Altcoins
Meta Tokens Fall Like a Comet as Altcoin Market Crashes
The broader market sentiment is in complete chaos, with the cryptocurrency market losing nearly a billion ($900 million) in long liquidations. As the FUD rally dominates and a market-wide domino effect is in play, meme coins, meta tokens, and AI tokens are all seeing a bearish week.
While most meme coin holders are profitable, the same cannot be said for other retail holdings. Focusing on meta tokens, the price action of GALA and SAND reflects an incredibly weak trend that awaits further correction.
Let’s take a look at the technical price charts of GALA and SAND to find out their underlying potential and possible targets for March.
With a downtrend in place, GALA price trend reveals a falling wedge on the daily chart. The drop represents a 75% decline from the yearly high of $0.082.
The bearish phase crosses below the crucial demand zone of $0.040 and a range breakout at $0.025. Further, the breakout rally tests the declining support trendline while the MACD and signal lines regain negative alignment with a crossover.
According to Fibonacci levels, the altcoin price collapse could test the $0.010 mark.
Will SAND price rise to $1?
In a non-stop bearish run, SAND price crosses below the $0.30 mark, while falling by 23% this week. Dropping below the $0.27M mark, Meta token hits a 52W low of $0.2451.
Heading towards a weak descending trend line, SAND price continues to decline, fueling the bearish trend of the MACD and signal lines.
Currently, SAND price is trading at $0.2546 with an intraday decline of 9.72%. Also, the RSI line is falling to the oversold limit. If the bearish run breaks below the trend line, Meta token can touch the low of $0.20.
Therefore, the increasing supply pressure in the context of the bear market heralds a further correction in the above-mentioned meta tokens.