Last week, NFT and metaverse tokens failed to give bullish signs. Let’s see if they have recovered with the recent bounce!
After Bitcoin (BTC) dropped down to $17,000, buyers stepped in, initiating more than a 20% move off the lows. Lots of altcoins are finding relief now, though the BTC price is still ranging. It may boost the rise of altcoins when it bounces from support. However, BTC is right at the resistance level currently, which means it will also drag the altcoins down. Therefore, taking some profits on any longs is advised.
As for NFT and metaverse projects, those did not look very bullish last week. Let’s see if they have recovered with the market on this bounce.
MANA/USDT
MANA bulls held the demand zone at $0.7 again. To be precise, there have been more than four tests of this area showing there are sufficient buyers.
However, be cautious when buying this area. If the price moves away from it, this level will quickly turn into supply, as all who are buying this area will be trapped. There is potential for a move into the value area at $0.95–$1.04 again. If sellers are strong enough to drive the price below $0.7, then MANA will likely test $0.6.
APE/USDT
APE was forming a value above $3–$4.3. However, sellers flooded supply as they disagreed with the area.
APE price has now moved back into this area and will likely test the other extreme around $3. If the price can reclaim $4.5, then a move into the value area at $6 could happen. APE will be ranging until proven otherwise.
SAND/USDT
SAND is in a 4h uptrend looking for a lower time frame long between $0.85 and $0.88 with very clear invalidation as acceptance below makes sense.
This is a must-hold area. If buyers cannot hold it, then the price will likely test the $0.75 lows again. The price was rejected at a supply zone around $0.95. Therefore, to be bullish it needs to clear this zone.
RACA/USDT
After a strong downtrend, RACA seems to be bottoming out. This is since buyers reclaimed wick support from around $0.00035 to $0.0003689.
RACA price is still in an uptrend, therefore buyers can be more confident following the trend. If the price can reclaim $0.00037, then it can move to test $0.00047. There is a much higher volume at these lows showing capitulation and absorption.
GST/USDT
Since GST has so much sell pressure, it is hard to predict where a bottom may form. It is still in a downtrend, even after the BTC relief, showing how weak it is.
Nevertheless, downside momentum does seem to be slowing. There is heavy supply at $0.3 still. If this can be cleared, then it can likely test higher ($0.35–$0.5). However, until buyers move the price above this zone, GST will probably move to new lows around $0.150.
AXS/USDT
AXS is at the midrange. If sellers can flip this into resistance, then it will travel to the lower side at $12.21.
If you are very bullish and looking to go long, a $14.13 reclaim is a good play. Caution is advised though, as the price is now in a 4h downtrend. If there is a breakout above $16.21, AXS will likely move to $18. However, it is ranging until proven otherwise, therefore looking for reversion to the mean strategies is the best play.
GALA/USDT
GALA’s upside momentum is decelerating with the market structure break to the downside. If there were sufficient buyers here, then the price would have reached range highs when BTC bounced.
As can be seen, there is a clear range between $0.05 and $0.066. There is still room for the upside after testing those $0.5 lows. If the price continues to travel up, then the range highs are likely. However, if the price moves below $0.05, then $0.043 is a good area to target.
Summary
- As BTC moved down to $17,000, buyers stepped in and gave the market a boost. However, NFT and metaverse coins did not feel well.
- RACA and SAND are both in 4h uptrends and could move upside. Both coins have sufficient demand zones at $0.00036 and $0.87, respectively. If these two areas stand, then more upside can be expected.
- MANA, GALA, AXS, and APE are currently ranging. Therefore, it is good to look to fade any move into the extremes. Currently APE is at its upper extreme ($4.3), and GALA is close to its lower extreme ($0.051). These could therefore be good fades. AXS and MANA are in the midrange, taking a position there is not advised.
- GST is in a consistent downtrend. If buyers can clear $0.3, then the price could travel to around $0.5. However, before this happens, the all-time lows at $0.15 could possibly be taken.
- In conclusion, RACA and SAND look like the best plays if you are bullish on BTC. MANA, GALA, AXS, and APE are ranging, therefore they can be good to play when at the range extremes. Caution is advised in any investment right now though as the market is incredibly volatile. There is a need to be flexible in positions to make sure you don’t lose hard-earned gains.
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