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

2 months ago

Will Gala Games' recent partnership news with Epic Games help the NFT and metaverse industry get back on its feet? Let's check which coins in this category should be in your bags!

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

Зміст

Bitcoin (BTC) continues to range between $31,000 and $28,000. Investors should be cautious as it is likely that a larger trend will form if the price breaks down from this range. However, if BTC does breakout to the upside, looking at some altcoins that have significant potential for the future is the best play. Recently GALA partnered with Epic Games, which is a bullish piece of news for the metaverse industry. Let’s jump on the charts to analyze the possible future movement of the metaverse and NFT category.

MANAUSDT

MANA is in a clear higher time frame downtrend. There is a lot of liquidity below the lows around $0.95 which will likely attract the price. If sellers force the price down to this area, it could be a good buy at around $0.91 targeting a breakout of the trendline and a test of $1.33.

The price seems to be flattening out, potentially signalling that sellers are getting weaker. If it forms any value below $0.988, it will likely result in slamming down to around $0.7, which is a last-ditch level for bulls.

APEUSDT

APE is in a clear value area between $6.4 and $5.9. The price is currently at the bottom of this range and is sitting on support, making it a good area to place bid targeting the highs. If the value starts to form below $5.9, $5.6 is the next support level.
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On a higher time frame, the price does not look good after being rejected from a big range. If bulls fail to prevent the breakdown from the smaller range, it will likely continue its descent.

SANDUSDT

SAND, in a higher time frame, is ranging between $1.18 and $1.5. At the moment, it is not advised to take a position, as the price is in the middle of the range. However, if it moves down to $1.18, you may take a long position, aiming for the highs with tight invalidation. If the price starts to form any value below $1.18, it is likely to test the local lows again.

RACAUSDT

RACA is sitting on a trendline and support. It gives invalidation for buyers below $0.000487. If the trendline does hold, the price could easily go for to $0.0007. In these market conditions, it is quite unlikely to happen. If the price starts to form value below $0.00046, it will test support at $0.00042.

GSTUSDT

Even after this large uptick, GST does not look bullish. Since the price has been facing a constant selling pressure, it has essentially been forced it into a downward trend. Therefore, it is difficult to be bullish on it.

Large impulses up are for selling until levels are reclaimed. If the price can hold $0.56 then there is potential to properly test $0.808, however, the price has been violently rejected up there already, so it is unlikely.

AXSUSDT

Although AXS is sitting on support, it is not the best area to take positions. The price has tested one extreme after attempting to breakout of the value area. However, it got rejected at the $28 level. It is likely that it will now test the other extreme, around $16, before moving higher. Therefore, it makes less sense to be bullish as it consolidates in the value area. If you are extremely bullish, bidding on $19 is likely the move to make.

GALAUSDT

GALA is in the middle of a range right now, so making short term investments in it makes little to no sense unless it breaks above $0.09. Consequently, if the price manages to close above $0.09, buyers can look to test $0.13 or above levels. However, If the price breaks below $0.07, it’ll likely test $0.05, giving an invalidation for longs. The price recently tested $0.09, so it could test support at $0.07 before moving back up.

Summary

  • Bitcoin is still ranging between $31,000 and $28,000. Caution is advised for investors, as any break to the downside will likely form a trend.
  • APE and RACA look the best and are sitting on higher time frame supports (range low at $5.9 and trendline at $0.00047.) These are must-hold areas for bulls, therefore, it makes sense to bid on these coins.
  • GALA and SAND are in the middle of large ranges. It is, therefore, not wise to either buy or sell them until they move into support ($0.07 and $1.27) or resistance ($0.09 and $1.5) zones.
  • MANA seems as if it may get rejected from the trendline. Therefore, it should be left alone until it breaks out or moves back down into the support zone around $0.91.
  • There seems to be no reason to bid GST after the big reaction at around $0.88.
  • AXS is sitting on support at $19.11, but feels as if it may test lower levels as it has already tested one extreme. If you are bullish on AXS then this is a good place to bid, however, there is a chance that the price will test $16 before going to higher levels.
  • In conclusion, APE and RACA seem like the best investment options in the metaverse and NFT market, especially if you are bullish on BTC. Caution is advised due to the volatility of the market.
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