With the altcoins market beating Bitcoin, gaming and metaverse coins are the top performers. In this report, we delve into the price analysis of four notable cryptocurrencies: SAND (Sandbox), MANA (Decentraland), GALA (Gala Games), and AXS (Axie Infinity).
While the market trend is bullish, a breakout phase in the top gaming coins can offer an excellent pullback opportunity to capture the next leap. So, here’s a list of cryptocurrencies that may trigger a fresh recovery trend in October 2023. Should you buy now?
SAND Price Analysis:
Source- Tradingview
Amid a general bullish sentiment in the crypto market, the Sandbox(Sand) price entered into a strong recovery mode in late October when the price rebounded from $0.278 support.
This rally has lifted the coin’s market value by 126% to reach the current trading price of $0.629. However, the rising SAND price renewed supply pressure by $0.68, highlighted by a long-wick rejection in the daily chart. This increased profit booking from short-term trades could trigger a minor pullback before the altcoin takes the next leap.
Should this occur, the Sand price may plunge 6% to find suitable psychological support around $6. With the history of occasional pullbacks, this potential reversal could offer another profound opportunity for new buyers.
The coin traders can use the 20-and-50-day EMA slope as dynamic support amid potential retracements.
MANA Price Analysis:
Source- Tradingview
In the last 10 months, the Decentraland (Mana) Coin has grown from the October 19th low of $0.27 to the current trading price of $0.57.
This 111% value surpassed the 50% retracement level of the prior downtrend, reflecting waning bearish momentum and a lower possibility of downtrend continuation. However, a long wick rejection attached to the daily candle reflects the MANA price is poised for another pullback to recuperate its bullish momentum.
If the potential pullback finds suitable support at the combined $0.54 and 50% FIB, the next leap could prolong the rally 20% higher to hit the $0.7 psychological level.
An upward trajectory in the boundaries of the Bollinger Band Indicator reflects the bank momentum is active.
GALA Price Analysis:
Source: Tradingview
In line with the recovery trend and the formation of a rounding bottom pattern, the prior downtrend in the Gala Coin price found a bottom at $0.01248 in the fourth week of October. The resulting rally surged the coin’s market value by 193% to challenge the pattern’s neckline resistance around $0.035.
With a newfound supply at this key barrier, GALA shows a 6.5% intraday loss and plunged to the current trading price of $0.033. If the sudden pullback shows sustainability above the last high-low count of $0.028, the bullish movement will remain intact and bolster buyers for higher recoveries.
Thus, under the influence of the chart pattern, the Gala price is likely to give a decisive breakout from the neckline resistance of $0.35. This potential breakout will signal a change in market dynamics and prepare the Gala price for a rally to $0.057.
A Moving Average Convergence Divergence Indicator in a bullish Crossover State reflects the recovery trend is intact.
AXS Price Analysis:
Source: Tradingview
Amid a bullish week in the crypto market, the Axie Infinity coin price showed sustainability above the $0.65 support region. A recent bounce from this floor surged the coin price by 72% to hit a 10-month high of $11.15.
Amid this rally, the buyers have recently breached a combined resistance of $9.6 and a 61.8% Fibonacci Retracement Level. We reclaimed more than 50% of the FIB level and started projecting that the buyers are regaining strength.
As per recent data, the AXS price trades at $1.89, with an intraday loss of 3.4%. Thus validating its sustainability above the breached levels. With sustained buying, the AXS price should rise 17.6% to reach the next significant barrier at $11.62, followed by $14.
The momentum indicator RSI above the 75% mark assures a strong recovery momentum.
