Coin Edition -
- ICP flipped the $13.23 resistance and may add another 20% increase soon.
- STX’s momentum remained bullish while IMX was rejected at $2.
- RNDR may retest $5 but the resistance at $1.10 sent THETA back to $1.06.
Cryptocurrencies with links to NFT projects are having a field day in the market, according to CoinMarketCap data. But out of all the tokens, Internet Computer (ICP), Stacks (STX), Immutable (IMX), Render (RNDR), and Theta Network (THETA) have had the most gains.
At press time, ICP’s price was $13.70. This was after its value increased by 25.12% in the last 24 hours. STX followed with a 15.08% hike.
RNDR had a similar performance to STX while IMX climbed by 6.53%. Last on the list was THETA with a 4.53% 24-hour increase.
The increase in the values of the tokens was proof that the increasing interest in trading NFTs was not a fluke. According to Coin Edition’s assessment of CryptoSlam’s data, NFT sales volume increased to $311.71 million in the last seven days.
Internet Computer (ICP)
With its true immutability feature, the Internet Computer blockchain has become a hub for storing digital assets including NFTs. So, it was no surprise that ICP joined in the NFT tokens surge.
From the technical outlook, ICP could soon hit $14. This was because of the momentum displayed by the RSI. At press time, the RSI had increased to 58.70.
The RSI reading showed that buying pressure for ICP had improved. This was also one of the reasons the token flipped the $13.23 resistance. Should the buying momentum continue, ICP may add another 20% increase over the next few days.
ICP/USD 4-Hour Chart (Source: TradingView)
If this happens, then the price would surpass $16. However, profit-taking may begin at this point. So, ICP’s price may decline afterward.
Stacks (STX)
STX was able to follow Bitcoin’s (BTC) direction since it was an L2 of the blockchain. However, Stacks also used the proof-of-transfer mechanism in the creation of NFTs.
According to the STX/USD 4-hour chart, the price has hit the $2 mark. Furthermore, indications from the Awesome Oscillator (AO) showed that the value could still increase.
At press time, the AO was 0.31 while forming higher highs. The trend of the indicator depicted a bullish momentum, and this could lead STX in the $2.5 direction.
However, the RSI was 69.43, indicating that STX might soon be overbought. Should the RSI reading tap 70.00 or above, the STX price may decline. However, there is a high chance that it stays above $1.80.
STX/USD 4-Hour Chart (Source: TradingView)
Also, if the $1.57 support holds its ground, then an upward move back above $2 could be on the cards.
Immutable (IMX)
IMX is the utility token of Immutable, the L2 scaling solution for NFTs built on the Ethereum blockchain.
At the time of writing, IMX’s rise to $2 had been rejected due to the cluster of sell-offs around the region. Unlike STX and ICP, the price might continue to decline in the short term before any recovery.
This inference was taken from the position of the Exponential Moving Average (EMA). As of this writing, the 9 EMA (blue) had crossed below the 20 EMA (yellow), indicating that the price had become bearish.
IMX/USD 4-Hour Chart (Source: TradingView)
However, traders might need to consider entries around $1.95 since the 9 EMA was positioned there. This is because IMX’s bullish bias has not been invalidated.
Render (RNDR)
RNDR also serves as a utility token. But unlike IMX, it supports NFTs on the Solana blockchain. From the technical outlook, RNDR’s recovery could be linked to sellers’ exhaustion.
According to the 4-hour chart, RNDR’s rise to $5 on January 2 was met with sell-offs as the price plunged below $3.50. Meanwhile, buying pressure sent RNDR back above $4 on January 8.
Indications from the MACD showed that the cryptocurrency still has bullish potential. Although the MACD was positive, the 12 and 26 EMAs were below the midpoint.
With signs of an uptrend and the 12 EMA (blue) rising above the 26 EMA (orange), RNDR might reclaim $5 within a short period.
The Bollinger Bands (BB) also indicated increasing volatility. So, RNDR might experience price fluctuations which could be in favor of the upside.
RNDR/USD 4-Hour Chart (Source: TradingView)
Theta Network (THETA)
THETA is the native token of the Theta blockchain which allows content creators to build NFTs. THETA’s market structure was similar to that of RNDR. Like its opposite number, THETA experienced selling pressure between January 2 and 7.
Furthermore, the token rose to $1.10 on January 8. However, the region was a major resistance area, leading THETA back to $1.06.
At press time, the OBV was decreasing, indicating that volume was flowing out of the cryptocurrency. Should the indicator maintain the same momentum, then THETA might drop to $1.05.
THETA/USD 4-Hour Chart (Source: TradingView)
This assertion was also supported by the Money Flow Index (MFI) which had fallen to 29.84. However, if the MFI falls to 20.00 or below, then THETA would be considered overbought. As a result, the price might see a reversal which could lead it back in the $1.10 direction.
The post NFT Craze Explodes: Collectible Tokens Like ICP, STX, IMX, RNDR, THETA Soar! appeared first on Coin Edition.