With Bitcoin breaking through the $40K barrier, increased greed in the crypto market has caused altcoin prices to rise. With the release of trapped momentum under similar conditions and technical patterns, metaverse tokens are one of the market’s biggest gainers.
Let’s take a closer look at the top-performing metaverse tokens, which are also the top three largest in terms of market capitalization.
Axie Infinity (AXS)
After a more than 70% drop due to oversupply near the $150 mark, the AXS coin price has stabilized near the psychological mark of $50. The price action shows a double bottom breakout near the support zone that is now challenging the falling channel’s long-term resistance trendline.
The price has increased by nearly 40% in the last 72 hours, resulting in multiple bullish engulfing candlesticks that form a triple white soldiers pattern, i.e., three consecutive rising green candles. This pattern indicates an increase in underlying bullishness and increases the chances of a breakout above the trendline in action.
Crucial Levels: $32, $50, $80, and $100.
SandBox (SAND)
The SAND coin price survived the bearish fate that many altcoins shared while Bitcoin battled to rise above the $40K barrier. Coin prices have fallen somewhat more than 50% in the last two months, but have found support near the 200-day Exponential Moving Average. In terms of statistics, the decline accounted for a free fall from $7.5 to $3, while the latest surge has broken above the $4.5 level and is on track to hit $5.
In the daily price chart, the coin price movement shows a slanted head and shoulder breakout. A similar triple white soldiers pattern can be seen in the SAND price chart, which has risen 20% in the last 72 hours.
Crucial Levels: $3, $3.5, $5 and $6.
Decentraland (MANA)
MANA, the largest metaverse token with a market valuation of more than $6 billion, had met the same fate as the others. The coin price has fallen from $5.25 to $2 over the last two months due to the influence of a long-coming resistance trendline of a falling wedge.
MANA, being the leading metaverse token, was one of the first to show recovery from the 200-day EMA at $2. Currently, the price has risen above the $3 barrier and is exhibiting a triple white soldier pattern, similar to that of its peers.
Crucial Levels: $2.85, $3, $3.75, $5
As a result, the next metaverse token trend is expected to be bullish. Investors can, however, observe impulse waves resulting from bearish moves in Bitcoin prices.
