The Mark Zuckerberg announcement on October 28 that Facebook would be changing its name to Meta, and that his company would be going lock stock and barrel into all things metaverse, may have surprised many. However, the way things have been moving in this sector, Zuckerberg and his team are nowhere near the first to get going on it.
Metaverse appears to be an unstoppable trend that is taking over the hype baton from the likes of decentralised finance and NFTs. Both of these niches are simply enormous growth areas within the crypto sphere.
Notwithstanding, the metaverse is where both will reside, as humankind starts to move more fully into an online world which will contain much of what they now get in the real world.
The key to everything though is decentralisation. Zuckerberg’s Facebook history of shoddy dealings with user data does not bode well for those wishing to enter its metaverse.
Even the regulators baulked at Facebook’s Libra stablecoin attempt, and now with its latest Diem project also struggling to get the go-ahead, it seems that MZ and Facebook have decided to pivot into the metaverse.
Nevertheless, can you see even those with a grain of sense wishing to KYC, and then have all their data harvested by such a corporation?
Luckily, we have decentralised metaverse to explore, to set up in, and to invest in. The Winklevoss twins, Marc Andreessen, Alan Howard, and other big hitters recently announced their part in a $100 million investment fund earmarked for NFT and ‘decentralised’ metaverse infrastructure.
Also, a quick look under the categories section of Coingecko reveals that the Metaverse category, well down in 21st position based on size of market cap, looks to be still fairly under represented.
In first place in the category is Axie Infinity, on the way to becoming a true gaming metaverse now that land NFTs are to become part of the ecosystem. The market cap for AXS is $9.3 billion, with Decentraland, Enjin Coin and The Sandbox taking up the next 3 places with $4.2, $2.8, and $2.4 billion respectively.
All areas in this category will be set to grow strongly over the next few months, in the variety of metaverses, size of market caps, and the position of the category itself as compared to layer 1 blockchains, NFT platforms, and stablecoins etc.
The metaverse is still in its infancy, but looking into the future, could this be what houses absolutely everything in Web 3.0?
Here’s What’s Next for Decentraland, The Sandbox and Elrond, According to Crypto Analyst Michaël van de Poppe
Cryptocurrency analyst and trader Michaël van de Poppe is warning traders against buying Decentraland (MANA), The Sandbox (SAND) and Elrond (EGLD) at their current prices.
Van de Poppe tells his 148,000 YouTube subscribers that following the “epic runs” of these three altcoins, it’s time for investors to take profits in Decentraland, a virtual-world blockchain; Elrond, a scalable blockchain; and The Sandbox, a gaming platform.
“…if you are in those projects, I think the point has come to actually take profits, especially when it comes to MANA and SAND. Those have been running heavily. You have to take profits before a heavy correction starts to take place because at this point the downwards momentum might be heavier than the upwards momentum.”
Looking at the Elrond/Bitcoin (EGLD/BTC) chart, the crypto analyst says that buying opportunities are gone until a correction adjusts prices to the 0.005 BTC ($291) and 0.006 BTC ($349.20) level.
At time of writing, Elrond is trading at $427 while Bitcoin is exchanging hands at $58,200.
“If you’re seeking for any trade opportunity right now, I think the opportunities are quite gone. But the [EGLD/BTC] chart itself says that every level gets a beautiful retest taking place here before it starts to continue.
So I’m looking at any of these two levels [between 0.005 BTC and 0.006 BTC] to take any entry from, based on a daily time frame.”
Van de Poppe says he’s hoping to pick up SAND if it retraces down to about 0.00007 BTC ($4.07). The asset is trading at $7.27 at time of writing.
“So SAND, I’m not interested in trading this one at all. I’m going to look at anywhere in this region [below 0.00007 BTC] for any scalp opportunities.”
Decentraland’s MANA is trading at $5.10 at time of writing. According to the crypto analyst, MANA could drop to around 0.000055 BTC ($3.20) where it could present opportunities for longer-term trades. He recommends looking for scalping opportunities if it starts trading below 0.00007 BTC ($4.07).
“You can start looking for scalp rates here [0.00007 BTC]. But more likely, we’re going to get into this region here [around 0.000055 BTC] where you want to take some trades.”
Is Trend Reversal Near For, The Sandbox (SAND), Decentraland(MANA), & Enjin Coin(ENJ)!
