This week, CoinMarketCap Academy takes a look at NFTs and the metaverse to see if the tokens recovered with the recent bounce. Read more!
Bitcoin (BTC) has been in a clear range between $18,000 to $22,000. After recently breaking out of the $22,000 level, it could potentially move to $30,000 again. Therefore, investors may find any dip as a good buying opportunity. Caution is advised if BTC breaks below the 22K level. Providing buyers step up and hold the range high, adding some higher beta altcoins from the NFT and metaverse category could reap rewards. Let’s check out the charts in a 4H time frame.
MANA/USDT
MANA is in a clear range between $1 and $0.77. Due to the fact it is at range highs, it makes sense to take some profit. However, if it follows BTC and ETH and breaks out, it could test $1.33.
The RSI is also starting to cool off after pushing through 70, which could give bulls confidence for a break through the highs. There is a clear trend line for support. If the price drops below this line, it would be smart to close long positions.
SAND/USDT
SAND has broken out of major resistance at $1.35. It is likely to test the $1.52 level next. This is a major liquidity zone with many stops placed above it. Volume has increased, showing an increase in interest in the token. These are positive signs for bulls. However, if it drops below $1.35, the price is likely to test $1 again.
RACA/USDT
RACA is holding the support and currently doing an S/R flip after being stuck below $0.00042 for weeks. There is a significant gap between this support and the next supply zone, with buyers clearly in control. It will not take much to move up to $0.00046. If buyers fail to hold $0.00042, RACA will go to the $0.00036 level.
GALA/USDT
GALA is in midrange after reacting nicely off of the lows. It is likely to test $0.006 next. If players are not already positioned, they should look for other coins to trade. If the price gets rejected around $0.006, it could be a good short opportunity.
If the price breaks below the consolidation level it is currently in ($0.061 to $0.057), bulls should think about exiting longs.
STX/USDT
With STX reclaiming key support at $0.44, buyers can look for a move up to test resistance at $0.5. If buyers succeed to go above this key psychological level, it is likely the price can test the high of this previous range at $0.6. However, if it gets rejected from $0.5, it will likely go down to test the support again.
Summary
- SAND, RACA and STX are having healthy price movements after flipping resistances at $1.35, $0.000425 and $0.44. They, therefore, seem good to play level to level with the next resistance levels around $1.52, $0.00046 and $0.5.
- GALA is in the middle of a large range between $0.066 and $0.05. It is in the no man's land, therefore, looking to take either a long or short position is not advised.
- MANA is at resistance, therefore, a taking a long position is not advised. However, if it breaks out as ETH and BTC have, buyer momentum could pull it up to around $1.33.
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