After Bitcoin's breakout from its range, let's check how NFT and metaverse tokens are performing!
After BTC’s breakout to the upside, the price reached the range high ofaround $21,000. Although this is a good area to take some profits, there also could be a breakout that participants should look to play. If the price moves above $21,000, sellers will be forced to cover, driving the price up further.
MANA/USDT
MANA is in a downtrend, however, there is clear demand at lows as the buyers are driving the price above the wick resistance at $0.6293 continuously. MANA is now targeting a significant resistance level at $0.648.
If the price can have a 4-hour candle close above this area, the bearish structure will be broken in the short term, and a further move up to resistance at $0.67 could happen.
Also Learn: Bull Market vs Bear Market: What’s the Difference?
SAND/USDT
SAND has printed a large positive RSI divergence on the 4-hour chart. Providing the price can pump above resistances at $0.78 and $0.8, the moves could have significant legs.
If the price can reclaim $0.8, it is likely that bulls will push SAND to the top of its range around $0.93. If it fails, the lows at $0.7 will be swept.
RACA/USDT
RACA is also experiencing a large RSI divergence. The price has reclaimed support at $0.000253, which means it will likely visit resistance at $0.00028. This would be a good area to shave off some profits on longs. If it flips this level, targetting $0.00030 would be a great trade. However, if the price does break down from support at $0.000253, new lows will be on the table.
Also Learn: Breakout vs Fakeout (False Breakout) — Spot the Difference and Increase Accuracy
STX/USDT
STX has recently broken a bearish market structure and is currently trying to reclaim range lows at $0.31350. If buyers can reclaim this area, there is no reason why the price cannot move to test the range highs at $0.34. If it fails to do so, the price will likely slam down to the local lows at $0.286, as there is a lot of liquidity lying beneath.
GALA/USDT
GALA has been in a persistent downtrend for a couple of weeks now, continuously driving to new lows. The price is moving below the range ($0.0043 and $0.038).
It is likely that the token will continues to fall and break below $0.03125, unless it successfully reclaims the range lows. Since BTC has bounced, it may allow GALA to break this downtrend and start a relief rally.
Also Learn: What Is Options Trading in Crypto? The Most Important Terms Explained
Summary
- MANA has reclaimed wick support, and it is close to breaking its bearish market structure.
- SAND is at wick resistance.
- RACA has reclaimed its range lows.
- STX now has bullish market structure.
- GALA continues to drive to new lows.
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.
