The price of Gala (GALA), Optos (APT) and Sandbox (SAND) cryptocurrencies experienced growths of more than 30% this week. At the same time, Chile’s cryptocurrency (CHZ) is facing good support after losing about 65% of its value in the last 2 months. The large price changes of these cryptocurrencies have placed traders in a position where they need to find suitable entry and exit points, and naturally, the technical analysis of these cryptocurrencies becomes doubly important.
Dear users of blockchain country, this article is not an investment recommendation and is only the author’s analysis.
According to Mihan Blockchain, after crossing the psychological level of $17,000 on Monday, Bitcoin price managed to move closer to the $17,500 resistance. BTC entering the 17,000 channel for the first time in 2023 caused some altcoins to experience good growth and some to be in a good position for a price pump. In this article, we will analyze the technical price of Chiles (CHZ), Gala (Gala), Sandbox (SAND) and Aptos (APT) cryptocurrencies.
1- Technical analysis of chilies price
The price of chilies started an upward trend from July 2022 (August 1401) and within 2 months it was able to grow by about 150%. At that time, with the approach of the 2022 World Cup in Qatar, the fever rose around the projects that were active in the field of fan tokens, and with the increase in the volume of CHZ transactions, its price was maintained at high levels.
However, since the opening day of the Mahani Cup on November 22, contrary to everyone’s opinion, the price of this cryptocurrency took a strong downward trend and reached the bottom of 9 cents from around 27 cents on December 22 (January 1). The support of buyers in this area has led to an increase in the price of this cryptocurrency up to around 13 cents in recent days.
The chart below examines CHZ on a daily time frame. As it is known, this cryptocurrency has been in an opening wedge pattern for about 4 months (black lines) and during this period, the distance between the ceiling and the floor has fluctuated more and hence it is an attractive option for have been market oscillators.
The totality of this 6-month structure in the figure has created a strong support floor around $0.087 to $0.1 for Chiles (green area) and on the opposite side a strong resistance area between 25 and 29 cents. There is a barrier to this cryptocurrency. Currently, CHZ is supported again from the green area but is engaged with 2 resistance levels: 1- the descending trend line of the opening wedge structure to return to the pattern around $0.118 2- stabilization on the static level of $0.117.
The interesting point of the chart above is related to the RSI indicator. The level near 39 units has created a support level (green level) for this indicator, and every time the RSI moved up after hitting it, we saw the formation of a high-pressure upward trend. In this chart, this has happened 4 times for the RSI (red circles) and all 4 times we have seen significant rises. Other CHZ resistance levels are $0.144 and $0.176, the latter being a heavier resistance.
But the basic question here is, if the red resistance level is broken, how far can the price advance? To answer this question, we go to the weekly time frame of the chart.
As shown in the chart below, the price of CHZ is in a descending channel in the weekly time frame. The upper side of this channel has now reached the mentioned resistance area in the daily time frame, which has increased the importance of this area and made its resistance heavier. But if the price can successfully pass 29 cents and this downward channel is broken, it can be said that the price will have the potential to grow up to the next important minimum resistance level around 67 cents.
- Chili’s support: 0.087, 0.1 and 0.117 dollars
- Chiles resistors: 0.144, 0.176 and 0.25 dollars
2- Technical analysis of Gala price
The price of Gala rose about 100% this week after heavy losses in 2022. Among the fundamental reasons for this, GalaGames’ extensive token burning program and significant development plans in 2023, such as the plan to become a layer 1 blockchain, can be mentioned.
In the daily time frame, Gala has been involved in a downward wedge or angle pattern since November 2021 (Azer 1400) as shown below. From a technical point of view, this bearish pattern usually breaks upwards, and the same thing happened on Monday for GALA. Usually, after this pattern breaks upwards, the highest price at the time of pattern formation is set as a price target. In this case, the price around 84 cents can be considered as the price target of this cryptocurrency.
But from a short-term point of view, there are serious obstacles in the way of Gala. For this purpose, we have drawn corrective Fibonacci levels in 2 trends. The first one is for the entire downward trend in the descending angle pattern. These levels are indicated by purple lines. The second is related to the high-pressure downtrend formed since October 2022, which brought the price of gala to the bottom of $0.016 and is shown by the blue lines.
