With a bullish trend in the altcoins market, the ETH/BTC pair has experienced a 2.41% rise in the last 24 hours. The stronger Ethereum grows against Bitcoin, the more likely an altcoin season will occur. Amid the altcoins, the Metaverse tokens like GALA and MANA witness a recovery run, teasing a trend reversal. Will these metaverse altcoins surge this week? Let’s find out.
GALA Against Massive Supply Trendline
The Gala price action reveals a long-coming resistance trend line in the daily chart. The declining price trend in the Gala Metaverse Altcoin accounts for an 80% price drop over the past six months.
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However, the recent consolidation near the $0.015 psychological support teases a potential comeback rally. The bullish divergence in the RSI line and a potential bullish crossover in the VI lines project a potential breakout rally.
A trendline breakout will challenge the 23.60% Fibonacci level at $0.031 before taking on the 50% Fibonacci level at $0.050.
A breakout above this level will mark a significant trend reversal event in the Gala Altcoin. Further, it can result in a potential rally to the 1.618 Fibonacci level at $0.12. Hence, the chances of GALA price prediction surpassing the $0.10 psychological resistance will increase in 2024.
The MANA price action reveals a falling wedge pattern in the daily chart. Thus, the daily chart of the Decentraland native token reveals a massive bearish influence.
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The bearish pattern accounts for a price drop of 66% over the last six months and takes support over the $0.25 support level. Currently, the sideways consolidation within the near $0.25 stages is a potential breakout of the overhead resistance.
The bullish divergence in the RSI and VI lines converging for a potential bullish crossover bolsters the breakout cases. Like the Gala Metaverse altcoin, the overhead resistance breakout will challenge the 23.60% Fibonacci level at $0.3774.
The crucial resistance is at $0.51, or the 50% Fibonacci level. A bullish extension over this resistance will increase the possibility of hitting the 1.618 Fibonacci level at $1.10.
Hence, the chances of MANA price prediction surpassing the $1.00 psychological mark increase in 2024.
Source: https://coinpedia.org/price-analysis/will-the-metaverse-altcoins-make-a-comeback-in-late-2024/