MANA, GALA, and AXS Tokens Are On 8% Rise; What’s Next For These Metacoins?

MANA, GALA, and AXS Tokens Are On 8% Rise; What’s Next For These Metacoins?


Some of the top Metaverse coins, such as MANA, GALA, and AXS, have witnessed a significant downfall during the past two months. However, this overextended selling across the majority crypto market has brought the interest of potential buyers back to the market, leading to a minor uncertainty among the retail traders.

Anyhow, this consolidation could bring some great entry opportunities for interested buyers as we go through their price behavior. 

MANA Price Breached A Long-Coming Resistance Trendline

MANA/USDT hartSource-Tradingview

For the past two months, the Decentraland(MANA) price gradually falling under the descending trendline influence marked a low of $0.63. The downtrend displayed a 77.6% loss concerning the high of March 31st($2.85).

Amid the ongoing uncertainty in the crypto market, the MANA price walked a lateral path and gave few more restest to the overhead resistance trendline. However, today the altcoin witnessed an 8% jump on the intraday level and pierced the descending trendline.

A daily candle closing above the breached trendline could drive the MANA price 90% higher to the $2 psychological mark.

RSI indicator- In contrast to price action, the RSI slope shows higher highs formation bolstering the potential recovery.

Descending Trendline Breakout Triggers A Bullish Recovery For GALA.

GALA/USDT ChartSource- Tradingview

After a steady downfall of two months and eight straight red candles on the weekly time frame chart, the GALA price started the new week on a bullish note. However, this downfall has discounted the altcoin by 83% as it reached a low of $0.0494.

Furthermore, the two-week consolidation in GALA price has responded to a short descending trendline, limiting the bullish activity to a specific range. However, the altcoin has surged 7% in the past 24% hours, teasing an upside breakout from the resistance trendline.

The expected retest could offer an entry opportunity to interested traders, with their first target at a 50% high of $0.12.

Vortex indicator- the VI+ and VI- slope nearing a bullish crossover may assist buyers in reclaiming the resistance trendline.

$28 Breakout May Kickstart AXS Recovery

AXS/USDT ChartSource- Tradingview

The Axie Infinity(AXS) buyers vigorously defended the $44.5 support from late January to April. However, the increasing selling pressure across the crypto market triggered a bearish breakdown from this support on April 25th.

The resulting downfall plunged the AXS price to a low of $17.16, indicating a 64.% loss. Furthermore, for the past two weeks, the coin buyers have showcased multiple failed attempts to surpass the overhead resistance of $25-$26, forming a minor consolidation.

However, the AXS price bounced back from the $17.65 support and showed an intraday pump of 8.2%. The altcoin currently trades at the $20 mark and aims to rechallenge the $26 resistance. 

If buyers succeed in breaching this resistance, the long traders can expect their target at the $35 or $45.5 mark.

MACD indicator: A steady rise in the MACD and signal reflects supports the possibility of a $28 breakout.

The post MANA, GALA, and AXS Tokens Are On 8% Rise; What’s Next For These Metacoins? appeared first on CoinGape.

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