SAND, MANA and AXS Rally Amid Broader Market Correction as the Metaverse Trend Heats Up

The global crypto market cap is currently hovering $3.4 trillion Sunday, contracting after it added an extra $170 billion in valuation from the previous week.

The global crypto market cap stood at $3.4 trillion on Sunday, having added $170 billion in valuation over the previous week.

The previous all-time high of $3.8 trillion — an 18.7% spike — was spurred by an impressive price action from Bitcoin (BTC), which soared to $99,655 as it eyed the elusive $100,000 mark. At last check Sunday morning, it’s hovering just 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.

After closing last week with an 11% increase, SAND has rallied further in the new week, retesting the six-month resistance at $0.6525, up 31% today. The asset’s hopes of a sustained uptrend depend on clearing this resistance, which would allow it to head toward Fib. 1.618 ($0.9178).

The Sandbox is part of the broader metaverse trend, offering virtual spaces where users can socialize, trade, and create. High-profile collaborations with brands and personalities like Adidas and Snoop Dogg have boosted its visibility.

MANA gains 51%

Decentraland (MANA) followed a similar trajectory to SAND. However, MANA showed greater resilience, eventually ending the week with a 51% increase.

MANA dropped only 6% from Nov. 17 to 20, and then staged a remarkable comeback that has seen it reach a 9-month peak above $0.72 this new week.

However, MANA appears to be forming an ascending broadening wedge pattern, which suggests sellers are struggling to take control of the market. In addition, RSI has surged to 84.21, which, despite indicating strength, shows MANA has entered an overbought region.

From this level, if MANA remains within the wedge, a drop could ensue this new week. Nonetheless, if the bulls can record a push above the upper trendline for MANA to close above $0.7280, the uptrend could be sustained.

Decentraland launched its initial coin offering in 2017, raising approximately $24 million. The platform allows users to buy, sell, and build on virtual land parcels using MANA.

It has since grown into a prominent metaverse project, emphasizing user ownership, creativity, and decentralization.

AXS eyes $9

Axie Infinity (AXS) engineered an equally bullish momentum. It soared 31% from a low of $5.34 on Nov. 21 to a six-month peak of $7.050 on Nov. 23.

Following a pullback, it gained 12% last week.

However, the new week has begun with intense bullishness, as AXS rose 21.78% this morning. AXS rallied to a local top of $8.935, eyeing the $9 price mark, a level it has traded below since April.

Axie Infinity has staged a breakout above the Ichimoku Cloud, now trading well above the cloud, which serves as a support zone. The Tenkan-sen and Kijun-sen have also aligned bullishly.

The MACD indicator confirms this bullish trend, as the MACD line has crossed above the signal line, with a growing positive histogram.

Given the breakout above the Ichimoku Cloud and the MACD’s bullish alignment, AXS appears to be in a strong upward trend. If sustained, the price could aim for higher resistance levels. The coin needs to breach $9 this week to stand in a more favorable position.

Axie Infinity, created by Vietnam-based Sky Mavis, is a blockchain-based game utilizing a “play-to-earn” model. It allows players to earn cryptocurrency through gameplay. It became a major driver of interest in non-fungible tokens, or NFTs, and the gaming and decentralized finance space.