0.067. Now the price is at range lows, which is a good risk/reward area to bid, providing prices do not break below $0.049.
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