The crypto market has been trading sideways for the fifth straight day, indicating a decline in the price action. Bitcoin continues to hover between $34,100 and $34,450, with Ethereum price around $1,800.
On the other hand, the Metaverse has outperformed top cryptocurrencies today as many tokens have secured a spot in the top gainers list, with each gaining over 10% in value. Has the P2E fever returned in the crypto space?
Axie Infinity Price Analysis:
After the market pump, AXS price was seen trading in a closed space between $4.65 and $4.93. Following the Golden Cross, the token gained momentum and displayed a jump in its charts. Further, the coin gained over 19% in its value within the past 24 hours and became the top gainer of the day.
The RSI has constantly been trading above the mid-point for almost two weeks, indicating a massive buying and selling power for the coin. Further, averages recently broke out of the overbought range, suggesting an increased price action.
If the bulls hold power and push the price above the resistance level of $5.86, the coin will continue to gain momentum and prepare to test the upper resistance of $6.00 soon. If the price holds itself above that level, it will gain momentum to make a run and test its resistance level at $6.25 in the coming days.
Conversely, if the bears overpowered the bulls and a trend reversal occurs, the coin will break down its support level at $4.93 and fall to test its lower support level at $4.65
Decentraland Price Analysis:
The MANA token was trading sideways for almost a week. Following the Metaverse hype, the price gained momentum and jumped over 10%. The coin broke out of its key resistance level at $0.3635 but was rejected at $0.3900. After multiple attempts, the Decentraland coin price lost momentum and recorded a minor drop in value.
The MACD has displayed massive price volatility for over a week, indicating an ongoing price action for the coin. Further, the chart shows a decline in the green histogram, suggesting the price will undergo correction soon possibly.
If the bulls manage to hold the price above $0.3635, the price will regain momentum and make a run to test its resistance level of $0.3900 soon. Further, if the market gains momentum, MANA price will continue to rise and test its important resistance at $0.400 in the coming days.
Conversely, if the bears overpower the bulls, the coin will lose momentum and prepare to test its support level at $0.3635. Moreover, if the bears dominate the market, it will continue to dip and test its lower support level at $0.3393.
Sandbox Price Analysis:
The SAND price followed the footsteps of the category leader, gained momentum, and successfully broke out of its resistance level at $0.3322, following which the price gained momentum and broke out of the resistance level of $0.3526. The SAND price then made a run to test its upper resistance of $0.3694 but got rejected, after which the price lost momentum and is presently testing its support level of $0.3526, which could result in either way.
The RSI has been trading above the mid-point for a brief period, indicating an ongoing price action for the coin. Further, the averages broke out of the overbought range for a short period, after which the price has been constantly declining, suggesting a possibility of a trend reversal soon.
If the bulls manage to hold the price above its support level of $0.3526, it will regain momentum and prepare to test the resistance level of $0.3694. Further, if the market continues to gain momentum, the price will make a run and test its upper resistance level of $0.3750 in the coming days.
On the flip side, if the bears come into power and the Sandbox price breaks down its support level at $0.3526, the price will lose momentum and prepare to test its lower support level of $0.3322 soon.
Moreover, if the bears continue to dominate the market, it will fall to test its support level at $0.3136 in the coming time.
The rising hype about Play-2-Earn (P2E) could result in Metaverse tokens experiencing massive buying and selling pressure in the coming days. P2E offers high chances of winning exciting rewards and allows its users to also earn through it, resulting in these tokens attracting huge attention in the market.