- Gaming and metaverse cryptocurrencies were among the best-performers during the weekend.
- Gala token jumped by more than 16% in the past 24 hours while Axie Infinity and Decentraland have soared by 15%.
- The Sandbox's SAND token has also jumped by double digits in the past 24 hours.
Cryptocurrency prices have done well in October even as a sense of fear spread in the financial market. American stock indices like the S&P 500 and Nasdaq 100 have crashed to the correction zone. Bonds have also plummeted, with the yields of the 10-year and 30-year soaring to the highest point in more than a decade.
Bitcoin has led the crypto charge as it rose to $35,000 for the first time in more than a year. As a result, the total market cap of all cryptocurrencies has jumped to over $1.2 trillion as most altcoins surged. Gaming tokens like Gala, Axie Infinity, Sandbox, and Decentraland were among the best performers during the weekend.
Gala Games token price forecast
Gala token was the best-performing cryptocurrency during the weekend as it jumped to a high of $0.022, the highest level since August 15th. The token has flipped the important resistance at $0.015 (December 29th low) and $0.016 (October 3rd high) into support.
Gala has managed to move above the 50-day moving average, meaning that buyers are moving into control. However, the Relative Strength Index (RSI) has moved into an extremely overbought level. The same is true with other oscillators like the Stochastic and the Commodity Channel Index (CCI).
Therefore, the outlook for Gala is relatively bearish for now since the rally was not triggered by any major ecosystem news. If this happens, it will likely retreat and retest the key support at $0.0170.
Axie Infinity (AXS) price prediction
Axie Infinity is one of the oldest GameFi projects in the industry. It is still a highly active network as the total number of Unique Active Wallets (UAW) stood at over 58k in the past 24 hours. Its transaction volume in the past 30 days rose by 27% to over $27 million.
However, Axie Infinity has been a highly dilutive token since it has unlocked millions of tokens this year. The daily chart shows that the AXS token has moved above the 50-day moving average. It has had a close correlation with Gala. As a result, the key oscillators have moved to the overbought level.
Therefore, the outlook for AXS is mildly bullish, with the next level to watch being at $6.88, the highest point on July 13th.
The Sandbox (SAND) price forecast
The Sandbox is another popular gaming platform in the blockchain industry. Like AXS and GALA, SAND price has jumped in the past few days. According to DappRadar, the volume of its NFTs have jumped by 30% in the past 24 hours to over $529k. Total sales have roared back by over 23% to 2.25k. However, The Sandbox marketplace has had just 630k UAWs in the past 30 days.
The Sandbox token formed a double-bottom pattern at $0.2743 between September and October. In price action analysis, this pattern is one of the most accurate bullish signs. It has now moved above the double-bottom’s neckline at $0.3255. Also, the coin has jumped above the 50-day moving average.
Therefore, the outlook for the SAND price is bullish, with the next level to watch being at $0.4825, which is about 34% above the current level. The stop-loss of this trade will be at $0.3255.
Read more: How to buy The Sandbox.
Decentraland (MANA) price prediction
The daily chart shows that the Decentraland price has done well in the past few days. Like The Sandbox, the token formed a double-bottom pattern at $0.2640. Its neckline was at $0.3280, the highest point on October 1st. It has now moved above the 50-period moving average.
MANA seems to be having momentum. If this continues, it could continue rising, with the next level to watch being at $0.4475, the highest point on July 14th.
Read more: How to buy Decentraland.
