The crypto market over the past week has been full of surprises. The crypto king, which had been lying dormant for quite a few weeks now is now back at the helm, having come back up from a sub-38% market cap dominance to a near 40% market cap dominance as of writing. And thanks to the recovery in Bitcoin Price above $22,000, over 10% rally over the weekend from 9 September, the crypto market has managed to recover above the $1 trillion mark once again. And with Bitcoin, most other altcoins also saw recoveries of various degrees across the market. Here’s a list of the top metaverse tokens of 2022 for your consideration. (by market cap)
|Crypto||Market Cap||Weekly Volume|
|Apecoin (APE)||$1.7 billion||$3.35 billion|
|Decentraland (MANA)||$1.5 billion||$1.1 billion|
|The Sandbox (SAND)||$1.4 billion||$1.7 billion|
|Axie Infinity (AXS)||$1.2 billion||$555 million|
|Enjin Coin (ENJ)||$559 million||$380 million|
Apecoin’s native token APE, which is one of the top metaverse coins by market cap, despite its very late entry into the space has been nothing short of a surprise. However, recent price action wise, APE has had a very weak month of August, as if evident from the chart below. It has fallen significantly all through the month, seeing one of the largest falls though the month amongst metaverse tokens. However, its recent recovery over the weekend from 9 September, led by the king coin, Bitcoin itself has managed to bring APE price above crucial technical levels.
- APE price has managed to surge from 9 September by over 27%, one of the fastest metaverse token recoveries so far.
- APE’s recent rally has pushed it out of a resistance zone (marked by two parallel blue trendlines) and is sustaining above it strongly.
- It is also just inches away from breaking out of the 50 day moving average (marked in cyan) for this particular metaverse coin and thus, could see further bullish price action going forward.
- This metaverse token is also very close to breaching its closest trendline resistance region (marked in grey) and if it is able to break out of the $6-$8 region, it would be well poised to stage a massive rally thereafter.
Additional Read: Apecoin Price Prediction
Decentraland’s performance, which was one of the top metaverse tokens, until Apecoin came along early in 2022 – has been more or less quite lacklustre. MANA’s price action over the past couple of months have been rather stagnant, trading very firmly within a narrow range of $0.8-$1.2. Ever since May, this has been the region that MANA price has been stuck within, as is depicted on the chart below. It is pretty much flat, which indicates there’s buying at the lower levels while heavy selling at the higher, which has resulted in a reasonably humdrum price action in this metaverse token.
- MANA price is currently trading below its 50 day moving average (marked in cyan), very close to its bottom trendline support (marked in black) – history suggests that this metaverse coin should be able to hold on to the $0.8 level but any upside would be sold into above $1 region.
- The Relative Strength Index for the coin is also close to 50, which corroborates with the observations earlier, that the price action in this metaverse token is sort of directionless, as of now.
- A proper breakout over $1.2 level would bring about some good short covering and thus a recovery in this metaverse crypto and give existing investors some profits on their books.
Read more MANA Price Prediction
The Sandbox (SAND)
The Sandbox’s native metaverse token SAND price performance has been quite similar to that of MANA’s as explained above. This metaverse token’s price action has been trading within a range between $0.9-$1.45. It has attempted to break past the $1.4 level several times since May 2022 but hasn’t been able to. This indicates there’s heavy selling pressures on the upper price levels and a sell on highs strategy being adopted by traders.
- Technical indications show clearly that SAND could recover if there’s a return of strong positive sentiments in the market – with prices trading just below the 50 day moving average (marked in cyan).
- Even the Relative Strength Index is pretty close to 50 for this metaverse coin and hence is poised for a recovery if the broader positivity returns.
- However, it must also be noted that it is still pretty far from the upper trendline resistance at around $1.45 which would be pretty hard to beat going forward.
Read more: Sandbox Technical Analysis
Axie Infinity (AXS)
Pretty much in line with the above two described metaverse tokens, Axie Infinity too has been trading within a range (marked in grey). Axie Infinity was one of the top metaverse token at the height of the Covid-19 pandemic, when a large number of people lost their livelihood to the disruptions caused by the pandemic, they had to resort to this blockchain based game and its NFT & metaverse world. Thanks to good internet and digital penetration in the country, playing this game gave them a source of livelihood with which they could feed their families. It was then Axie Infinity had reached its peak in terms popularity but since then many more players have cropped up in the metaverse space.
- As mentioned earlier, Axie Infinity’s native token AXS is also trading within a range between $12-$20, where $20 could be hard to defeat.
- However, thanks to the recent rally by Bitcoin, which pulled up the overall crypto market, this metaverse token also broke out of the bearish descending triangle pattern (marked in blue and black).
- AXS price could also see a stronger recovery if it manages to break out of its 50 day moving average (marked in cyan).
- Also with the Relative Strength Index marginally above 50, it would provide further strong support on the upside going forward, making this metaverse coin a good recovery candidate.
Read more on Axie Infinity Technical Analysis
Enjin Coin (ENJ)
Enjin coin is one of the smaller metaverse coins in terms of market cap as compared to the rest of the top metaverse tokens on this list. With a market cap of under $600 million, it is about less than half that of its nearest competitor on the list. However, what makes this coin attractive is its unique proposition and the problem it solves. Whereas other top metaverse coins are linked to just their own parent metaverse projects, Enjin Coin can prove great value due to its affiliations with many networks.
- Enjin coin’s native crypto ENJ Price is trading very close to its 50 day moving average (marked in cyan), which indicates rising positivity.
- The Relative Strength Index for this metaverse token as of writing is also over 52, which bodes well for the upside potential if we see some buying momentum coming in.
- $0.7 price level would be a difficult one for ENJ to break out of but if it is able to do so, we can expect to see a strong rebound on the charts.
Prices as on 12 September, 2022.