Altcoins
Meta tokens fall like a comet as altcoin market crashes
Overall market sentiment is in disarray as the crypto market has lost nearly $1 billion ($900 million) in long-term liquidations. As the FUD race dominates and a market-wide domino effect is in play, meme coins, meta tokens, and AI tokens are all recording a bearish week.
While the majority of meme coin holders are profitable, the same cannot be said for other retail holdings. Focusing on meta tokens, GALA and SAND price action reflects an incredibly weak trend that awaits a further correction.
Let’s look at the technical price charts of GALA and SAND to find out their underlying potential and possible targets for March.
With a downtrend underway, the 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 breaks below the crucial demand zone of $0.040 and a range breakout at $0.025. Moreover, the breakout rally tests the declining support trendline as the MACD and signal lines regain negative alignment with a crossover.
According to the Fibonacci levels, the falling altcoin price may test the $0.010 mark.
Will SAND Price Climb to $1?
With an uninterrupted bear run, SAND price falls below $0.30 and drops 23% this week. Falling below $0.27 million, the meta token hits a 52-week low of $0.2451.
Heading towards a weak descending trendline, 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%. Moreover, the RSI line is falling to the oversold limit. If the bearish trend breaks below the trendline, the Meta token may reach the low of $0.20.
Therefore, the increasing supply pressure amid the bear market warns of a further correction in the above meta tokens.