Meta Tokens Fall Like A Comet As Altcoins Market Crashes
The post Meta Tokens Fall Like A Comet As Altcoins Market Crashes appeared first on Coinpedia Fintech News
The broader market sentiment is in complete shambles, with the crypto market losing almost a billion ($900M) in long liquidations. As the FUD run dominates and a market-wide domino effect is at play, the meme coins, meta tokens, and AI tokens are all registering a bearish week.
While the majority of meme coin holders are profitable, the same can’t be said about other retail holdings. Focusing on the meta tokens, the GALA and SAND price action reflects an incredibly weak trend that is waiting for further correction.
Let’s look at GALA’s and SAND’s technical price charts to find out their underlying potential and possible targets for March.
Meta Token GALA Preps For A Breakdown Rally
With a declining trend in motion, the GALA price trend reveals a falling wedge in the daily chart. The downfall accounts for a 75% drop from the annual high of $0.082.
The bearish phase crosses under the crucial demand zone of $0.040 and a range breakdown at $0.025. Further, the breakdown rally tests the declining support trendline as the MACD and signal lines regain the negative alignment with a crossover.
As per the Fibonacci levels, the crashing altcoin price can test the $0.010 mark.
Will SAND Price Rally To $1?
With a non-stop bear run, the SAND price crosses under the $0.30 mark as it drops by 23% this week. Breaking under the $0.27m mark, the Meta token hits a 52W low of $0.2451.
Heading to a weak descending trendline, the SAND price continues to fall, fueling the bearish trend in the MACD and signal lines.
Currently, the SAND price trades at $0.2546 with an intraday drop of 9.72%. Further, the RSI line drops to the oversold boundary. If the bear run breaks below the trendline, the Meta token can hit the low of $0.20.
Hence, the rising supply pressure amid the bear market warns of a further correction in the above meta tokens.
