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.
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 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 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.
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
- 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!