After The Sandbox announced its partnership with Saudi Arabia, many metaverse & NFT tokens started trending up. How long will this continue?
After the news of The Sandbox partnering with Saudi Arabia on metaverse projects, many metaverse and NFT coins have been surging. Let’s take a look at how they are performing in the 4-hour chart!
MANA/USDT
After consolidating at the $0.73 support, MANA finally retested the $0.82 level. It needs to break above this key resistance level to move higher.
It is important that the range lows ($0.61 and $0.73) are maintained, as there are many stop-loss orders placed between these levels. If the price breaks below these levels, these orders will be filled, triggering a sharp move downwards.
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SAND/USDT
After the news of the partnership, SAND’s price increased by over 20%. This news coincided with SAND breaking through the $0.77 and $0.8 resistance. It has currently found some resistance at a previous range high of around $0.92.
If the price does get rejected here, the range lows around the support at $0.8 may become good targets for accumulation (do your own research).
RACA/USDT
RACA continued to move higher this week, finally breaking the resistance at $0.00024. It is in a higher time frame uptrend. Bulls will gain more control if the price successfully tests $0.00024 as support. As can be seen, $0.00028 is still a strong resistance level which indicates that there is supply at higher levels.
STX/USDT
STX has been in a consistent uptrend for the past two weeks, and it seems as if it will continue to move higher. Buyers have now reclaimed a previous range low (at $0.312), therefore, the price could move towards the range highs at $0.344.
If STX successfully conquers this resistance, there will only be a few resistance levels left to reach $0.5. This makes $0.344 a very important level, as breaking above it could result in a large move upwards.
Also Read: What Is Fundamental Analysis in Cryptocurrency and Stocks?
GALA/USDT
GALA is struggling to clear the supply level around $0.055. To be able to move higher, buyers need to flip this level into support, otherwise, the next trip will likely be towards $0.043.
Unfortunately, GALA’s market structure seems to have changed. It hasn’t made any bullish moves recently, indicating that the buyer interest has decreased at the highs (do your own research).
Summary
A quick recap of all the coins:
- MANA recently retested the resistance at $0.82
- SAND’s price made a gain of over 25% in just one 4-hour candle and reclaimed many supports.
- RACA has broken above the range highs.
- STX has been in a constant uptrend for the past two weeks.
- GALA’s market structure seems to have changed in the short term.
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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