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

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With BTC making its moves, let's see what the future holds for NFT and metaverse tokens!

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

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With Bitcoin (BTC) forming consecutive higher highs and higher lows, buyers are in control of the trend. Providing BTC holds above the range highs ($22,400), the price should continue to move up. Therefore, looking for altcoins with the potential of new all-time highs is worth it.

Let’s have a look at the performance of the NFT and metaverse coins in the 4-hour time frame.

MANA/USDT

MANA is still within the range outlined from $1.05 to $0.78. The price has now swept all liquidity above these highs. It got rejected above them, showing seller presence. This could be due to the psychological resistance at $1. However, there is a higher time frame uptrend on the charts.
Providing the price does not drop below $0.92, looking to long dips could be fruitful for a range breakout. If MANA does start to drop further, bulls will have to hold it above the trendline around $0.88, or the value extreme ($0.63) could be tested.

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SAND/USDT

SAND is still consolidating close to resistance around $1.32. This is a massive level to be flipped into support. If buyers flip it, the price will move to take out the equal highs around $1.50-$1.53. The trendline needs to hold. If it doesn’t, and sellers step in, then the local lows around $1.15 will be targeted. $1 is the best area to bid if we continue to move lower after sweeping $1.15.

RACA/USDT

RACA continues to hold those equal lows around $0.00036. After the buyer’s front ran the wick support at $0.000368, the price moved up to test the range highs at $0.00042 again. Since RACA is in a 1D uptrend, any dip should be considered a good buying opportunity unless there is a close below $0.00038.

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STX/USDT

STX has moved back below key support at $0.494 after attempting to form value above it. This is an important level. If the price is accepted above, STX could move to $0.6 — a more than 20% move. The next key level is the wick support at $0.439. Bulls need to step up here, otherwise, sellers could drive the price below the trendline causing a much larger move down.

GALA/USDT

There are clear equal highs on the GALA chart around $0.073. If the price continues its uptrend, these highs should be a target. The price is around the midrange at $0.58, therefore taking a directional trade here makes no sense. For a move higher, the price needs to start breaking above the value area high at $0.067. If it can do this, GALA can move much higher.

Summary

  • MANA is currently consolidating below range highs at $1.05. The price needs to break above this level to move higher. If it cannot break out, it is likely to test the other range extreme around $0.78.
  • SAND is in a 1-day uptrend. Providing sellers do not break the trendline at $1.20, it will likely move towards equal highs at $1.53.
  • RACA is consolidating below range highs, however, if the price breaks above $0.00043, it is likely to test $0.00046. There are equal lows at $0.00036, but these are unlikely to be tested if there is a range breakout.
  • STX has been rejected at $0.494. This is a key level, and if buyers can force the price above it again, STX could test $0.6.
  • GALA is likely to move into equal highs at $0.073 after testing range lows. This liquidity is going to be a big target for the price as it will be where lots of stop losses are placed.

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