Bitcoin is heading towards the bottom of its range after failing to reclaim the range highs. Can NFT and metaverse tokens outperform the lows in this market condition?
Bitcoin is heading towards the bottom of its range after failing to reclaim the range highs at $22,500. It looks like the price will test the range lows around $19,000. If enough participants start to buy BTC, certain altcoins could outperform these lows.
Although SAND is still at range lows, the price has lost key psychological support at $1. Bulls need to reclaim this level for any hope of higher prices. If they can reclaim $1, the equal highs at $1.43 could be swept. This is a must-hold level, as if it drops below then new local lows will be printed.
STX is still in a large downtrend and is holding at a local demand zone ($0.36-$0.37). The price has broken below a large trendline and has a high chance of testing the lows at $0.3125. However, if buyers manage to take the price above $0.375, it could push to $0.4.
GALA is holding the range lows around $0.05. This could result in price going up to the midrange at $0.059, potentially moving to range highs at $0.066.
If the price does break down below range lows, wick support at $0.047 should hold. Failure to do so will print fresh lows and cause further moves to the downside.
- MANA is holding support at range lows ($0.78). If there is a 4-hour candle close above $0.8, the price could test $0.9. If sellers drive the price below range lows, $0.63 will likely be tested.
- SAND has lost psychological support at $1. Unless buyers can reclaim this level, the price is likely to drive lower towards support at $0.78.
- RACA is midrange but has still not broken the equal lows at $0.00036.
- STX is holding at a local demand zone of around ($0.36-$0.37). If this can hold, the price could drive up to $0.40. However, if it loses this level, new lows are likely to form.
- GALA is at range lows at $0.05. It should revert to the midrange at around $0.059.