Bitcoin, which has lost critical support levels with the decline movements it has recorded recently, started to be traded at the price levels of $ 36,000 after the value losses it experienced. This loss of value in Bitcoin also gave a downward momentum to altcoins. Ethereum declined to $2,390 price levels after its recent price movements. SAND and MANA, which are among the Metaverse projects that have recorded high rates of upward movements recently, have also retreated to critical support levels with the downward momentum in the leading cryptocurrency.
The Sandbox (SAND)
With the increase in the popularity of Metaverse projects, SAND, which has recently exhibited a very high price performance, has lost value significantly with the downward momentum in Bitcoin. SAND has lost approximately 50% of its value in the monthly time frame and found support in the price band of $2.65-2.70, which is the bottom price level of the last month. SAND, which was traded at the price levels of $3.08 with its recent price movements, came close to the $3.15 resistance.
One of the prominent Metaverse projects, Decentraland’s local cryptocurrency MANA, has also exhibited a similar price performance as SAND recently, recording high value increases. However, MANA also gained a downward momentum with the continuation of the downward trend in Bitcoin. MANA, which lost value at a high rate with the price movements it recorded after reaching the ATH level of $ 5.85, found support in the price band of $ 1.80-1.85, the bottom price level of the last month. After the last price movements, MANA started to trade at the price levels of $ 2.13.
Evaluating the current situation of the market, many crypto analysts stated that if Bitcoin regains critical price levels, altcoins can recover in the short term and the upward momentum in Metaverse projects can continue.
The information contained in this article does not constitute investment advice. Investors should know that cryptocurrencies carry risks due to their high volatility and should perform their transactions in line with their own research.