Technical Analysis: MANA, APE, SAND, RACA, VRA, AXS and GALA Price Prediction (June - W1)
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Technical Analysis: MANA, APE, SAND, RACA, VRA, AXS and GALA Price Prediction (June - W1)

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6 months ago

With the market finding a little bit stability, it is only logical to check out our favorite metaverse and NFT category! Wanna know which coin will outperform? Let's find out!

Technical Analysis: MANA, APE, SAND, RACA, VRA, AXS and GALA Price Prediction (June - W1)

Daftar Isi

With Bitcoin (BTC) breaking out of its range it is clear a local bottom has formed. With prices up 10% off the lows, caution is advised for longs. However, looking for projects that are likely to outperform BTC in the future in the case of another bull run makes sense. This brings our attention to some NFT and metaverse projects. Let’s jump on the charts and see what they look like.

MANA/USDT

MANA is unfortunately still rejecting the $1.1 level after the bounce. The price has broken a higher time frame market structure. This means that any dip, in theory, should get bids. However, if the price closes below $1.02, it will be back in a downtrend. Providing this does not happen, another attempt to flip $1.1 is likely. If buyers can flip $1.1, then it can likely teleport to the $1.33 equal highs. This is a magnet for price.

APE/USDT

APE looks extremely weak after losing the value area from around $9.68 to $7.82. Unless BTC continues to move up, it seems inevitable that a breakdown to new all-time lows will happen. If the price can reclaim the bottom of the value area at $7.82, then rotation to $9.68 is likely.

SAND/USDT

SAND is right up against a key resistance level around $1.5. This supply level at around $1.5 has held SAND back for the past month, and if flipped, can open the price up to test much higher. It is likely that if buyers flip this supply level, the price will pump up to $1.87. It is extremely important that SAND flips this level, otherwise, it may move down and test lower levels. However, the price is in an uptrend, so there is no reason to be bearish yet.

You may also check out our guide to scalping vs swing trading!

RACA/USDT

Just like APE, RACA seems weak. It, therefore, is likely to take those equal lows before any move to the upside. The price is in the middle of two higher time frames, so taking a position in between is not a good move to make, however, fading at either extreme could be!

If buyers managed to form some sort of value above $0.0006, RACA’s chart may look better as it will form higher highs. However, until it does, being careful with this coin is advised. If RACA bulls fail to hold $0.00047, the price will rotate to the lows.

VRA/USDT

Although VRA has had a nice reaction off the lows, it has rejected key resistance yet again. Price is currently attempting to reclaim the $0.0074 support, which opens the price to test the highs at $0.0085 again. Providing this support holds, it is likely that VRA will test higher levels again. However, if the price loses this level, sellers will step in which will drive the price down to around $0.0061 - more than a 15% drop.

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AXS/USDT

AXS started to form value above the range between $23 to $18. The price expanded to the upside, moving to around $28. However, it has now moved back into this range again. If the price cannot reclaim $23, it will likely rotate to $18. Providing it does reclaim $23 and form value above this level, it is likely to test lowers $30s, especially after the price left clear equal highs.

Below $18, the next area of interest would be $14.19 for bulls. However, fading expansion out of either side is not recommended, as this consolidation has lasted for nearly a month. It means that the direction the price chooses will likely result in a violent move.

GALA/USDT

GALA has broken 4h market structure and is looking as if it may have some more upside movement towards $0.091. The price reclaimed the range well, and although the bounce has not been too significant relative to BTC, it seems like the best chart (compared to other NFT and metaverse projects). $0.1 supply could be a potential target for bulls in the long run, providing that $0.07 holds as support.

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Summary of All Charts to Keep It Simple

  • GALA seems to be preparing to target $0.09 - $0.1 area. However this area is a significant supply zone, so holding is not advised.
  • AXS has broken back into the value area. However, if it reclaims $23, it is a token to look out for.
  • VRA is holding its support at around $0.0074. If buyers can hold this level, it is likely that the price can test the equal highs around $0.0084 again.
  • SAND is at a key supply zone. If it can flip $1.5, it will likely test $1.87.
  • MANA doesn’t look like a good investment option yet. Therefore, it is smarter to wait for more price action to play out since it is close to moving back into a downtrend. If it can hold $1.02, another test of $1.1 is likely.
  • APE and RACA look extremely weak relative to BTC and the other coins. It is likely that they will move to new local lows, breaking $5.14 and $0.00035 respectively. If they can reclaim $7.28 and $0.0006, then they will look bullish.
  • We can, therefore, conclude that GALA is the best coin to check out right now. However, if AXS can reclaim $23, it will likely become a good investment opportunity too.

Remember that this is all based on the subjective views of the writer. As always do your own research.

Want to learn more? Check out our guide on how to trade futures on Binance!
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