After the FTX collapse, let's see how metaverse and NFT tokens are performing!
Last week, Bitcoin continued to expand down from its previous value area of around $20,000 to $18,000. It may form a bottom at around $15,500 if bulls succeed to prevent any further drops.
Let’s take a look at the performance of NFT
coins in the 4-hour charts.
After finally sweeping the June lows, MANA formed a perfect positive RSI
divergence. This has moved the price back above $0.373. The token is now in a 4-hour uptrend, after closing above $0.38. Therefore, any dip would be a good buying opportunity. However, if the price breaks back below the recent local lows, it is recommended to exit any long positions.
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Similar to MANA, SAND also moved to new lows but formed a positive divergence, which has since allowed it to reclaim a demand zone/range low at $0.55. It is currently in a 4-hour uptrend, therefore, more upside is expected. The equal highs at $0.62 are a good first target. If buyers can flip this level, the order block resistance
at $0.69 will be the next target.
RACA, unfortunately, still looks relatively bearish. After breaking down from its previous range low at $0.000245, buyers have been trying to cover their losses as much as they can with every green candle, therefore forcing the price down.
Each bounce seems to be getting weaker. If buyers can keep the price above $0.000225, another retest of the range low could happen.
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STX is consolidating
between the psychological support, at $0.2, and previous range lows, at $0.28. Although the price is close to support
, making it look like an attractive buying opportunity, it is not recommended to accumulate STX here.
Although GALA lost the key support at $0.027 last week, the price has started to consolidate above $0.0248. There was a clear positive RSI divergence that retested the “30” zone on the RSI before going higher. This is a bullish sign, theoretically, and could result in an underside retest of this key S/R level. If bulls can reclaim $0.027, looking for a sweep of those equal highs at $0.028 will be a good trade.
Also Read: What Is the Relative Strength Index (RSI) in Stocks and Crypto?
- MANA is finally in a 4-hour uptrend.
- SAND has reclaimed range lows.RACA is extremely weak.
- STX is underperforming the general market
- GALA has reclaimed support at $0.0248
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