Quick take:
- Yuga Labs raised $450M from investors sparking a significant rebound in the price of Apecoin.
- Axie Infinity Enjin Coin and Theta Network led rallies in the metaverse and NFT tokens market.
- CakeSwap and Radio Caca also posted huge gains as the crypto industry recovery entered its third week.
In this week’s edition of the token boom report, the metaverse and NFTs & Collectibles tokens extended gains for the third successive week. The industry was boosted by significant activity from leading players.
Meta filed a new trademark indicating it plans to offer crypto products as it continues to expand its offerings in the metaverse. The company also teamed up with e-commerce marketing platform Vntana to bring 3D ads to Facebook and Instagram, a major milestone towards making metaverse advertising a reality.
On the other hand, leading smartphone processor chip manufacturer Qualcomm launched a $100 million fund to invest in metaverse related products.
Metaverse tokens
Metaverse tokes rallied more than 23% over the last seven days to hit a combined market cap of $35.6 billion up from the previous week’s equivalent of $28.9 billion. The gain was boosted by ApeCoin’s gain of more than 60%, which added nearly $1.5 billion.
The biggest moves involving mainstream gaming companies to the metaverse involved Korean gaming giant Krafton, which signed an MOU with Solana to develop blockchain blockchain-based games and other Web3 assets.
ApeCoin (APE/USD)
The ApeCoin Price (APE) rallied more than 60% in the last seven days to recover from the previous week’s sharp decline. The rally came after the organisation behind the Apeverse utility token Yuga Labs announced the successful fundraising of $450 million led by Andreessen Horowitz.
The funding round valued the giant NFT-gaming metaverse at about $4 billion.
Technically, traders can target an extended rebound at about $16.38 and $17.92, while $13.63 and 12.18 are crucial support levels. Apecoin was trading at about $15.00 as of this writing.
Axie Infinity (AXS/USD)
Axie Infinity is the world’s most valuable metaverse gaming product with a market cap of more than $5 billion. Its utility token AXS is used to buy in-game items and land.
The (AXS) token spiked more than 45% between Wednesday and Friday before pulling back during the weekend.
The Axie Infinity Price (AXS) has been on a rally since bottoming three weeks ago when it fell to third in the ranking for top metaverse tokens.
Technically, the pullback appears to have created another opportunity for buyers to enter before the $AXS token resumes its rally. Therefore, traders could target rebound profits at about $69.61, or higher at $74.44, while $65.13 and $59.25 are support levels.
Radio Caca (RACA/USDT)
Radio Caca Price (CACA) is the native token of the Universal Metaverse and the exclusive manager of the “Maye Musk Mystery Box” NFT. USM Lab created the 3D metaverse platform allowing players to buy land and play blockchain games.
Last week, the platform launched its latest game “Lost World Fina War” sparking a 104% rally in the Radio Caca price.
However, the $CACA price has since pulled back to trade at about $0.0024, creating another window of opportunity for buyers.
Technically, traders could target potential rebound profits at about $0.0026, or higher at $0.0027, while $0.0022 and $0.0020 are crucial support zones.
NFTs and Collectibles tokens
Over the last seven days, NFTs and Collectibles tokens added $9.22 billion in total market value to reach $50.66 billion, reflecting an increase of more than 22% from the previous week’s 41.38 billion.
Some of the leading activities in the space saw Google-backed Glance pivot to NFT-based live gaming experiences with the acquisition of India’s esports mobile gaming platform Gambit.
On the other hand, English Premier League Club Liverpool teamed up with Sotheby’s Metaverse to launch its Debut metaverse collection, following in the footsteps of footballing giants Manchester United, PSG, Barcelona and Manchester City in the Web3 ecosystem.
Theta token, Enjin Coin and PancakeSwap all posted huge gains to mirror the increased optimism in the industry.
Theta Token (THETA/USD)
Theta Token (THETA) is the native token of Theta Network, a blockchain platform that owns an NFT marketplace, ThetaDrop and a P2P bandwidth and computer resources sharing platform.
On Friday, the platform announced the launch of Sierra Ventures Theta Enterprise Validator Node, the 20th overall on the platform.
The Theta Network Price (THETA) has since rallied more than 30% with no major pullbacks, indicating strong bullish momentum.
However, if the $THETA price pulls back after reaching overbought conditions, traders could target potential downward profits at about $3.62, or lower at $3.53, while $3.78 is a crucial resistance zone.
Enjin Coin (ENJ/USD)
Enjin is a blockchain platform that allows game developers to tokenize in-game items on the ethereum network. The platform uses the ERC-20 Enjin (ENJ) token to back projects built on its ecosystem.
The platform also allows users to trade digital assets like NFTs. The platform launched Enjin Wallet Vol. 2.0 last Monday.
Since then, the Enjin Coin Price (ENJ) has rallied more than 30% extending the previous week’s gains to a high of $1.83.
Technically, traders might be targeting potential pullback profits after the $ENJ token crossed to overbought conditions on Sunday.
Therefore, traders will be targeting pullbacks at about $1.77, or lower at $1.71, while $1.85 is a crucial resistance level.
PancakeSwap (CAKE/USD)
PancakeSwap (CAKE) is an automated market maker for digital assets. The platform allows users to swap BEP20 tokens on the BNB Chain. Investors can receive liquidity providers’ tokens by depositing funds in liquidity pools.
The $CAKE token rallied more than 33% over the last seven days following a series of announcements, which included the integration of CoinGecko with PancakeSwap.
Technically, the PancakeSwap Price (CAKE) seems to have rallied deep into the overbought conditions of the 14-hour RSI.
Therefore, traders could target potential pullback profits at about $8.00, or lower at $7.57, while $8.50 looks like a crucial resistance zone.
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