It's been a tough week for all tokens after Bitcoin’s fall from grace. Let's see if which NFT & metaverse coin will be able to keep its head above water and which ones should you get rid of!
This week has been tough for every cryptocurrency after Bitcoin’s fall from grace. However, BTC has hit the 200-week moving average and bounced off it nicely. This moving average has only ever been breached once (by the Covid dump), therefore, it could be a nice place to start accumulating up-and-coming NFT and metaverse tokens. Although it may seem tempting to get involved now, caution is advised.
MANAs price has started to range after moving into the order block around $0.7. Buyers have clearly shown demand here. If this order block can hold then it is likely the price will move up into the previous value area of around $1.05 to $0.95.
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If the price goes back into this area, expect it to rise to $1.05. However, if it gets rejected, it is likely to move back into the range currently forming between $0.85 and $0.75. If buyers are still weak and the price breaks below $0.7, the May low will likely be taken.
APE continues to push to new lows, It seems as if selling your bags on any bounce would be the best play to make. The price is forming order blocks as it continues to move down (these can be seen in the green boxes). These order blocks could be good areas to go short. As can be seen, the volume has increased recently, which could point to the capitulation of sellers. If the price can clear $3.75, buyers could look for $4.25. However, until then, it is more likely to go lower.
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SAND has gone to the downside, forming resistance underneath the May wick. Buyers need to flip this resistance at $0.92 for a chance at any higher, however, sellers stepped with full force as can be seen on the retest, which means bulls cannot be confident until it is flipped. Due to the price still under pressure of a downtrend, it is likely SAND will move to take all the liquidity below $0.62 and $0.48. These two areas could be good places to bid, as there will be lots of forced sell-side pressure.
RACA recently broke down below all-time lows it formed in February ($0.00035). It looks very similar to APE and SAND; therefore the best strategy is to take advantage of any bounce that comes (for short-term traders). If bulls can reclaim $0.000369, they could drive the price up to around $0.00047. However, if this level is not reclaimed, then more downside is probable.
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GST is one of the only coins in a 4-hour uptrend. Although bidding now would not be wise due to the fact that the price is moving into clear resistance at $0.29. If it can clear this level, then it is likely to test $0.35. Since there is no price history above, no resistance is visible for a move into $0.55. If the price does get rejected at $0.29 again, it will likely push to new lows.
AXS has lost the wick support at $14.13. However, investors could look to play a range between $16.21 and $12.21. Buying these lows could reward nicely, especially with the volume at the lows showing clear capitulation.
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Patience is the key here. Jumping into a position right now is likely not the right thing to do as it is in the middle of a range, and this price still is in a downtrend. Waiting for the price to break above $15 makes sense.
GALA has clear equal lows which will possibly be taken out soon. However, this can also signal market participants getting too short at these low prices. If it can hold above these equal lows, it'll likely test $0.07. If this value area can be reclaimed, then GALA may even be able to test $0.09. There is a strong supply zone between $0.105 and $0.12 which will be tough to clear. If the price do not start to move up soon, new local lows will likely be formed.
- GST and MANA have the best chart among all the other tokens in this list.
- If GST clears $0.29, it is likely to test around $0.5. Providing MANA holds $0.7, it could push up to the value area around $0.95 to $1.05.
- AXS seems as if it is going to form a range between $16.21 and $12.21. Fading either extreme will likely be profitable.
- GALA, MANA, RACA and APE are all in big downtrends. Therefore it is not worth buying these coins until they show signs of an uptrend.
- In conclusion, GST and MANA seem to be having the best chart to bid on if you are bullish on BTC. However, caution is advised due to current market conditions.
Remember that this is all based on the subjective views of the writer. As always do your own research.
Not sure whether to invest your hard-earned money in crypto or stocks? Check out our comprehensive guide on Bitcoin vs S&P 500!