With Bitcoin's wild price swings, the market seems a bit uncertain after enjoying a minor uptrend this month.
With S&P and Bitcoin continuing to trend higher, altcoins are showing signs of an uptrend too. If BTC can stay above the range highs at $22,400, investors should be aiming to long any dips. Many alts seem to be waking up, and with the market's risk appetite increasing, they could deem to be good investments.
MANA/USDT
After attempting to breakout from the range at $1.05 to $0.77, MANA has fallen back into it. This will likely result in a retest of the range lows. There is also a large trendline that will likely be broken if sellers continue to have control of the trend. The price is now in a downtrend, therefore, market participants should be looking to short MANA.
Also Read: How to use moving averages in trading?
SAND/USDT
SAND has broken below the trendline with multiple 4-hour closes confirming it. If buyers want SAND to remain bullish, they need to drive it back above $1.3. This could allow for a move to test $1.4 and sweep the equal highs. If it does not happen, SAND will test the $1 demand zone. It should act as strong support as it is both a demand zone and key psychological support.
RACA/USDT
RACA has a bullish market structure. After bulls forced the price above range highs, it formed a local top around $0.00054. The price has since broken below the supply zone at $0.00048. Buyers should look to enter a long around the $0.00042 range highs. This is a good area to look for a continuation of the trend. If the price does react at this level, then it should test $0.00046. However, if the price breaks below $0.000415 into the range again, it will likely test the equal lows at $0.00036.
STX/USDT
STX was rejected from a large value area around $0.6 to $0.49. It, therefore, shows that there is a significant supply in this area. The price is moving into wick support at $0.43975. This should provide a good reaction, assisting the price to touch $0.494. If STX breaks below wick support, caution is advised. This is because there is a large trendline below which will likely break, igniting momentum to the downside.
Also Read: How to use market structure in trading?
GALA/USDT
GALA recently took equal highs at $0.071 and was rejected swiftly back down showing clear sell-side pressure. The price is now likely to test the range lows around $0.05. There will be support around the midrange at $0.0565, however, it is unlikely to prevent a downward move from happening. Buyers must reclaim the range highs to look bullish again.
Summary
- MANA has fallen back into its range between $1.05 and $0.78. It is, therefore, likely that the token will test the opposite extreme, which is $0.78.
- SAND has just broken through a significant trendline. The token will likely test the range low and psychological support of $1. If it can reclaim $1.3, it may take the highs at $1.43.
- RACA is the most bullish token out of the five, and after having a blow-off top at $0.00055, it has started to consolidate. The $0.00042 support is a good area to go long.
- STX has been rejected from the large value area around $0.6 to $0.49. If the price can slow down and start to consolidate around $0.439, it would be a positive sign for bulls.
- GALA swept the equal highs at $0.071 and has now slammed back down into the value area between $0.066 to 0.05.
Also Read: How to trade options on Bybit?
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