With the market finding a little bit stability, it is only logical to check out our favorite metaverse and NFT category! Wanna know which coin will outperform? Let's find out!
In the past few weeks, there has been plenty to note down. With LUNA crashing 99.9% in three days, Bitcoin (BTC) nuked to $25k. However, the price has recovered above range lows ($30k) for now, so this therefore could be a great place to dollar cost average into BTC. Nevertheless, it is good to look for higher beta altcoins that potentially could outperform BTC in the long run. Let’s have a look at some NFT and metaverse tokens and see how they look.
MANA/USDT
On the 4h time frame, we can clearly see that MANA has been in a significant downtrend. It has since tried to move up, forming a value area between $1.33 and $1.1. The price has formed equal lows around $0.5966. There will be significant liquidity below the lows, which will likely be taken if the price cannot reclaim this value area. If the price does reclaim it and can break out above $1.33, bulls could look to target $1.71. However, for now, it makes no sense to look for longs.
APE/USDT
APE is also in a small value area between $9.7 and $7.8. Fading either side will likely pay well. The price is at the lower boundary now, so a long position could be a play, targeting the highs as there is clear invalidation. However, holding below $7.8 is not a good play. If value goes below $7.8, all-time lows will be on the table. However, if the price bounces and the value starts to form above $9.7, then the price could move up to $13.8. This is more than a 40% move.
SAND/USDT
SAND's momentum to the downside looks incredibly strong. Although it has not swept the lows of its original move like some coins, it is likely for the price to test the original lows of the move. These levels are $0.62 and $0.49. There was a large value area from $4 to $2.5, that has broken down. It seems as if the price will continue expanding to the downside. A reclaim of $1.5 would be the most bullish scenario, allowing bulls to target around $1.8.
RACA/USDT
RACA is one of the better-looking charts, it has formed a consistent uptrend since the 10th. Sellers almost filled that entire wich wick made in February; however, buyers front ran it slightly. This shows some buyer presence, meaning that this, in theory, could be a local bottom. Right now, the price is likely to test the $0.0008 supply zone. If it gets rejected, then sellers will likely drive the price down to fill the rest of the wick. However, if it moves above, then $0.00014 could be a good target for bulls.
VRA/USDT
There is extremely important support at $0.00739 for VRA. Bears have slammed the price down, and if it moves below this and starts to find value, it is likely going to go to $0.0018 - which is very bearish. However, the price is consolidating above support, and providing the price can hold above $0.00739, it could potentially move to $0.0156 as there is very little resistance on a move up.
AXS/USDT
AXS is ranging between $23.7 and $18.2 in a clear value area. This is important as whatever side this breaks out, it is likely to determine the direction of the coin for the foreseeable future.
Above $24, it is likely to go to $30, however, if it starts to break down, $14 is a possibility. There is significant liquidity below this low so it is something to watch out for.
GALA/USDT
GALA has now retracted the entirety of its previous move up, taking all liquidity below. It has attempted to bounce since, however, there is a significant supply zone between $0.12 and $0.105.
It can be seen by the clear excess of the wick that it is going to be hard to flip this level. If the price cannot flip this level, it will likely form new lows, but, if the price flips it, it will aim for $0.16.
Summary of All Charts to Keep It Simple
- With the entire market nuking more than 20% in the past few weeks, caution is advised. However, Bitcoin is at range lows, therefore, looking for some higher beta plays for the future makes sense.
- AXS and APE are all within lower time frame value areas with the potential to break to the upside. Areas to watch for a break are $9.68 and $23.7. Value forming above will likely send the price much higher. RACA is also in a 4h uptrend. If it can flip the $0.0008 supply zone, then it can likely test $0.00012.
- VRA is in no man's land currently. Although it is above key support at $0.0074, there is no reason to buy or sell. More price action needs to happen before taking up a position.
- SAND, GALA and MANA look as if they are going to breakdown to new local lows. The buying strength cannot be found. To change the outlook, prices need to clear $1.5, $0.12 and $1.33, respectively. If they do not clear them then they are still bearish.
- In conclusion, because the overall market conditions are not favorable right now, buying these alts is not advised. However, if you expect a bounce in the market, AXS, APE and RACA look the best out of other NFT and metaverse coins to invest in.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
