As Bitcoin continues to stay in a tight range, let's check the performance of some NFT and metaverse token this week!
In the past week, Bitcoin continued to consolidate between $19,700 and $18,000. It is currently testing the upper extreme of this value area. Any move outside of this range could result in a swift move to $23,000. This could, therefore, allow some altcoins to pump as well.
In this technical analysis, we will evaluate the performance of some NFT and metaverse tokens in the 4-hour time frame.
MANA/USDT
MANA continues to range between $0.7 and $0.67. The price is consolidating above $0.67, however, there is a huge amount of liquidity at lows. If BTC starts to cool off after making its move, it could drag MANA to these lows. Longing is not recommended unless there is a swing failure pattern. If the price breaks above $0.72, it will likely test the supply zone at $0.75.
Also Read: How to Use Market Structure in Trading?
SAND/USDT
SAND is in a clear range between $0.92 and $0.8. The price has just tested the midrange at $0.86 and got rejected. If it moves to test the lows again, it may break down to $0.77.
$0.77 could be a good place to pick some more SAND up, potentially looking for a move to the upper extreme of the range.
Also Read: Leverage in Crypto Trading
RACA/USDT
RACA continues to be in a persistent downtrend on the 1-day and 4-hour charts. Unless buyers can hold $0.000281, it is probable the price will move to new local lows, potentially sweeping $0.000275.
STX/USDT
There is a strong buyer presence at the local lows for STX. $0.314 was swept, and buyers immediately stepped in causing the price to go up.
STX is currently in pullback mode. Sellers have left equal highs at $0.332 - therefore, it is likely that, at some point, this level will be taken. If the price can find acceptance above this area, it could test $0.352.
Also Read: How to Use Stop Loss and Take Profit in Trading?
GALA/USDT
GALA also has a clear buy-side presence. After recently sweeping the local lows at $0.00389, the price bounced and broke the 4-hour bearish market structure. There is potential for a drop.
If the price crosses and stays above $0.042, a move up to $0.045 is likely. On the other hand, if it does find value below $0.00389, bulls should consider exiting positions.
Remember that this is all based on the subjective views of the writer. As always, DYOR!
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