The word “Metaverse” grabbed investors’ attention after social media giant “Facebook” decided to change its name to “Meta,” indicating its dedication to the Metaverse space.
Metaverse is a hypothesized world of the internet that supports decentralization through the online virtual 3D environment. Users can experience the metaverse using their virtual-reality headsets, smartphones, PCs, augmented glasses, and gaming devices. Besides Facebook, Microsoft also showed an interest in the metaverse space that added a lot of fundamental value to the crypto space, particularly altcoins related to Metaverse.
The recent Bitcoin Taproot upgrade increased the transparency and privacy where smart contracts can come into the table. Besides, the Ethereum EIP-1559 upgrade and Cardano’s test net launch are signs that the crypto world is getting ready for a significant surge in the coming years.
In any investment, going long from the root is very important. So in that sense, if you want to build a decent crypto portfolio in the Meta world, it might be the right time.
Let’s see the Top Metaverse Coin 2023:
Axie Infinity (AXS) has a firm ground in the gaming industry. It is a native coin for the Axie Infinity Game. Axie token-holders can shape and vote for the gaming universe’s direction. In general, gaming decisions and improvements come from developers. However, Axie Infinity made a breakthrough in the gaming industry by allowing AXS holders to vote for the governance proposal.
The total supply of the AXS is 270,000,000, whereas the current circulating supply is 67,869,279 AXS, with a market capitalization of $7,078,769,162.
AXS/USDT showed a fantastic return in 2021, where the price started trading from $0.78 and reached an all-time high at $166.09 with a 16374.6% yearly return. However, the price formed a H/S pattern from the ATH but remained within a buying zone.
A strong bullish pressure came from the 60.00 to 48.00 demand area that broke the price structure above the 94.59 swings high with solid bullish pressure. Therefore, further bullish pressure from the previously formed demand area is likely to take the price up above the current all-time high level. Moreover, the current price is above the 94.59 support level, where any bullish sign from this level would increase the buying pressure.
Based on the future potentiality and price structure, investors may see a big surge in AXS/USDT price where any bullish sign from 60.00 or 94.00 areas would be a potential buying point. However, if the price comes below these levels, a HODLing approach may be required as the fundamental structure and potentiality of Metaverse could increase the buying pressure in the price.
Decentraland (MANA) is a virtual reality platform built on the Ethereum blockchain where people can build, share and experience content and applications. The virtual world in the Decentraland launched its beta in 2019 and opened it for the public in 2020. Since then, it has created a wide range of user experience, including interactive games, 3D scenes, and other incidents. MANA is an ERC-20 based token that is tradable to buy/sell or experience a wide range of virtual products related to the metaverse.
In recent years, MANA/USDT passed a corrective price structure but grabbed investors’ attention by soaring higher from 0.7175 to 5.90 level in 2021. As the crypto market sentiment shifted to Metaverse, its tremendous buying pressure in 2021 may extend in 2023.
In the MANA/USDT daily chart, the first impulsive buying pressure came from the 0.7175 area that peaked at the 4.9464 level. After that, however, the price corrected lower and tested the 2.50 level before making another swing high. Therefore, we can consider the 2.50 area as a strong buyers’ interest level that may increase the price.
In 2023, investors should closely monitor how the price trades at 2.50 areas from where a bullish rejection might open a buying opportunity. However, a deeper correction towards 0.7175 would be another buying opportunity in this coin where a HODLing approach is required.
The Sandbox is a virtual world where people can buy, sell, and mind digital assets for gaming. As a result, it has a firm ground in the non-fungible token (NFTs) and decentralized autonomous organizations (DAO) industry, particularly in the thriving gaming sector.
The main purpose of this coin is to introduce blockchain technology in the gaming industry. If we consider the future of Metaverse, this coin has a higher possibility of remaining at the top.
Like other altcoins mentioned above, Sandbox showed tremendous buying pressure in 2021, where the price topped at $8.50 per coin from a few cents. In this bullish rally, SAND/USDT showed a strong buying interest at several price zones as marked in the image.
Investors should closely monitor how the price reacts in these areas. As the broader market context is bullish, due to the possible surge in the Metaverse, any buying pressure from the above-price areas would be a decent buying opportunity for 2023.
Enjin Coin is a blockchain-based gaming product from Enjin with an ecosystem of related products. The flagship product of Enjin offers Enjin Network, a social gaming platform where people can interact themselves by creating websites, clans and hosting virtual stores.
In the ENJ/USDT daily chart, the price showed a tremendous, bullish pressure in 2021 and reached an all-time high at 4.839 level. However, the price crashed immediately by eliminating the profit from the final swing.
The price still trades above the 2.310 event level from where a big exhaustion candle appeared. Therefore, as long as the price trades above the 2.310 level, it will likely move higher in 2021. However, any deeper correction may lower the price towards the 1.300 area from where any bullish rejection might be another buying opportunity from the discounted price.
Metaverse is the future, and any investment now would bring a higher return. However, investors should remain cautious about the volatility of the crypto market where a strong money management system and HODLing approach are needed.