Metaverse Tokens Show Double Digits Gains; Are They Finally On The Move?

Amid the new year recovery in the crypto market, the Metaverse tokens have shown higher gains than the rest of the market. Moreover, the sustained rally in a majority of meta tokens has breached their respective crucial resistance zone, which could offer long entry opportunities to interested traders. Today we’ll analyze some tokens of this category in their daily time frame chart.

Apecoin

Source-Tradingview

Over the past two months, the Apecoin price showed the formation of a symmetrical triangle pattern. The two converging trendlines of the pattern had temporarily limited this meta coin growth, as the overall market was struggling with uncertainty. 

On January 5th, the APE price breached the pattern’s resistance trendline, which hints the release of trapped bullish momentum. The post-breakout rally has surged the prices 15% higher, where it currently trades at $4.68. 

Moreover, with today’s price jump, the Apecoin price also breached a local resistance of $4.57. This upward breakout bolsters buyers for further price recovery to $5.14, followed by $6.

Also read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT

MANA

Source- Tradingview

Amid the recent new year recovery in the crypto market, the Decentraland(MANA) token has witnessed a directional rally in the past nine days. During the rally, the token price rebounded from the $2.9 mark and registered 38% growth. In the daily time frame chart, the prices display a U-shaped recovery, indicating gradual and steady growth of bullish momentum.

Moreover, the MANA price shows a bullish breakout from the local resistance of $0.38 today, offering a higher footing for buyers to lead to further recovery. The post-breakout rally may bolster buyers for another 6% rise to hit the $4.28 barrier.

Anyhow, the token holders should watch for this monthly resistance as it may stall bullish growth.

Sandbox

Source-Tradingview

In response to improving market sentiment, the Sandbox token price showed a V-shaped recovery from $0.38 support. Thus, over the past nine days, the coin price showed 36% growth and pushed it to its current price of $0.52.

Furthermore, the SAND price tries to break another horizontal barrier of $0.53. Thus a daily candle closing above $0.53 could surge the price another 15-12% before hitting the resistance trendline of the falling wedge pattern.

This pattern is currently carrying the ongoing downtrend in Sandbox token, and its resistance trendline is an active spot for selling activities. Thus, traders looking for sustained recovery opportunities should wait for an overhead trendline breakout before entering the market.