The Metaverse to Trillions? Virtual Worlds Turn Bullish

The Metaverse to Trillions? Virtual Worlds Turn Bullish

Key Takeaways

  • Decentraland and The Sandbox have jumped in the last 24 hours.
  • The rise comes after Goldman Sachs published a report arguing that the Metaverse is an $8 trillion opportunity.
  • MANA and SAND look like they could continue to benefit and recover all losses incurred in the crypto market downturn.
  • Share this article

    Decentraland and The Sandbox are soaring as interest in the Metaverse continues to grow. As the crypto market rebounds from its latest dip, MANA and SAND both look poised for further gains.

    Decentraland, The Sandbox Post Rally

    Decentraland and The Sandbox are experiencing a significant bullish impulse.

    MANA is up 7.6% today, while SAND has risen 5.7%. The two assets are enjoying an uptick as the market looks to recover from its recent downturn.

    Despite volatility in the market, both Decentraland and The Sandbox have benefited from growing attention on the Metaverse since Facebook announced its rebrand to Meta. While many tokens like MANA and SAND have soared since the announcement, institutional players like Grayscale have expressed their belief in the future of the Metaverse. More recently, Goldman Sachs published a report affirming its view that the Metaverse could evolve into a multi-trillion-dollar market.

    Eric Sheridan, a Managing Director at Goldman Sachs, noted that he thinks the virtual economy will continue to grow alongside the digital economy, which currently represents roughly 25% of the global economy. He explained:

    “We came up with the number for various outcomes of anywhere from $2 trillion to $12 trillion, with $8 trillion at the midpoint of all potential outcomes [for the Metaverse].”

    READ also :  NFT Projects Enjin, Immutable X Soar Despite Market Dip

    Sheridan’s remarks appear to have been welcomed by investors as the leading Metaverse tokens in the cryptocurrency market are rising fast. Decentraland, The Sandbox, Enjin Coin, and Axie Infinity have all jumped over the last 24 hours. Now, Decentraland and The Sandbox look set to continue their upward moves.

    The Tom DeMark (TD) Sequential indicator currently presents a buy signal on both MANA and SAND’s three-day charts. The bullish formation developed as a red nine candlestick, which is indicative of a one to four three-day candlesticks upswing or the beginning of a new upward countdown.

    Source: TradingView

    Still, transaction history shows that Decentraland and The Sandbox face significant resistance ahead.

    Nearly 7,000 addresses are holding approximately 36 million MANA at an average price of $2.60. This has created a significant supply barrier, which could have the ability to absorb some upward pressure. Decentraland would have to break through this barrier to approach $3. If it fails to do so, it may experience a pullback to $2.

    Source: IntoTheBlock

    Likewise, Sandbox needs to print a three-day candlestick close above the $3.50 resistance level to validate the bullish outlook. Slicing through this hurdle could generate enough momentum to push prices to $4. However, if it struggles to break the $3.50 wall, SAND could retrace to $3.

    Disclosure: At the time of writing, the author of this piece owned BTC and ETH.

    Share this article

    The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

    READ also :  Bitcoin Tops $44,000 as Russian Ruble Plummets

    You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

    See full terms and conditions.

    Samsung Opens Virtual Store in Decentraland’s Metaverse

    Electronics giant Samsung is opening its first virtual store in Decentraland, a blockchain-powered Metaverse world. Samsung Enters The Metaverse Samsung is expanding its presence to the virtual world. The electronics…

    Phala Network Joins the Blender Developer Fund to Accelerate Metaverse…

    Phala Network today announced that it has joined the Blender Developer Fund as a Corporate Gold Member. Participating alongside companies including Intel, Microsoft, AWS, Nvidia, and Adobe, Phala will contribute…

    PwC Hong Kong Buys Land in The Sandbox

    PwC Hong Kong has purchased virtual land in The Sandbox, according to an announcement from Animoca Brands. PwC Hong Kong Buys Sandbox Land The acquisition of land means that PwC…

    What is a Crypto Airdrop: Why Projects Airdrop Crypto

    Crypto airdrops occur when new tokens are freely distributed to different wallets in order to drive initial growth and build a community. They represent a popular marketing tactic that new projects use to spread…

    Recommended For You

    About the Author: Crypto News

    Leave a Reply

    Your email address will not be published.