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