Although there are no major macroeconomic events this week, investors can expect massive volatility on a daily basis. The reasoning behind this outlook is that Apple will be conducting the 2023 Apple Worldwide Developers Conference (WWDC) on June 5.
Is the metaverse hype back in action?
The highlight of the event is Apple’s Virtual Reality (VR) and Automated Reality (AR) headsets. From a tech enthusiast’s point of view, VR has never really caught on as a trend, but AR has a lot of potential. But looking at this event from a crypto investors’ perspective provides investment opportunities.
The AR/VR headset from Apple is most likely to kickstart a rally among Metaverse and GameFi projects. While this effect or narrative of WWDC23 will be short-lived, it is more than likely to trigger a volatile move among related altcoins.
Here’s a list of Metaverse coins.
Old coins that yielded massive returns in the 2021 bull run.
- Decentraland (MANA).
- The Sandbox (SAND).
- Axie Infinity (AXS).
- Enjin (ENJ).
- Apecoin (APE).
- GALA (GALA).
- My Neighbor Alice (ALICE).
Newcomers yet to record exponential rally include:
- Render (RNDR)Wilder Word (WILD).
- Highstreet (HIGH).
- Floki Inu (FLOKI).
- Magic (MAGIC).
While Apple’s event is going to be the talk of the town, the rally for these tokens is likely to be short-lived. So investors and traders need to trade accordingly.
Bitcoin could be the rally killer
Bitcoin price trades at $26,844, close to retesting a stable support level at $26,591. A breakdown of this level, could result in a correction to $25,205 and $24,300 barriers. This outlook is something eager investors should keep a close eye on.
But with no major macroeconomic events scheduled for this week, it should be a volatile week for altcoins.