Published 47 mins ago
The New year’s recovery in the crypto market has significantly favored the metaverse tokens as they witnessed a strong recovery rally. However, since last week, the bullish sentiment has stalled and triggered a minor correction phase in these coins. Having said that, the technical chart shows some of the meta coins revealed a bullish setup that could provide higher gain in the near future. Here’s a list of top metaverse coins to buy before the recovery rally resumes.
The U-shaped recovery in the MANA price recently hit the $0.735 resistance, accounting for 160% growth within the first three weeks of 2023. However, the prices immediately shifted sideways later on and started resonating between the $0.735 and $0.6 levels.
This consolidation phase, after the U-shaped recovery, reveals the formation of a cup and handle pattern. Therefore, under the influence of the bullish pattern, the MANA price is well likely to breach the $0.735 resistance and offer an entry opportunity for interested traders.
In an ideal bullish scenario, the post-break rally could drive the MANA price 72% rise to hit the $1.12 mark.
On January 14th, the Sandbox coin price gave a bullish breakout from the long coming resistance of a falling channel pattern. Thus, after facing aggressive selling from the downsloping trendline, the bullish breakout could be a sign that market sentiment has shifted from selling to buying on dips.
The post-breakout rally surged the SAND price 22% higher to hit the $0.81 resistance recently. However, with the current uncertainty in the crypto market, the coin price reverted from the aforementioned resistance and plunged to the $0.72 mark.
Moreover, the ongoing correction could tumble the price by another 10% to retest the breached resistance of $0.64. Anyhow, if the buyers sustain above the flipped support, the SAND price could witness a sustained recovery to the $0.98 to $1.5 mark.
Also Read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT
Similarly to the Sandbox coin, the Axie Infinity coin price gave a bullish breakout from the resistance trendline of a falling wedge pattern. The post-breakout rally pushed the prices 63% higher to poke the $13 resistance.
However, the coin price reverted from the aforementioned resistance indicating the exhausted bullish momentum. Anyhow, this minor retracement could benefit the AXS price by replenishing the bullish momentum and providing a pullback opportunity to interested traders.
The correction fall could revisit the $10.2 support and check price sustainability at higher chart levels. Anyhow, in response to this bullish pattern, the AXS price could offer a potential target to the $20 or $27.3 mark.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/top-3-metaverse-tokens-to-buy-before-the-recovery-rally-resumes/