MANA, APE, AXS and SAND rank first among the most traded metaverse tokens
- Metaverse tokens started an uptrend while altcoins show bearish momentum this week.
- Analysts believe Decentraland, ApeCoin, Axie Infinity and Sandbox have long-term potential.
- Decentraland, ApeCoin, Axie Infinity and Sandbox are the top four most traded metaverse tokens.
Metaverse tokens made a comeback despite the bearish momentum in altcoins over the past week. MANA, APE, AXS and SAND rank among the top traded metaverse tokens with rising adoption among investors.
MANA, APE, AXS and SAND prepare for comeback
The crypto markets have experienced bearish momentum over the past week, however, analysts have noted a spike in the adoption of metaverse tokens. Out of hundreds of metaverse tokens, analysts believe Decentraland (MANA), ApeCoin (APE), Axie Infinity (AXS) and Sandbox (SAND) are the top traded assets.
Analysts argue MANA, APE, AXS and SAND are the most traded tokens to watch out for in April 2022. Proponents have noted some hype among investors that fueled a rise in the metaverse token’s adoption.
Decentraland launched in the February of 2020 and since its launch, MANA has crossed $4.3 billion in valuation. There was a spike in institutional capital inflow in MANA, with the sale of virtual real estate in the token’s metaverse.
MANA has one of the highest trading volumes among metaverse tokens.
@BlueCrypto_, a leading crypto analyst and trader, believes MANA price is breaking out in a symmetrical triangle pattern. MANA price is on track to break out.
$MANA 1hr. timeframe
— BlueCrypto (@BlueCrypto_) April 3, 2022
-breaking out from Symmetrical Triangle Pattern pic.twitter.com/oL5X3lEr3o
Proponents witnessed massive hype around NFT token APE, a metaverse token launched relatively recently. ApeCoin is currently a utility token for the governance of the APE foundation.
Analysts have evaluated the ApeCoin price trend, and @AltcoinSherpa, a pseudonymous crypto analyst, aims for a bounce to the $9 level before the NFT token resumes its uptrend.
$APE: Will aim for mid 9s for a bounce but I ultimately think this still goes lower before up. pic.twitter.com/3qDuGF9EXj
— Altcoin Sherpa (@AltcoinSherpa) April 6, 2022
Analysts believe Axie Infinity recently entered a downtrend, and analysts have predicted a trend reversal. AXS price has posted a nearly 14% loss over the past week, however, analysts believe the metaverse token is on track to recover.
Crypto aggregator CoinGecko revealed MANA, APE, AXS and SAND was the top traded metaverse tokens as on-chain activity in these digital assets increases.
@BTC_91, a pseudonymous crypto analyst, observed a bullish flag on Sandbox’s weekly chart. The analyst considers that pattern to be the best sign of positive confirmation after a weekly close above $4.2.
#sand $sand #TheSandbox
— Nothing impossible (@BTC_91) April 4, 2022
We have a bullish flag on the weekly chart.
I think the best sign of positive confirmation will be after a weekly close above $4.2.
If that happens, we will have a very big target.#cryptotrading #btc pic.twitter.com/iT2SAn298B
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
