Metaverse and NFT tokens recently made some big moves. What's next?
Metaverse and NFT coins have made some big moves in the past week. Let’s have a look at how they are performing in the 4-hour charts.
MANA is consolidating at range highs and the $0.73 support. This is a well-needed cool-off period after the big moves it made. The price is still in an uptrend in the higher time frame, therefore, the price may move towards the $0.82 resistance in the mid-term (do your own research before making a decision!).
If the price falls below $0.73, it is likely that the token will move back to the range low ($0.617).
SAND is currently consolidating on a demand zone at $0.70. As the price has been rejected twice by the resistance, there is a lot of seller presence at around $0.8. Bulls need to flip this area for the price to continue moving up.
Unfortunately, the market structure seems quite bearish at the moment. If the $0.7 support can’t hold, the price could move to $0.62.
Last week, RACA formed multiple higher highs, coming close to testing the range high around $0.00024. The price has now cooled off and is in the middle of the range.
There has still not been a clean retest of psychological support at $0.0002. Since the price has tested the range highs, it may result in a test of these range lows. This would be a healthy retracement for the token.
STX has struggled to flip psychological resistance at $0.3. This can be seen by the three attempts it made. For further upside movement, bulls need to move the price above this area. If they succeed in doing so, they may aim for $0.344 (DYOR).
If selling pressure continues to get heavier, the range lows at $0.247 could provide a reaction. There is a lot of liquidity around this area.
This week, GALA swept the highs at $0.055 and failed to conquer an important resistance. Bulls need to flip $0.055 once again to aim for higher targets. If they fail, the price will likely fall down to $0.0433 as there is significant liquidity there.
- MANA is sitting at support.
- SAND seems to be in a bearish market structure.
- RACA is consolidating in the middle of its range.
- STX couldn’t flip psychological resistance into support.
- GALA has failed to claim $0.055.
Writer’s Disclaimer: This article is based on my limited knowledge and experience. It has been written for educational purposes. It should not be construed as advice in any shape or form. As always do your own research.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.