According to the figure above, currently the prices of $0.048 and $0.068, which are the 1 and 1.618 Fibonacci levels, are the first resistances of the Gala road barrier. If Gala can break these levels, the next serious resistance will be the $0.125 static level, which is shown by the red box. The 0.236 Fibonacci level of the larger trend (purple) at $0.20 is waiting for GALA and is heavy resistance, followed by $0.31.
On the opposite side, there is a possibility of a pullback to the dynamic broken level (black line). This level is now around $0.025. But before that bulls will defend the price at $0.036, $0.032 and $0.028.
- Gala sponsorships: 0.016, 0.023, 0.028, 0.032 and 0.036 dollars
- Gala resistors: 0.048, 0.068, 0.125, 0.2 and 0.31 dollars
3- Technical analysis of sandbox price
After reaching its all-time high near $8 in November 2021 (Aban 1400), SAND price has lost about 95% of its value and moved in a downward wedge pattern like Gala. But unlike Gala, Sandbox has not yet been able to break this pattern upwards.
In the following chart, as in the previous case, we draw 2 correction Fibonacci levels for the larger trend (purple lines) and the smaller trend (blue lines). As can be seen from the figure, there is a very strong static resistance level between $0.56 and $0.66 (red box), currently with the upper side of the bearish corner pattern (black line) and the 0.382 and 0.5 levels. Fibonacci retracement has overlapped the smaller trend (blue). This super resistant zone makes it difficult for cows, especially when we know it’s going to be On February 13 (Bahan 24), about 22% will be added to SAND tokens in circulation which itself causes selling pressure in the market.
Therefore, if the price bounces back from this area, we can expect a decrease to the lower side of the bearish corner around $0.27. But before that the bears should be able to push the price below the blue Fibonacci levels. These levels are at $0.52 and $0.38 and play the role of support. Below that is a strong static support level, shown in green. This level covers the range of $0.14 to $0.17. This possible trend is shown with a blue arrow.
On the other hand, if the bulls can push the price above the $0.61 and $0.68 resistances, we should expect a price pump with the first target at $1.36, followed by the purple 0.236 Fibonacci retracement level at price 2. It is 37 dollars. As it was said, the ultimate goal of breaking the downward angle pattern will be the maximum price in this pattern, which in the case of the sandbox, will be around $8.
- Sandbox support: 0.14, 0.17, 0.25 and 0.38 dollars
- Sandbox resistors: 0.52, 0.61, 0.68, 0.86, 0.99 and 1.36 dollars
4- Technical analysis of Optos price
After the collapse of the FTX exchange, the price of Optos fell from its peak of $10 to nearly $3. It should be mentioned that one of the important investors of Optos was Alameda Company, which was very close to FTX exchange. In the 4-hour time frame, as can be seen from the figure below, the price of Aptos under a structure (WXY) of the Elliott wave theory has decreased from $10 to around $3. Y has arrived. All this time, a downward trend line (black line) has prevented the price from returning to higher levels.
If we divide the fall of wave Y from December 5th (15th of December) into the structure of smaller corrective waves (ABC), we will see that the price is divided into 3 consecutive downward microwaves (red color), which is the descending C wave of the third microwave on the day. 8D has come to an end, confirming that wave Y has come to an end.
After the end of this downward trend, we saw the formation of a 5-wave ascending structure, which in the first stage has returned the price to the static support area (green box) between $3.5 and $3.8 and was able to establish a strong downward trend line (black line). break with pressure After the consolidation in this area and the pullback to the broken descending line, we saw the beginning of the strong bullish wave #3, which pushed the price up to the $6 resistance.
But right now, we can say that we are in corrective wave number 4. If the price supports the support of $4.88, the way will be paved for the creation of the last upward wave, wave 5. Otherwise, $4.18 will be the last support before the price returns to the green support box. But if the price can break through the resistance barrier of $6, the prices of $7.14 and $8.26 will be the next resistances in the path of Aptus.
- Aptus support: 4.88, 4.14, 3.8 and 3.5 dollars
- Aptos resistors: 6.02, 7.14, 8.26 and 9.41 dollars
Do you think the price of chilies can start a new upward trend? Which of Gala, Aptos, and Sandbox cryptocurrencies can continue their upward trend after their strong price gains this week? Share your answer with us below this post.