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.
Decentraland(MANA)
Source- Tradingview
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.
Sandbox(SAND)
Source- Tradingview
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
Axie infinity(AXS)
Source- Tradingview
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.
The post Top 3 Metaverse Tokens To Buy Before The Recovery Rally Resumes appeared first on CoinGape.
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