SAND, MANA, AXS: The top cryptocurrencies to watch this week

This week, three major gaming-related cryptocurrencies — SAND (The Sandbox), MANA (Decentraland), and AXS (Axie Infinity) — have garnered significant attention for their impressive price movements. As the global crypto market cap hovers around $3.4 trillion, after gaining $170 billion in the past week, these tokens stand out due to their strong bullish trends, fueled by the overall momentum in the crypto and gaming sectors.

SAND (The Sandbox)

SAND, a key player in the virtual world and metaverse sector, began the week with some bearish price action, primarily due to increased market volatility. Between November 17 and November 21, SAND suffered a significant 17% drop. However, this decline was short-lived, as the token found strong support at the Fib. 0.236 level ($0.3245), allowing it to recover swiftly. By the end of the week, SAND managed to close 11% higher. The recovery continued into this week, with a remarkable 31% rally, pushing the price to $0.6525 — a six-month high.

Looking ahead, the crucial factor for SAND’s continued growth is whether it can break through the resistance at $0.6525. If it can clear this level, the token could target higher levels, including the Fib. 1.618 resistance at $0.9178. The Sandbox’s ongoing partnerships with brands such as Adidas, Snoop Dogg, and other high-profile names have added to its visibility, contributing to the optimism surrounding its future potential. These collaborations emphasize the platform’s role in the metaverse, offering users a space to socialize, create, and trade.

MANA (Decentraland)

MANA, another prominent token in the metaverse, has shown similar price action to SAND, though it has exhibited even greater resilience. After experiencing a modest 6% drop from November 17 to November 20, MANA staged a remarkable comeback, surging by an impressive 51% last week. This rally propelled the token to a nine-month high above $0.72. However, MANA appears to be forming an ascending broadening wedge pattern, which could indicate potential for more volatility in the near future.

The Relative Strength Index (RSI) for MANA has also surged to 84.21, which typically signals an overbought condition, raising the possibility of a short-term pullback. Despite this, if the bulls manage to push the price above the upper trendline of the wedge — ideally closing above $0.7280 — the token could sustain its upward momentum. Decentraland’s platform, which allows users to purchase, sell, and build on virtual land parcels, has seen increased adoption and interest, particularly due to its focus on user ownership, creativity, and decentralization.

AXS (Axie Infinity)

AXS, the native token of the popular blockchain-based game Axie Infinity, has been another strong performer this week. The token surged by 31% from November 21 to November 23, climbing from a low of $5.34 to a six-month high of $7.05. Although there was a brief pullback, the bullish trend has continued, with AXS gaining an additional 12% last week and surging 21.78% this week, reaching a local top of $8.935. The token is now eyeing the $9 level, a price point it hasn’t seen since April of this year.

AXS’s bullish momentum has been confirmed by several technical indicators. The token has broken out above the Ichimoku Cloud, which is often seen as a bullish signal, and is now trading well above this support zone. Additionally, the Tenkan-sen and Kijun-sen lines have aligned positively, suggesting further upward movement. The MACD (Moving Average Convergence Divergence) also supports the bullish outlook, as the MACD line has crossed above the signal line, accompanied by a growing positive histogram. If AXS can break through the $9 level this week, it could continue its upward trajectory toward new resistance levels, potentially reaching higher price points in the near future.

In conclusion, SAND, MANA, and AXS are all experiencing impressive bullish movements, driven by increasing interest in the metaverse and blockchain-based gaming. For SAND and MANA, breaking through key resistance levels will be critical to sustaining their uptrends, while AXS is on the verge of reaching significant milestones, including the $9 mark. These tokens are likely to remain in focus throughout the week, with traders and investors keeping a close eye on technical indicators and potential breakouts to determine the next phase of their price action.