In the midst of the bear market that the crypto ecosystem has been experiencing, added to the recent LUNA crash, the main tokens of the Metaverse have been quite hit, and to find out where they may be heading, here we perform a technical analysis of the 5 most important.
ApeCoin, which leads this TOP, has been recovering strongly over the past 24 hours, gaining 6.82%.
MANA, SAND, THETA and AXS show less volatile behavior in the last day. It is worth noting that MANA, from Decentraland, has already completely eliminated the losses caused by the recent market crash.
This is what the Top 10 tokens of the Metaverse looks like today:
ApeCoin
After APE’s big bullish jump on the day of its release, we are now seeing a price almost 70% below the all-time high of $28.
Thanks to this, it becomes clear that the short-term trend is bearish, and the recent crash did nothing but strengthen that direction.
Today we see the price of this token making resistance in the EMA moving average of 8 prices, and it is likely that a new fall is about to begin. To prevent the sales from spreading too far, the support at $5.86 should be maintained.
Because the dominant force is undoubtedly bullish, the bulls could surprise us at any moment; but at the moment, there are no technical signals indicating a short-term trend change.
Decentraland
As I mentioned at the beginning, MANA has been the one that has recovered the best among the main tokens of the Metaverse.
Now we can see on the weekly chart of the price of this token, a strong rejection of low prices, after having achieved demand in a support zone around $0.65.
Because the long-term trend is bullish, we can think that the bottom of the pullback was reached with the recent crash. There are still no clear confirmations that this is so, but the strong bearish rejection is a good sign for the holders of this coin.
The 8-week EMA and 18-week SMA moving averages remain crossed to the downside, which indicates to us that a short/medium-term downtrend is continuing its course.
To expect that higher and higher minimums will begin to be manufactured in this time frame, would be the ideal purchase scenario for the most conservative.
Sandbox
In the midst of the recent episode of volatility, the price of the SAND token reached a support at $0.97, and left a significant rejection. Today it trades at $1.31.
However, unlike MANA, this token does not show as much buying pressure, so short-term sales remain more likely.
The long-term trend continues upward, and the fall from the high of $8.48 has simply been a corrective, healthy and necessary process. Possibly, the demand zone around $0.68 is the floor of that process.
Theta
After a rally of more than 39,000% during 2020 and 2021, Theta has been one of the Metaverse tokens that has corrected the most.
With the recent increase in volatility, THETA lost an immediate support zone around $1.88, and crossed a descending wedge that was forming for almost a year.
The current scenario is quite pessimistic for the short term of this token. Now the ground is cleared up to $0.65.
This also leaves us as a teaching that after large price increases, strong corrections come next.
The current scenario does not mean that the token has died. In fact, I think buyers could soon come out to defend the price, and resume the strong long-term uptrend.
Axie Infinity
The #1 NFT game token has also pulled back a lot from its all-time high of $166.
At the time of this writing, AXS is trading at $21, making a short/medium-term downtrend more than clear.
In this case, recent sales were curbed at a support at $18. At the moment, there are not many signs that an uptick is going to start from here, but it is a likely scenario.
If the support at $18.61 is lost, then the ground would be cleared up to $9.32.
The long-term trend is undoubtedly bullish, and the bulls may well surprise us soon. But so far, this has not happened.
All our publications are of an informative nature, so in no case should they be regarded as investment advice.
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