Many NFT and metaverse tokens/coins experienced a huge pump in price at the beginning of this month. What's next?
With the beginning of the new year, Bitcoin (BTC) has shown little volatility. Most altcoins will likely follow BTC for the foreseeable future, however, there have been some strong coins that are acting differently.
MANA/USDT
MANA has had a monster rally off the lows, as it made a 35% move. The price has reclaimed a nice range area and continues to consolidate within it. Providing this area (between $0.3555 and $0.4290) holds, buyers should be looking to flip $0.429 for a continuation to the upside.
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SAND/USDT
SAND has also had a massive rally from the lows and is up more than 30% since the beginning of 2023. Currently, the price is in no man's land. The support level at $0.4772 is a must-hold for SAND bulls. There is still some seller presence, as can be seen by the fact that SAND got rejected from the previous range ($0.635-$0.536).
RACA/USDT
After breaking down from its range between $0.000243 and $0.000200 in December, RACA has started forming an uptrend again. Providing that the price holds $0.000177, a move towards $0.0002 is likely. This would be a massive S/R retest.
If the psychological resistance level can be flipped, RACA bulls may get a chance to play the range up to $0.000242. However, if the price does break below $0.000177, new lows may be formed.
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STX/USDT
After grinding down into clear support around $0.20, STX has finally found some buyer pressure and has started to move back up. The first target for bulls should be $0.26. If the move has any momentum, the target can be achieved. Bulls are currently struggling to flip $0.24, which could mean a pullback to around $0.22.
GALA/USDT
GALA experienced a major pump at the beginning of this year, moving up more than 130%, making it one of the best-performing coins.
$0.027 would be an ideal area for those who have faith in GALA bulls.
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Summary
- For bulls, any dip in MANA would present a good buying opportunity.
- SAND has been rejected from the previous value area.
- RACA is attempting to break resistance at $0.0002
- STX has bounced off support at around $0.2.
- GALA has seen an increase in price by 130% this month.
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