As the crypto space continues to embrace the evolution of distinct technologies, Metaverse has also engulfed massive traction of the mainstream audience. Interestingly, post-Facebook’s rebrand to Meta, the respective protocols have soared beyond expectations. Moreover, while the crypto market strives to escape from the bear trap, Meta tokens emerged as saviors of the crypto space.
Notably, The Sandbox (SAND), Decentraland (MANA), and Enjin Coin (ENJ) soared by more than 450% post the trend reversal to meta. Yet the tokens have been trading at their peak of the bull cycle, correction in the short-term looks imminent.
The Sandbox (SAND)
The Sandbox price has been a revolutionary project in the world of gaming. With the incredible surge in the trading volume of 28.54% round the clock, the price of the asset has reached a new ATH of $7.02 on 24th November. The asset has been clinching higher highs with short corrections of 5 to 8% prior to its every leg up. SAND price hasn’t yet undergone a trend reversal if it happens anytime from now, then its price would plummet to $3.35.
A Decentraland price network has been built on the Ethereum blockchain. With an incredible surge of trading volume of 59.28% round the clock, the protocol has claimed an ATH of $5.31 on November 24th. The MANA price has maintained a slow and steady rise throughout the month. With healthy consolidations, the price has made a solid move. Though the price has not undergone a major pullback yet, the price would decline by more than 20 to 30% reaching crucial support around $3.6.
Enjin Coin (ENJ)
Enjin, a blockchain-based gaming firm looking strong for the past couple of days to overthrow SAND and MANA. With a more than 100% surge in trading volume, ENJ’s price has hit an ATH of $4.50 on November 24th. Unlike other chief Meta tokens, the protocol has shown positive volatility throughout the year. Hence, in case of a trend reversal, the price would drop to the immediate support of $3.2.
Collectively, the aforementioned Metaverse tokens have been trading at their peak of the bull cycle. However, it’s been a while they haven’t undergone a requisite correction yet. In case of a trend reversal, the tokens would experience a correction of 10 to 15% for a longer period. Hence, before investing in projects at their ATH, it is mandatory to do a thorough research of the asset.
Decentraland (MANA) & The SandBox (SAND) Price Chasing Each Other To Hit $10!
Decentraland & The SandBox carry on with their bullish trend that began almost a month before. Both the NFT’s had a monstrous rally of more than 600% and 1000% respectively which appears to be unstoppable currently. The MANA price & SAND price seem to be in a race against each other aiming at a double-digit target somewhere in the Q1 of 2022.
Decentraland (MANA) Price May Hit $25
Decentraland emerged from a thin space and outperformed well-established NFT’s like Theta, Tezos, Enjin Coin, Chiliz, etc. MANA price after being calm for more than a couple of years got a major push during the bull run 2021. The price rose viciously to hit highs somewhere around $1.6.
The second bull run came out to be more aggressive and accumulated more than 600% gains within a month. Yet the rally is expected to continue with more strength in order to hit $10 very soon. However, the upcoming rally may also include a notable plunge again back to $3-$4 levels as per one of the analysts.
Despite the correction, the analyst is still bullish on the asset and expects a huge flip to higher levels. Considering the 2020 lows as the support for the FIB levels, the current price is hovering around 4.9 levels. The analysts believe the asset may range high to the next FIB level at 28 which lies around $25 to $32. Therefore, Decentraland is pretty bullish considering a longer and higher time frame.
The SandBox(SAND) Price Could Still Be A Good Buy!
The SandBox like MANA maintained a substantial upward trajectory since the beginning of 2021. However, the spike which hit the SAND price since the beginning of November was pretty unexpected. The asset’s bull run of more than 1000% caught everyone’s attention and hence the rally does not appear to face a pullback or correction until the end of the month.
The SAND price is $8.19 after smashing the new ATH at $8.32 with a jump of nearly 20% in the early hours of trade. Despite surging constantly for a week, the asset may get a little exhausted and hover around $5.5-$6. However, the pullback may be short-lived which will be overcome by a gigantic leap beyond $10.
Collectively, Decentraland & The SandBox are completely focusing on a huge upward trajectory, nullifying the possibilities of a pullback. However, the possibilities are still alive as the assets usually tend to exhaust after reaching some milestones. And hence despite minor corrections, MANA price & SAND price appear to be pre-programmed to smash a 2-digit figure soon.