Most metaverse and NFT coins continued to consolidate with the rest of the market, except for Stacks (STX). Let’s see how these coins/tokens are performing in the 4-hour charts.
Most metaverse and NFT coins continued to consolidate with the rest of the market, except for Stacks (STX). The coin moved up more than 130% due to the Bitcoin NFT hype. Let’s have a look at how they are all performing in the 4-hour chart!
After perfectly bouncing off the support at $0.617, MANA formed a new lower time frame uptrend, attempting to reclaim previous support at $0.732. It has since been rejected, as a large number of sellers have stepped in.
However, the likelihood of MANA moving towards the $0.617 support again seem pretty high, as the RSI is moving towards 30 again, indicating that the token is oversold.
Also Read: How to Invest in Crypto Without Buying it
After SAND retraced back into the first range high (around $0.7), it found support. Buyers continued to bid it up this week. The price tried to test the November range low to flip it into support - however, it failed and has since lost the $0.8 support. Bulls need to hold the range high 1, or else the price could swiftly move to $0.622.
RACA perfectly bounced off the range lows at $0.0002 and moved to the highs at $0.00024. After attempting to break above the range highs (mentioned in the chart), the price moved into a higher time frame supply zone and got rejected, which resulted in RACA falling back into the range.
Also Read: What Are Ranges in Trading and How to Use Them
STX has risen more than 130% due to its association with Bitcoin NFTs (the recent hype). If the coin follows the general pattern, it would be better for investors to wait for a dip instead of buying the top. However, the volume gap/demand zone could prove to be a good area to buy some STX for continuation (do your own research!). The price currently has a negative RSI divergence, as can be seen by the red line on the chart, which means there could be a retracement soon.
Also Read: What Are Bitcoin Ordinals? The Ultimate Guide To Bitcoin NFTs
GALA has continued to consolidate around $0.0434. If buyers fail to hold this support, the token may fall back to the support at $0.032. This is because the price will break the trendline (marked in yellow). If this trendline does break, traders should practice caution.
A quick recap of all the coins:
- MANA is currently in a lower timeframe uptrend.
- SAND has been rejected from its November range and will now test a previous range high at $0.7.
- RACA is moving back into its previous range between $0.00024 and $0.0002.
- STX could see a pullback as it has formed a negative RSI divergence.
- If GALA fails to hold support at $0.0434, it may break below the trendline.
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.