Fundamental Development:- Metaverse tokens are vastly outperforming every other crypto category in the current bearish condition, up by nearly 400% year on year.Leading the gains are Decentraland’s MANA (up 41%), The Sandbox’s SAND (up 470%), Axie Infinity’s Axie Infinity Shards (AXS) (up 511%), and Stepn’s GMT (up 746%), according to data from Kraken Intelligence and CoinGecko’s May 2022 market report. Metaverse tokens can be used to pay fees, buy land and participate in governance. Blockchain-based gaming using nonfungible tokens (NFT) and metaverse platforms has remained tremendously popular throughout 2022. Despite slumping prices across the market, usership among those games has remained consistent at about 1 million users per day, according to data from decentralized application tracker DappRadar. The Kraken report pointed out that although May saw flat daily usership, “NFT volume saw a large decrease with daily volume dropping -87.1%.”Every category tracked by Kraken’s report, including metaverse and exchange tokens, experienced negative returns over the past 30 days and 90 days. Metaverse tokens were among the worst losers over the past 30 days, dropping 42%, with by far the highest volatility at 173%.Despite the short-term price action, money is pouring in to fund the sector. DAppRadar’s Q1 games report noted that $2.5 billion was raised in support of blockchain games and Metaverse projects in the first quarter of 2022. Investors were eager to back games, according to the report, as 52% of all block chain activity came from game DApps:
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $30,800-$29,800 ranges.BTC is made low 29,800 and now consolidating within a range. Yesterday it made high near $31,500 and then it continue to decline from 200 simple moving averages. Bitcoin is struggling to gain momentum above $31,600.
Alternative Scenario: If Bitcoin fails to clear the $30,800 resistance zone, it could start another decline. An immediate support on the downside is near the $29,800 level.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $30,800-$29,800 ranges.BTC is made low 29,800 and now consolidating within a range. Yesterday it made high near $31,500 and then it continue to decline from 200 simple moving averages. Bitcoin is struggling to gain momentum above $31,600.
Alternative Scenario: If Bitcoin fails to clear the $30,800 resistance zone, it could start another decline. An immediate support on the downside is near the $29,800 level.