Interest in the Metaverse has waned since its peak in 2021, and cryptocurrencies associated with it have plummeted. However, these three cryptocurrencies have an interesting formation that could lead to future price increases.
Both Axii Infinity (AXS) and Sandbox (SAND) are producing bullish patterns, indicating that the uptrend could continue soon. Decentraland (MANA) has not produced a bullish pattern, but its price action also indicates a possible reversal.
AXS price has been below downward resistance since the end of January. Since this line has been around for a long period of time, the trend is considered bearish as long as the price remains below it.
However, in the last two weeks, AXS price has formed a double bottom which can be considered a bullish pattern. It is therefore likely to follow suit and rise.
Traders use the RSI as a momentum indicator to assess whether the market is overbought or oversold and decide whether to accumulate or sell assets.I
Bulls still have the advantage if the RSI reading is above 50 and is trending upwards, but vice versa if the reading is below 50.
Although the RSI is currently just below 50, there is a significant bullish divergence (green line) and it is rising, both signs of a bullish trend. As a result, a breakout from the line is the most likely scenario.
If the AXS price breaks out, it can rise to the nearest resistance at $9.40. However, despite this bullish price forecast, if the price closes below the May low of $6.48, it means the trend is still bearish. In that case, the price of AXS could drop to $4.50.
Decentraland (MANA) Price Tries to Break Resistance
Similar to AXS, MANA price has been falling below the downward resistance since early February. Most recently, on April 18th, this line was rejected (red icon). This took the price below the $0.50 plateau in May.
The price has rebounded since it was again rejected by the region on May 16 (black icon).
Whether the price regains the $0.50 resistance area or is rejected again could determine the future trend.
If it recovers, this is the scenario where a rally to the $0.57 resistance line is most likely. However, if the price refutes, it can drop to the nearest support at $0.42.
Sandbox (SAND) Prices Regain Horizontal Resistance
Similar to AXS, SAND price has also formed a double bottom pattern since May 10th. This pattern, combined with a bullish divergence on the RSI, adds to its legitimacy.
Moreover, the price has regained its territory after previously dipping below $0.52. This is also considered a bullish sign.
However, the price failed to break through the descending resistance line. Nevertheless, the company is now trying another breakthrough.
If successful, SAND can rally to $0.70. However, if the Metaverse token closes below his $0.52, a significant drop to $0.40 is likely.
Click here for BeInCrypto’s latest crypto market analysis.
Disclaimer
In accordance with Trust Project guidelines, this pricing analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives for accurate and fair reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions.
