SAND, MANA, AXS: Top cryptocurrencies to watch this week

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As a seasoned researcher with over two decades of experience in the financial markets, I must say that the recent performance of the crypto market has been nothing short of exhilarating. The global crypto market cap contracting after adding $170 billion in valuation from the previous week is a testament to its volatility and potential.

Currently, the total value of the worldwide cryptocurrency market stands at approximately $3.4 trillion on Sunday, experiencing a contraction following a gain of around $170 billion in market capitalization compared to the previous week.

Previously, a record-breaking high of $3.8 trillion was reached, representing an 18.7% surge. This significant increase can be attributed to a strong performance by Bitcoin (BTC), which peaked at approximately $99,655 while aiming for the unattained $100,000 milestone. As of this morning’s check on Sunday, it is currently hovering slightly below $97,000.

Here are some of last week’s prominent performers, all from the gaming market segment:

SAND retests six-month resistance 

Despite starting the week on a bearish note amid increased volatility, gaming token The Sandbox (SAND) managed to close last week with an 11% gain. 

From Nov. 17 to 21, SAND collapsed 17%. However, a recovery ensued after the bears hit the solid support at Fib. 0.236 ($0.3245). On Nov. 23, SAND rallied past the Fib. 38.2% resistance at $0.3871, knocking at the June highs around $0.4591.

Following a 11% surge in its closing price last week, SAND has continued to climb this week, reaching a six-month high at $0.6525, a jump of 31% today. The potential for a prolonged upward trend hinges on surpassing the current resistance level, which could pave the way for it to aim for Fib. 1.618 or approximately $0.9178.

The Sandbox, following the larger movement towards the metaverse, provides digital areas for people to interact, trade, and build. Notable partnerships with companies such as Adidas and Snoop Dogg have significantly increased its public profile.

MANA gains 51%

In terms of their paths, Decentraland’s MANA token resembled Sandbox’s SAND. Yet, it was MANA that demonstrated more robustness, culminating in a 51% rise by the end of the week.

From November 17th to the 20th, MANA fell by just 6%, but subsequently made an impressive recovery butting its price up to a 9-month high of over $0.72 in this current week.

It seems that MANA is shaping up as a rising, widening triangle formation, implying buyers are finding it tough to let go of the market control. Furthermore, the Relative Strength Index (RSI) has climbed to 84.21, signaling power but also indicating that MANA has ventured into an overbought territory.

If MANA continues to stay within its current range, there might be a potential decrease in value during the upcoming week. However, if the buyers manage to surpass the upper trendline of MANA and end the day above $0.7280, the upward momentum may continue.

Back in 2017, I jumped aboard the Decentraland bandwagon during their initial coin offering, contributing around $24 million to the pot. Ever since then, this innovative platform has been my go-to for acquiring, trading, and developing virtual real estate plots using MANA tokens.

Over time, it has expanded into a significant metaverse endeavor, placing strong emphasis on user autonomy, innovation, and distributed governance.

AXS eyes $9

Over the past few days, Axie Infinity’s AXS token has experienced a strong upward trend. It climbed a substantial 31% from its lowest point at $5.34 on November 21, reaching a six-month high of $7.050 on November 23.

Following a pullback, it gained 12% last week.

To start off this new week, there’s been a strong upward trend for AXS, increasing by 21.78% early today. AXS has reached a peak of $8.935, aiming at the $9 price point, a level it hasn’t surpassed since April.

Axie Infinity has burst through the Ichimoku Cloud, currently trading significantly higher than the cloud, which acts as a potential safety net. Additionally, the Tenkan-sen and Kijun-sen lines are now in alignment, indicating a positive trend.

In simpler terms, the MACD (Moving Average Convergence Divergence) is indicating a rising bullish trend because the MACD line has moved above the signal line and the gap between them (the histogram) is becoming larger, showing more positivity.

Based on the price surpassing the Ichimoku Cloud and the MACD’s bullish alignment, Axie Infinity (AXS) seems to be experiencing a robust uptrend. If it continues, the price may target higher resistance points. For a stronger advantageous position, AXS needs to exceed $9 this week.

Axie Infinity, developed by Sky Mavis out of Vietnam, is a digital game that operates on blockchain technology and employs a “play-to-earn” system, enabling players to generate cryptocurrency while they play. This game has significantly fueled curiosity in non-interchangeable tokens, often known as NFTs, as well as the gaming sector and the decentralized finance market.

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2024-11-24 18:34