Sandbox (SAND) and FLOW (FLOW) have broken out of a long-term descending resistance line.
Audius (AUDIO) rallied the horizontal support area of $ 0.87.
three non-fungible tokens (NFTs) have shown the potential to resume their bullish movements towards their closest resistances.
SAND
SAND is relaxing along with a descending resistance line from March 27. On July 3, it managed to break out of this line and reached a high of $ 0.692 on July 17. high was reached just above the 0.618 Fibonacci retracement resistance level.
However, SAND could not support the upward movement and slowed down, after creating a long upper wick.
Despite the decline, technical indicators remain bullish. RSI is above 0 and the MACD is above 0. While the Stochastic Oscillator is moving higher, it has not yet made a bearish crossover.
TradingView Chart
short-term 4-hour chart shows that the token has already completed a five-wave bullish pattern (orange), which has had an extended fifth wave (black).
reafter, it returned to the $ 0.35- $ 0.38 support area before recovering. Support is created by the 0.618 Fibonacci retracement support level and a horizontal support area.
For the bullish move to continue, SAND must stay above the $ 0.35- $ 0.38 support area. If successful, it is likely to break out of the $ 0.618 to $ 0.61 Fibonacci retracement resistance level and potentially move towards $ 0.90.
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Reflexes
- SAND broke a descending resistance line.
- Short-term indicators are optimistic.
FLOW
FLOW has been on the rise since it touched a low of $ 6.01 on June 22. On July 7 it emerged from a descending line of resistance that had been in place since April.
token continued to rise until it was pushed back from the Fibonacci retracement resistance level of 0.382 at $ 20.
Despite the decline, the technical indicators remain relatively bullish as the MACD is positive and the RSI is above 50.
next resistance is the 0.618 Fib retracement resistance level at $ 20.80.
TradingView Chart
short-term six-hour chart shows complete bullish momentum and the resulting corrective structure ABC (black).
decline ended when the ARENA reached the 0.618 Fibonacci retracement support level at $ 11.51. Since then, the token has moved up.
Both the MACD and the RSI are rising, supporting the continuation of the bullish move.
refore, it is possible that FLOW will make another attempt to break above $ 20 and possibly rally to $ 28.80.
TradingView Chart
Reflexes
- FLOW broke a descending resistance line.
- It is facing resistance at $ 20 and $ 28.80
AUDIO
AUDIO is down since March 27, when it hit an all-time high of $ 4.99. downward movement continued until a low of $ 0.59 was reached on June 22. This would have triggered a breakout of the $ 0.87 horizontal support area (red icon).
However, the token regained the level shortly after and has now validated it as support (green icon). If the upward movement continues, the closest resistance area would be at $ 2.05.
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However, the technical indicators are relatively neutral. RSI is at the 50 line and the MACD is just below the 0 line. Also, the stochastic oscillator is moving lower, although it has not made a bearish crossover yet.
TradingView Chart
short-term two-hour chart shows that AUDIO has broken out of an ascending support line and is currently validating it as resistance.
For the short-term trend to be considered bullish, the token must regain this line.
TradingView Chart
Reflexes
- AUDIO has regained the $ 0.87 support area.
- It broke out of an ascending support line.
For the latest bitcoin (BTC) analysis from BeInCrypto, click here.
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