What Awaits Metaverse Coins As Bitcoin Stalls? MANA, GALA, FANTOM Price Analysis

Metaverse coins have flourished of late, especially after Facebook decided to show interest in the Metaverse space. Not only Facebook, Microsoft had also expressed interest in the space causing additional hype. Projects operating with the metaverse vision have also focussed on building intrinsic value over time. Decentraland, GALA and Fantom are some of the Metaverse coins that had seen bullish price movement in the past.

Bitcoin’s prices have plummeted ever since December 4 and the recovery has been slow, other crypto tokens also fell across the board. Additionally, with the new COVID-19 strain, investors rushed off to dump their investments.

Decentraland plunged 7.2% over the past day, while GALA also ran out of steam as it was trading for $0.481 at press time. The token was available 42% lower than its ATH. Fantom’s price also collapsed as the downtrend strengthened. Amidst Bitcoin and other major altcoins moving south, here’s where these coins stand.

MANA/USD Chart In The 4-hour Time Frame

MANA continued displaying that its price action was waning as the coin had entered into a consolidation phase over the past few days. Even though Decentraland has witnessed overbought conditions just a couple of weeks back, ever since December, buying strength has remained bearish.

The technical indicators have signalled at a negative price action. The Relative Strength Index was bearish as the indicator was parked below the half-line. Capital outflows surpassed inflows as seen on the Chaikin Money Flow.

The Average Directional Index was spotted below the 20-mark indicating that the coin had lost momentum and was trading sideways. Immediate resistance for the coin was at $4.11, if with increased buying strength the coin manages to sustain over that price level, it could reattempt to trade near $4.62 Holding above which, MANA might make a comeback and trade near its multi-week high of $5.61 On the flip side, the local price floor for MANA was at $1.26.

GALA/USD Chart In The 4-hour Time Frame

GALA lost 4.1% over the last 24 hours and its four-hour chart shows that the coin has broken off its uptrend. The immediate support line for the coin stood at $0.412. Additionally, price of the coin was seen below the 20-SMA, a reading that indicates price action was in favour of sellers in the market.

For the coin to reclaim its previous uptrend, it has to break through the resistance mark of $0.652. Immediate support stood at $0.412, if sellers continue to dominate, the coin might fall through that level.

On the Relative Strength Index, buyers seemed to have exited the market. The On Balance Volume indicator displayed an ongoing downtrend. A break over the $0.545 price mark will be crucial for GALA to regain back its strength

FTM/USD Chart In The 4-hour Time Frame

Fantom depreciated by 1.6% in the past 24 hours, it mostly traded sideways. The coin was priced at $1.41 which is 83.44% lesser than its recorded all time high. The coin stood near its immediate support level of $1.40. The whole of December saw FTM struggle to revive its buying strength, the coin has been oversold since the end of last month.

Technicals emanated heavy bearish outlook, The Relative Strength Index was below the zero-line which highlighted lowered buying strength. Chaikin Money Flow plunged over the last few days marking a sharp fall in capital inflows as there has been excess panic selling.

Aroon Down crossed over the Aroon Up line, a reading that solidifies a downtrend of prices. If prices bounce back,  it is crucial for the coin to trade above the $1.40 mark in order re-attempt moving past the $2.11 mark.

The post What Awaits Metaverse Coins As Bitcoin Stalls? MANA, GALA, FANTOM Price Analysis appeared first on Coingape.

Source: https://coingape.com/what-awaits-metaverse-coins-as-bitcoin-stalls-mana-gala-fantom-price-analysis/

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