SAND, MANA, AXS: Top Gaming Cryptocurrencies to Watch This Week

The global cryptocurrency market cap remains robust, standing at approximately $3.4 trillion as of Sunday. While the market contracted slightly after a $170 billion surge last week, its performance continues to reflect the growing prominence of gaming-focused cryptocurrencies.

Bitcoin, the market’s anchor, saw impressive price action, briefly approaching the $100,000 mark before stabilizing just below $97,000. Amid Bitcoin’s moves, gaming tokens such as SAND, MANA, and AXS delivered noteworthy performances, marking them as key assets to watch.

The Sandbox (SAND): Testing a Six-Month Resistance

Despite starting last week on a volatile note, The Sandbox (SAND) ended with an 11% gain. After a steep decline of 17% earlier in the week, SAND rebounded from strong support at $0.3245 (Fib. 0.236) and rallied past the $0.3871 resistance level (Fib. 38.2%).

As of this week, SAND has climbed an additional 31%, retesting a six-month resistance level at $0.6525. A successful breakthrough could see the asset target $0.9178 (Fib. 1.618), signaling a sustained bullish trend.

The Sandbox is a leading metaverse platform, offering virtual spaces for interaction, trade, and creativity. Its partnerships with major brands like Adidas and celebrities such as Snoop Dogg have propelled its visibility within the digital landscape.

Decentraland (MANA): Achieving a 51% Weekly Surge

Decentraland (MANA) outperformed many peers last week, recording an impressive 51% gain. Following a modest 6% drop midweek, MANA rebounded sharply, reaching a nine-month high above $0.72.

Currently forming an ascending broadening wedge pattern, MANA faces potential seller pressure, indicated by its RSI of 84.21, which marks an overbought region. If the bulls can push MANA beyond $0.7280, the token could maintain its upward trajectory.

Decentraland allows users to buy, sell, and build on virtual land using MANA. Since its 2017 ICO, which raised $24 million, the platform has become a cornerstone of the metaverse, promoting user ownership and creative freedom.

Axie Infinity (AXS): Eyeing the $9 Milestone

Axie Infinity (AXS) displayed strong bullish momentum, surging 31% last week from $5.34 to a six-month peak of $7.05. This week began with an additional 21.78% rally, propelling AXS to a local high of $8.935 as it inches closer to the $9 mark, a level unseen since April.

AXS has broken above the Ichimoku Cloud, with the Tenkan-sen and Kijun-sen aligning bullishly. The MACD indicator further confirms the trend, showing a bullish crossover and growing positive momentum. A breach of the $9 level could set the stage for higher resistance targets.

Axie Infinity, developed by Sky Mavis, operates on a play-to-earn model, allowing players to earn cryptocurrency through gameplay. It has been a key driver in the rise of NFTs and the intersection of gaming and decentralized finance.

The Week Ahead

As gaming-focused cryptocurrencies like SAND, MANA, and AXS continue to capture attention, their performances highlight the increasing relevance of blockchain in entertainment and finance. These tokens remain pivotal for investors and enthusiasts monitoring the crypto-gaming nexus.