The altcoin market is overtaking Bitcoin, with gaming and metaverse coins performing the best. In this report, we take a detailed look at the price analysis of four major cryptocurrencies: SAND (Sandbox), MANA (Decentraland), GALA (Gala Games), and AXS (Axie Infinity).
While the market trend is bullish, a breakout phase for the top gaming coins could provide an excellent downside opportunity for the next leap forward. So, here is the list of cryptocurrencies that could trigger a new recovery trend in October 2023: Should I Buy Now?
SAND price analysis:
Source- Tradingview
Amid the overall bullish sentiment in the cryptocurrency market, the SAND price entered a strong recovery mode, rebounding from the $0.278 support level at the end of October.
The rally increased the coin’s market value by 126%, reaching its current trading price of $0.629. However, the rise in SAND prices increased supply pressure by $0.68, which was highlighted by the long-wick rejection on the daily chart. Increased profit booking due to short-term trading may cause the altcoin to decline slightly before its next leap forward.
If this happens, the price of sand could plummet 6% to find adequate psychological support at around $6. This potential reversal in what has been an intermittent downward trend could present another huge opportunity for new buyers.
Coin traders can use the 20-day and 50-day EMA slopes as dynamic support amid potential retracements.
MANA price analysis:
Source- Tradingview
Over the past 10 months, Decentraland (Mana) coin has grown from a low of $0.27 on October 19 to its current trading price of $0.57.
This 111% value is above the 50% retracement level of the previous downtrend, reflecting weakening bearish momentum and lower likelihood of sustaining the downtrend. However, the long wick rejection attached to the daily candle reflects that MANA price is ready for another downtrend to regain its bullish momentum.
If potential bears find decent support at $0.54 combined with the 50% FIB, the next jump could extend the rally 20% higher, reaching the $0.7 psychological level.
The upward trajectory of the boundaries of the Bollinger Bands indicator reflects active bank momentum.
GALA price analysis:
Source: TradingView
Following the recovery trend and the formation of a rounding bottom pattern, the previous downtrend in Gala Coin price found its bottom at $0.01248 in the fourth week of October. The resulting rally caused the coin’s market value to surge 193%, challenging the pattern’s neckline resistance of $0.035.
The new-found supply at this key barrier caused GALA to lose 6.5% intraday and plummet to its current trading price of $0.033. If the sudden decline shows sustainability above the last high/low reading of $0.028, the bullish movement will remain intact, strengthening buyers looking for a higher recovery.
Therefore, under the influence of the chart pattern, Gala price is likely to decisively break out of the neckline resistance at $0.35. This potential breakout would signal a change in market dynamics and set the Gala price up for a rebound to $0.057.
The moving average convergence divergence indicator with a bullish crossover reflects that the recovery trend remains intact.
AXS price analysis:
Source: TradingView
During a strong week for the cryptocurrency market, Axie Infinity coin price showed sustainability above the $0.65 support area. A recent rebound from this bottom saw the coin’s price surge 72% to a 10-month high of $11.15.
Amid this rally, buyers recently broke through the $9.6 resistance and 61.8% Fibonacci retracement level. FIB levels have recovered by more than 50%, and buyers are starting to expect their strength to return.
According to recent data, AXS price is trading at $1.89, with an intraday loss of 3.4%. Therefore, it verifies sustainability above the level of violation. Continued buying should push AXS price up 17.6% to reach the next important barrier at $11.62, followed by $14.
RSI, a momentum indicator, above 75% ensures strong recovery momentum.