Crypto Market Analysis As Metaverse Tokens Regain Momentum: THETA, MANA, APE

Crypto Price Analysis: On Monday, the cryptocurrency market witnessed a modest uptick marked by a 0.15% jump in the total market cap to currently stand at $1.98 Trillion. However, the leading digital asset, Bitcoin continues to prolong its sideways trend below the $53000 barrier waning the bullish momentum in the broader market.

However, defying the market uncertainty, the Metaverse token has emerged as one of the higher gainers today. As per coinmarketcap, the assets like Theta and APE jumped 9%, MANE token surged 5% and Axie Infinity(AXS) and Sand showed a 3% surge.

The Metacoins market cap stands at $28.8 B with an intraday gain of 1.625, while the trading volume is $2.12 to see a 1.59% surge.

Also Read: Meta Rules Out Plans To Tackle AI Abuse In EU Elections

Investor Confidence Soars as Theta Futures Open Interest Doubles

Theta, the native token of a Layer 1 blockchain has showcased remarkable growth in the last three weeks, with the price jump from $0.94 to $1.41. This 51% surge backed by increased volume reflects sustainable growth and conviction from buyers as the dominant force.

Amid this rally, Coinglass, a crypto derivatives data provider, has reported a remarkable growth in Theta Futures Open Interest. The metrics escalated from $18.75 million to a substantial $39.56 million, marking an impressive 111% uptick. This notable increase in Open Interest underscores a strengthened investor optimism and an increased commitment to Theta in the market

In addition, the daily time frame chart shows this upswing assisted in the formation of a well-known bullish reversal pattern called inverted head and shoulder. Currently trading at $1.14, the Theta price teases a bullish breakout from the pattern resistance trendline.

A successful breakout above this neckline will signal trend reversal and set a potential target of $2.3.

Also Read: Bitcoin Price Prediction: Key Levels To Focus In Wavering Market Condition

Here’s Why Decentraland(MANA) Price Is Heading For Decisive Breakout

Amid the broader market uncertainty, the Decentraland token (MANA) has shown notable resilience above the $0.47 support. A positive turnaround from this level has surged the coin 10% within a week to the current trade at $0.524.

If the bullish momentum persists, the coin price will surge 5% to hit a long-coming resistance trendline. This dynamic resistance active for over a year is carrying a sideways trend and may surge supply pressure in this asset.

Thus, a breakout above this barrier will intensify the bullish momentum and could surge the coin price to a potential target of $0.6, followed by $0.7.

An emerging support trendline is preventing the Decentraland price from a major sell-off.

Also Read: Major Shift in Bitcoin Investing Dynamics Ahead Halving: Matrixport

Is Apecoin (APE) Price Ready to Hit $2?

The Apecoin has witnessed parabolic growth since late January as the price rebounded from $1.24. This bullish reversal surged the asset 58% within 5 weeks to currently trade at $1.95. Analysis of the daily chart shows the Apecoin price recently breached the neckline of an inverted head and shoulder pattern, signaling an early sign of trend reversal.

If the buyers manage to sustain above $1.84, the buyers will utilize the flipped support to prolong the recovery. The post-breakout rally should chase $2.2, followed by the $2.5 mark.

However, the trend indicator ADX(Average Directional Index) at 31% reflects that buyers may soon hit exhaustion and trigger some minor corrections to sustain momentum.