Surging Metaverse Coins: Decentraland, Sandbox, and Axie Infinity’s Bullish Breakouts Analyzed

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The Metaverse coin has been on a growth trajectory for almost two weeks, showing decoupling from the broader market sentiment. This recovery streak presents traders with the opportunity to take long entries in these meta coins, which could potentially see even further price rallies if market conditions continue to improve. It should be noted that other factors, such as the US Treasury Department starting to issue T-bills, are putting pressure on Bitcoin and the overall crypto market.

Decentraland (MANA) has recently demonstrated a bullish breakout from a horizontal resistance level of $0.516, with an intraday gain of 4.3%. If the daily candle closes above this resistance level, it will allow buyers a suitable launchpad to climb higher on the price chart. However, reaching a long-coming resistance trendline near $0.6, a surge of nearly 12%, might still pose a challenge on the path of sustained growth.

In the case of Sandbox (SAND), it is following an eleven-month long downtrend under the influence of a falling trendline. This dynamic resistance indicates high supply pressure on traders. Currently trading at $0.606, the SAND price is now approaching the overhead trendline. A bullish breakout could signal a trend reversal and potentially push the coin price above the $1 mark.

Axie Infinity (AXS) is witnessing a falling wedge pattern in its ongoing correction. This pattern is preventing buyers from retaining control of the trend over the past four periods. At press time, AXS is trading at $7.35, and with an intraday gain, it is steadily approaching the resistance trendline of the pattern. A successful flip above this resistance could reactivate the bullish momentum and initiate a new recovery rally.

Imminent bullish breakouts could potentially push the AXS price to hit targets in the range of $8.45, $9.65, $11.6, and $14. However, traders need to be wary of the ongoing market pressures and tread cautiously in their investments. By considering both the optimistic and skeptical viewpoints, investors stand a better chance of making informed decisions in their pursuit of the next big rally in the blockchain and crypto markets.

Source: Coingape

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