As the metaverse and NFT hype is still in motion, it is better to observe the possible price movements of some market-cap giants in this category for the next bull run! Read more!
Last week, Bitcoin carried on in its descent from 48k, which forced all altcoins to fall excessively due to the 41.3% Bitcoin dominance (BTCD) in the market. However, with BTC looking like it has found a local bottom, it is good to analyze which altcoins will outperform the others during the next bull run. Since the trend is always your friend, it only makes sense to check out metaverse and NFT projects to allocate your capital effectively. Using a number of technical indicators, in this analysis, we will explore six of the most popular metaverse and NFT tokens. Let’s begin!
After forming a large value area between 2.85 and 2.25, MANA broke down. With the price continuously getting rejected on underside retests of this area, we can infer that it is likely that the price will start to test the lower areas. The next underside target would be around $1.7as there will be significant liquidity sitting there. If the price can reclaim the value area, MANA can likely move back to $2.85.
APE has been consolidating for the past month in a very tight range between $16 and $10. At the moment price seems as if it is breaking out of this consolidation, the longer it stays above these levels, the more likely it is to continue to fill the wick. Since there is very little price history it is hard to give targets for the upside, however round numbers such as $18, and $20 always make sense. If the price breaks back into the range, it can be expected that it tests the lows yet again.
SAND is currently extremely close to supply. This supply zone will act as pivotal resistance until flipped. Unless this supply zone at $2.9 to $3.1 is flipped, the price can be expected to move down to the support zone at $2.62500.
If buyers can flip this zone a move up to the highs around $3.9 is highly likely. This is a move of more than 20%. On a higher timeframe, the price has swept all local lows and liquidity, therefore, if it is going to pump, it is likely to be now. If the price does start to roll over, buying the token isn’t advised.
RACA is in the midrange of two trigger areas. Currently, it looks bullish, and after testing one extreme, whilst also taking all lower liquidity, buyers have stepped in. Ideally, the price will test $0.0023. This is a large supply area, however, identifying a key order block gets rid of all the noise.
If the price can flip to $0.0024 then it can go much higher, with the local highs being the next target. However, as touched on earlier, as the price is in the middle of a range, it is not worth buying here. An ideal entry would be around $0.0017.
After a significant downtrend price is starting to find a bottom. As can be seen at $0.019, the price has found support, after attempting to break back into a bullish market structure, the price has been rejected. $0.022 is a pivotal level, and if it isn’t flipped, it will likely test the lows again.
Lows that have been tested as much as this level usually build up significant liquidity below which acts as a magnet for the price. Therefore, it could be inferred that at some point, the price will move below $0.018 to take all this liquidity.
AXS is in a clear range right now between $75 and $43. As we are at the lows of the range, it makes sense to buy in anticipation of another test of the $70 zones. The price moves from one extreme to another in a value area Therefore, it is likely that it will move to $70, providing we stay above the lows. There will be plenty of higher time frame sellers interested in selling below these lows, so holding is essential for bulls.
Although the GALA has a shorter price history in comparison to AXS, it still shows a similar range-bound market. Buyers and sellers are trying to find a fair value, or a value they agree on between $0.28 and $0.19. As price is at range lows, it makes more sense to look for longs targeting at least the midrange. Buyers do seem relatively weak here though, even after the BTC pump over the last few days, the price has seen a minor buyer interest. Therefore, is likely that heavy selling will result below the local lows.
Summary of All Charts to Keep It Simple
- Bitcoin seems to have found its local bottom after three weeks of descent, therefore, allowing us to look for bounces on higher beta altcoins.
- MANA seems distributive, with the price failing to reclaim a previous value area at $2.25, we can therefore expect some more downside movement if there is no reclaim.
- APE has broken out of a month-long consolidation between $15.5 and $9.5. It is likely that the price will target $20, providing it holds above these levels.
- SAND is consolidating below supply at $3. If this level can be flipped, buyers can target higher levels.
- RACA and VRA are both in areas where there is no trade to be made. It is better to be patient and wait for higher EV plays.
- AXS and GALA are both at range lows. Bidding around $42.8 and $0.19 could be good plays if you are bullish.
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