After the FTX collapse, let's see how metaverse and NFT tokens are performing!
Since the FTX incident last week, most cryptocurrencies have been on a steady downtrend. Bitcoin has dropped more than 15% and has started to consolidate below the previous range. A ranging environment down here is ideal for any chance to go higher, as buyers wouldn’t want the downtrend to continue. Although many day traders are still taking short positions, the long-term holders may find some gems in this downtrend.
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MANA/USDT
MANA is still in a 1D downtrend - an important factor that buyers should consider before taking positions.
If buyers can flip the order block at $0.47, there may be room for a move to the upside. If it happens, $0.54 will act as a major supply area. Unless this level is flipped, the lows from June at $0.372 will likely get swept. There is a 1-day positive RSI divergence so any move up could result in a fairly large bounce.
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SAND/USDT
SAND has started to consolidate after its decline from $0.9. There is a potential range forming from $0.7 to $0.55.
Bulls need to defend the $0.55 support if they want any chance of higher prices, as any break below this area would result in the psychological support (at $0.5) being tested.
RACA/USDT
During the past week, RACA formed a positive RSI divergence, which initiated a short squeeze attempting to test resistance at $0.000245. Unfortunately, there was too much supply that rejected the price. The price is currently consolidating below the supply zone.
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STX/USDT
After breaking down from its range between $0.344 and $0.282, STX has been in a downtrend. There has been a clear short squeeze, however, the price got rejected from the previous range. Caution is advised.
GALA/USDT
Although GALA is down by 10% this week, the price is starting to compress and consolidate. This allows traders to work out levels where they could potentially enter a trade. If $0.032 can be flipped, the resistance level at $0.043 will be a viable target.
Summary
- MANA continues to find supply on its grind down.
- SAND is ranging between $0.7 and $0.55.
- RACA retested previous range lows and got rejected.
- STX attempted to break into its previous range, but sellers were too strong.
- GALA has started to compress and consolidate.
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