This week, CoinMarketCap Academy takes a look at NFT and metaverse categories to see if the tokens recovered with the recent bounce. Read more!
Bitcoin (BTC) has dropped around 10% since the weekly open. Although not advised, this allows investors to buy the dip. Let’s analyze the prices of MANA, SAND, RACA, STX and GALA from the NFT & metaverse categories to see if their charts seem good for the foreseeable future!
MANA/USDT
Out of all the NFT and metaverse tokens mentioned above, MANA has had the healthiest chart. It made local lows on May 12 and has since been above this level. This, therefore, makes it an attractive investment opportunity for those longing BTC.
The price got rejected from the midrange (around $1.03). For the price to go higher, buyers need to reclaim this level. $0.85 is also an important level. If it reclaims and holds the level, $1.03 could be tested again. However, if it continues to break down, the lows at $0.73 and $0.63 will be on the table.
SAND/USDT
After bouncing 30% off the lows last week, sellers have forced the price back down and SAND is moving into an important demand zone. Providing this demand zone around $1 holds, local highs around $1.3 are likely to happen. The price may even reach $1.52 if buyers are strong enough.
$1 is a big psychological level, so holding it is imperative. If the price does break below this level, it will move into the lows at around $0.77.
RACA/USDT
RACA also had a big run-up last week. However, sellers have eclipsed this move already. There is still a clear buyer’s presence at around $0.00037. Providing this support holds, there is potential to retest $0.00042 before going lower. Buyers must flip this to go higher. It is a clear supply zone with many players looking to escape underwater longs at these levels, as can be seen by the two large sell wicks. If the price breaks below the support at $0.00037, it is more likely to travel to $0.00031. This is more than a 10% move to the downside, therefore, being cautious is advised.
GALA/USDT
Relative to the other coins that have been analyzed, GALA seems extremely weak. Buyers could not hold the price above range highs at $0.66, showing a clear deviation on the chart. This also resulted in a significant amount of liquidity being left above $0.07. There is a clear range between $0.066 and $0.049, therefore, buy pressure should show up around the current price level.
STX/USDT
STX has flipped support ($0.44) into resistance. If the price does continue to form value below $0.44, the lows will get taken fast. It is at a lower time frame support and playing the levels makes sense as you can have tight invalidation. If buyers can flip this level, it could make a thrust back up to $0.5 resistance.
Summary
- MANA is holding up the best out of all projects listed above (as it is still holding lows from July while the entire market has dropped.) $0.77 would be a good area to enter.
- SAND is also moving into heavy support at $1. This is a big psychological level, therefore, making it an important area for bulls to hold. If held successfully, bulls can look for local highs at $1.3.
- RACA is at the support level ($0.000367). If this holds, bulls could drive the price into the supply zone at $0.41.
- STX is also at the support level ( $0.38).
- GALA is currently at range lows. Once it sweeps liquidity below $0.046 at wick support, any reclaim would be nice to play into the mean price ($0.6)
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