Gaming Metaverse tokens are heating up as the space is beginning to fire on all cylinders; Bitcoin bounces off support, Ethereum bulls defend
- Bitcoin/USD – Bitcoin Bounces off Support
- Ethereum/USD – Bulls Defending
- Gaming & Metaverse Tokens the Next Wave
BTC Daily Chart
BTC Weekly Chart
Last week I stated that if bulls wanted to see new all-time highs for Bitcoin that they needed to defend the $38k – $42k level, and they did just that. At the time of writing, 1 Bitcoin is worth approximately $50k. Last week was a big week for Bitcoin because price was sitting on the top of a MUST HOLD area ($42k). $42K all the way down to $38K was the area I said needed to hold as support (highlighted in yellow). Not only did the bulls manage to defend this area, but they also gave price a huge boost back to $50k and are currently trying to reclaim the $50k level on the daily timeframe. A reclaim of this level would set the stage for another chance at the last resistance before new ATH’s.
Bitcoin Bull Scenario
Bitcoin stays above the $49k – $50k level and reclaims it. A reclaim would give another shot at $58.8k
Bitcoin Bear Scenario
A weekly close below the $49k – $50k area and I would expect for bitcoin to be range bound between $50k and $44k.
ETH Daily Chart
ETH Weekly Chart
At the time of writing, Ethereum/USD is approximately $3400. In last week’s article I stated that Ethereum was at the mercy of Bitcoin, and it could only be bullish if Bitcoin stayed bullish. $2.7k was the must hold area for Ethereum and because bulls defended the support levels for Bitcoin, Ethereum’s levels were also defended. The next price level for Ethereum to overcome is the $3.5k resistance right above it. Daily support below is located at about $3200.
Ethereum Bull Scenario
Ethereum stays above the $3200 area on a daily closing basis and attempts to reclaim the $3500 level again.
Ethereum Bear Scenario
A weekly close below the $3.2k area and I would look for the $2.9k – $2.7k area to hold up as support.
Are Gaming & Metaverse Tokens the Next Wave?
The crypto space is known to move fast and can be incredibly challenging when trying to keep up with the latest trends. Summer 2020 was all about Decentralized Finance (Defi) and Summer 2021 was all about Non-Fungible Tokens (NFTs). The latest craze right now is the gaming/metaverse sector. One of the standout projects that is leading the pack right now is Axie Infinity ($AXS).
From January 1st this year up until now, $AXS went from a low of 50 cents to a high of $155. That is a 27,000% increase in less than a year. There is a lot of speculation in the market that similar coins that are in the same sector will follow $AXS.
Some honorable mentions include $MANA, $PYR, and $BLOK but we’ve got our eye on many more. A little at a time and then all of a sudden – the space is expanding rapidly and we’ll be covering it for you!