Quick take:
- The metaverse and NFTs & Collectibles tokens extended declines from the previous week.
- Apecoin, Stacks and DEAPCoin experienced gains before pulling back over the weekend.
- Origin Protocol, Conflux, and Tezos also enjoyed a stellar week before pulling back at the end.
In this edition of the weekly token boom report, Metaverse and NFTs & Collectibles tokens rallied during the week, before pulling back on Friday through Sunday. The pullback was triggered by the Passover/Easter holiday celebrations amid a lack of market activity.
Some of the leading metaverse headlines included Meta’s introduction of virtual goods feature in Horizon Worlds while Forbes launched the virtual billionaires NFT collection in partnership with FTX US.
On the other hand, Solana followed the previous week’s NFT integration on OpenSea, this time rolling out its products on Rarible. While highly anticipated NFT marketplace NFT.com announced it plans to be fully community-governed.
There was also significant venture capital activity in the market, with Ubisoft backing White Star’s $120 million Web3 fund, while Animoca Brands made another major move, acquiring Need for Speed: Porsche Unleashed creator Eden Games.
The crypto market plunged last week to new monthly lows amid the holiday period. The metaverse tokens segment was no exception as its market cap dropped from $34.4 billion to about $26.7 billion.
The week looked bullish at the start with several metaverse tokens rallying significantly before erasing gains from Friday, through Sunday.
Apecoin, Stacks and DEAPCoin led the gains, in an otherwise bearish week in the crypto industry.
Apecoin (APE/USD)
ApeCoin is the native token of the “Otherside” metaverse. The virtual universe ecosystem is being developed by leading NFTs and collectibles project Yuga Labs, the creators of Bored Ape Yacht Club and Mutant Ape Yacht Club collections, as well as, the new owners of the popular Cryptopunks and Meebits collections.
Yuga Labs teamed up with Superplastic on Thursday to launch BAYC-themed vinyl art toys, in a partnership that could yield more projects.
While the $APE token price failed to gain significantly following the announcement, it has since pulled back amid a lack of market activity during the weekend.
Technically, the $APE token price seems to have significantly pulled back since Friday, trimming last week’s gains.
Therefore, traders could be targeting potential rebound profits at about $11.34, or slightly higher at$11.59. On the other hand, $10.90 and $10.66 could be crucial support zones.
Stacks (STX/USD)
The $STX is the native token of Stacks, a layer-1 bitcoin scaling ecosystem designed to bring developer apps to the world’s leading cryptocurrency.
Stacks is creating a platform that will bring metaverse gaming to bitcoin, thus onboarding masses to Web3. While platforms like Solana and Tezos offer speed and mass transaction capabilities, they lack the global popularity enjoyed by bitcoin.
Stacks is looking to enable the creation of massive developer projects on bitcoin without compromising the speed of transactions.
The platform announced the launch of Stacks Grants on Thursday, giving the community more tools of ownership.
“The goal of Stacks Grants [is] to fund infrastructure development, community resources, tools, research, and education that serve our mission of a user-owned internet, powered by the Stacks Blockchain,” Stacks wrote in a Github blog.
The token price has since pulled back to trim the gains made earlier last week, before bouncing back on Monday following the official rollout of Stacks Grants.
Technically, the price $STX token price seems to have bounced back to recoup losses made over the last three days. Therefore, traders could target potential rebounds at about $1.22, or higher at $1.24, while 1.17 and 1.16 are crucial support levels.
DEAPCoin (DEP/USD)
The $DEP is the native token of blockchain investment company Digital Entertainment Asset and its metaverse gaming platform Play Mining.
The platform officially opened a new NFT marketplace, Play Mining NFT on BNB Chain last Tuesday, sparking a significant gain in the $DEP token price.
However, the price has since pulled back, again in line with the industry sentiment amid a lack of market activity.
Technically, traders could target extended declines at about $0.026, or lower at $0.025, while $0.027 and $0.028 are crucial resistance zones.
NFTs and Collectibles tokens
NFTs and collectibles tokens also suffered from the industry-wide plunge last week, falling to a segment market capitalization of about $38.9 billion, down from the previous week’s equivalent of $49.25 billion.
However, some tokens posted significant gains, led by Conflux, Origin Protocol and Tezos. The pullback towards the end of the week trimmed the gains.
Conflux (CFX/USDT)
Conflux is a layer-1 blockchain ecosystem that allows creators, communities, and markets to connect across borders and protocols.
The platform uses a unique ‘Tree-Graph’ consensus algorithm, enabling the parallel processing of blocks and transactions for increased throughput and scalability.
The Conflux is the only approved public blockchain in China, giving developers unique access to a highly regulated market.
Technically, the Conflux token price seems to have pulled back from last week’s gains. The $CFX rallied nearly 40% before trimming gains on late Sunday.
Therefore, traders could target potential rebound profits at about $0.19, or higher at $0.20. On the other hand, $0.17 and $0.16 could be crucial support zones.
Origin Protocol (OGN/USD)
Origin Protocol is a blockchain platform that helps brands to launch NFT projects. The $OGN is the native token of Origin Protocol, which is built with the purpose of bringing NFTs and Decentralised Finance (DeFi) to the masses.
The platform partnered with Praise Pals to launch 8,888 NFTs through Origin Story.
Origin Story acts like an NFT launchpad for companies and has supported numerous high-profile NFT drops.
The $OGN price has since rallied more than 47% following its latest NFT deal.
Technically, the $OGN token price seems to be trading within an ascending trend formation. Therefore, traders could be looking to extend gains towards $0.632 or higher to $0.657, while $0.605 and $0.576 are crucial support zones.
Tezos (XTZ/USD)
Tezos is a Proof-of-Stake blockchain ecosystem created with the trendy NFT and blockchain gaming market in mind. The platform allows up to 50,000 transactions per second at high speeds, eliminating one of Ethereum’s major bottlenecks.
On Wednesday, the platform teamed up with Celsius Network, the proof-of-community blockchain platform, scaling their addressable market.
However, the $XTZ token has plummeted since Sunday, losing nearly all the gains made during the week.
Technically, traders could target potential rebound profits at about $3.07, or higher at $3.11. On the other hand, $2.97 and $2.93 are crucial support levels.
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