What to buy in the last week of November?
As Bitcoin (BTC) surged to $99,655, just a step away from breaking the $100,000 mark, while the market focuses on the overall market, a certain neglected sector seems to be quietly rising.
As Bitcoin continues to fluctuate, the sector that was optimistic at the beginning of the year and expected to explode in 2024—metaverse and blockchain games—is showing a gradual warming trend. Analysts have specifically named three coins: The Sandbox ($SAND), Decentraland ($MANA), and Axie Infinity ($AXS), all of which have performed quite well recently.
The Sandbox ($SAND): Stable increase
The Sandbox ($SAND), as one of the pioneers of the metaverse, has recently shown outstanding performance. Despite experiencing market volatility at the beginning of last week, dropping as much as 17%, $SAND began to rebound after stabilizing at the Fibonacci support level of $0.3245.
Image source: CoinGecko Weekly Price Chart
According to CoinGecko data, after breaking the resistance of $0.3871 on November 23, as of the time of writing, $SAND has risen for 7 consecutive days, with an increase of up to 124%, and has increased by 45% in the past day, with a current price of $0.8074.
Analysts believe that if $SAND can break through and stabilize at the resistance level of $0.8, it is expected to further challenge the Fibonacci target price of $0.9178.
Decentraland ($MANA): Challenging the 9-month high
Decentraland ($MANA) is another project that occupies an important position in the metaverse space. Its native token $MANA fell by 6% from November 17 to 20 but subsequently rebounded remarkably, skyrocketing by 102% over the past 14 days and ending last week with a 51% increase.
Image source: CoinGecko Weekly Price Chart
As of the time of writing, the price of $MANA is reported at $0.7303, reaching a new high in 9 months, having increased by 16% in the past 24 hours.
However, analysts have observed that the price of $MANA is forming an ascending wedge, which typically indicates a subsequent pullback. Meanwhile, the relative strength index (RSI) of $MANA has soared to 84.21, in the overbought area. If the bulls cannot break through and stabilize at the key trend line of $0.7280, the price may experience a short-term pullback.
Axie Infinity ($AXS): Targeting to break through $9
Finally, the representative work of blockchain games—Axie Infinity ($AXS), last week $AXS rebounded from a low of $5.34 to $7.05, achieving a 31% increase. Although it slightly pulled back afterward, it still ended the week up 12%. This week, $AXS has once again surged by 21.78%, with a price reported at $8.19 as of the time of writing.
Image source: CoinGecko Weekly Price Chart
From a technical perspective, $AXS has successfully broken through the Ichimoku cloud area and stabilized in the support area. The MACD indicator has also shown further upward signals. Analysts believe that if AXS can effectively break through $9 this week, it will lay the foundation for higher resistance levels.
The strong performance of these three tokens recently reflects the increasing market attention toward the metaverse and blockchain gaming sectors. However, investors should note that assets with excessive short-term rises usually come with pullback risks, and they should closely monitor market sentiment and technical indicators and act cautiously.
[Disclaimer] The market has risks, and investments should be made cautiously. Analyst opinions are for reference only. Users should consider more diverse indicators to assess whether to invest and consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Invest at your own risk.
'What to buy in the last week of November? Analysts are most optimistic about 'these 3 coins', one of which has soared 124%.' This article was first published in 'Crypto City'.
