Technical Analysis: MANA, SAND, RACA, STX and GALA Price Prediction (September – W2)
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Technical Analysis: MANA, SAND, RACA, STX and GALA Price Prediction (September – W2)

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Created 2mo ago, last updated 2mo ago

After Bitcoin's fall from its small range, other cryptocurrencies are likely to follow. Are there any signs of reversal?

Technical Analysis: MANA, SAND, RACA, STX and GALA Price Prediction (September – W2)

Table of Contents

With BTC breaking down from its small range between $19,500 and $20,500, all crypto assets are likely to hit the next support level. However, there has been strong buyback today, close to the lows printed in June. This could allow a relief rally for Bitcoin and various higher beta altcoins.

Let's look at how NFT and metaverse tokens are performing in the 4-hour timeframe.

MANA/USDT

MANA has lost range lows around $0.76. If buyers don’t reclaim this range, the lows at $0.63 are likely to be taken. The price is in a clear downtrend. Buyers need to show some strength before entering longs again. If MANA reclaims these range lows at $0.76 - 0.8, the midrange around $0.9 could be a good target. Unless these lows are reclaimed, shorting will be the better strategy for the foreseeable future.

Also Read: How to Use Stop Loss and Take Profit in Trading?

SAND/USDT

As can be seen, SAND is in a macro downtrend, and after consolidating below the demand zone at $1, it has dropped below local lows. The token will likely continue its downtrend. If the price can reclaim $0.92, it could move back up to key psychological resistance at $1.

RACA/USDT

After consolidating above the equal lows ($0.00035) for months, RACA has finally broken below them. Buyers are now attempting to reclaim this level. If they succeed, the price will move to $0.00037, or even $0.00039. However, if the price gets rejected and moves back below $0.00036, the local lows around $0.00031 could be tested.

Also Read: How to Use Market Structure in Trading?

STX/USDT

STX is still in a strong downtrend with consecutive macro lower lows forming. If the price can reclaim the range it was in (between $0.376 and $0.353), the price could reach as high as $0.390. Unless buyers do reclaim $0.352, the June lows will likely be taken next. This is more than a 10% downside move, so caution is advised.

GALA/USDT

There is a clear demand zone around $0.049 for GALA. This area has defended prices thrice from falls. If buyers can reclaim range lows at $0.049, there may be a move towards resistance at $0.05. If this resistance gets flipped, buyers can look for $0.053. However, if they fail to flip $0.049 properly, it is likely for the demand zone lows to be swept before further upside.

Also Read: How to Use Moving Averages in Trading?

Summary

  • MANA has lost range lows around $0.76. Unless this level is claimed, new local lows are likely. If the token reclaims these range lows, the midrange around $0.9 could be a good target.
  • SAND is in a macro downtrend and has dropped to new local lows ($0.85). If bulls can reclaim $0.92, the token could move back up to key psychological resistance at $1.
  • RACA has consolidated above the equal lows ($0.00035) for months, swept below them, and reclaimed the level. If this reclaim of the level holds, $0.00037, or even $0.00039, is likely.
  • STX is in a strong downtrend with consecutive lower lows. Unless buyers reclaim range lows at $0.352, the price will take the June low. However, if buyers can push above the range lows, $0.39 is possible.

There is a demand zone at $0.049. If this level continues to hold, there is a chance of a move higher to around $0.05.

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