With 2023 just beginning, many NFT and metaverse coins made higher highs. Is your favorite coin one of them?
Metaverse and NFT coins have been among the strongest movers in the past week. Let's have a look at how they are performing in the 4-hour time frame.
MANA/USDT
MANA rallied after breaking above the $0.617 resistance. This move was supported by a high volume that shows genuine interest in the coin. It is still in an uptrend; therefore, for long-term investors, any dip would present a good buying opportunity (but do your own research!).
The price is moving towards some large supply zones - therefore, the coin may experience a few dips in the short term.
Also Read: A Complete Guide to Death Cross and Golden Cross?
SAND/USDT
In the past week, SAND managed to make its way back into the range between $0.55 to $0.7 and break above it. This is a pretty large area for bulls to hold.
If SAND can break above $0.7785, the range between $0.8 and $0.93 would be the next target for bulls.
RACA/USDT
RACA has reclaimed its range between the resistance levels at $0.0002 and $0.00024. The price is in an uptrend, therefore, traders may consider taking longs around $0.0002 (DYOR).
RACA is a higher beta than BTC; however, it hasn’t shown as much gain in price as BTC. Therefore, investors may consider holding BTC instead in the short term to avoid risks.
Also Read: Breakout vs Fakeout (False Breakout) — Spot the Difference and Increase Accuracy
STX/USDT
After bouncing off the $0.2 support line and forming a nice uptrend, STX is moving sideways. The price is currently in the middle of a large range, therefore, taking a position is currently not advised.
Similar to RACA, STX has not shown more gains than BTC, therefore, a safe approach would be to invest in BTC in the short term. If investors want to buy the dip, targeting the resistance at $0.344 would make the most sense.
Also Read: What Is Crypto Options Trading?
GALA/USDT
GALA has one of the most bullish charts in the crypto market. The price is about twice as high compared to the end of the year.
There have been only a few dips for accumulation, therefore, buyers should not chase the price. There are chances that the end of the trend will be signaled by a bunch of dips.
Summary
- MANA’s chart is showing a good buying opportunity at $0.617 for long-term investors.
- SAND continues to consolidate at support around $0.7.
- RACA is at the midrange between $0.00024 and $0.00020.
- STX is extremely weak in comparison to other coins.
- GALA has been one of the best performers in the market.
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.
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