Today we are seeing downward movements in cryptocurrencies. Along with the general forecast, there have been downward movements in the metaverse, a popular area of the market. Many analysts view this decline as a correction and state that it is possible to see higher levels with strength that needs to be collected later.
Decentraland (MANA) and Ceek VR (CEEK)
Prices for Decentraland (MANA) and Ceek VR (CEEK), which are among the most popular cryptocurrencies and projects of the Metaverse market, have fallen in the last 24 hours. At the time of writing, MANA is trading at $2.48, and CEEK is trading at $0.42.
According to analysts, the overall cryptocurrency market should begin to grow in order for the price of MANA and all other coins of the metaverse to surge. In case of recovery, it is believed that the first resistance for MANA will be $ 2.84. Above this level, the largest coin in the metaverse by market capitalization will have to overcome the psychological resistance of $3.
In addition, CEEK has pulled back by more than 6% over the past 24 years, and a deviation of $0.45 led to a decrease in the price. Thus, $0.45 is currently considered the initial resistance for CEEK.
Enjin (ENJ) and Sandbox (SAND)
ENJ and SAND have also shown declines over the past 24 hours. Both ENJ and SAND have fallen by more than 6% in the last 24 hours.
According to the charts, at the time of writing, ENJ is trading at $1.66. Currently, analysts consider the previous deviation level at $1.97 to be the first resistance for ENJ. Therefore, it is argued that after reaching this level, a strong upward movement that will occur can provide a breakdown of $2.
On the other hand, SAND is trading at $3.20 at the time of writing. For SAND, the previous deviation level at $3.86 is considered the first serious resistance. Above $3.86, there may be a strong movement towards psychological resistance at $4.
The information contained in this article is not investment advice. Investors should be aware that cryptocurrencies have high volatility and therefore risk, and should execute their transactions according to their own research.