Compared to a peak of $12.6 billion in January, sales of non-fungible tokens totaled little over $1 billion in June. With 93 customers overall, Bored Ape Yacht Club generated sales of $11.7M, which is an 8 percent drop from the previous week.
Over the past month, the cost of the cheapest NFT at the Bored Ape Yacht Club has decreased by just 1%, to $90,000. Last year, NFT sales reached $40 billion and they might reach more over $42 billion in 2022. More than half of the 2022 total sales to date have come from the months of January and February.
Today’s cryptocurrency markets are still moving sideways, but Bitcoin and Ethereum have managed to hold support. Some Metaverse cryptocurrency coins have increased by over 20% over the past few weeks, indicating a slight bullish momentum. Let’s look at a few NFT utility tokens now
ApeCoin (APE)
The value of APE, the Ethereum cryptocurrency used in the Bored Ape Yacht Club ecosystem, has dropped by 65 percent in the last 30 days. The ongoing cryptocurrency market crash has caused the token to lose value far more than other tokens related to gaming. The associated Bored Ape Yacht Club NFTs have recently lost a tremendous amount of value. Holders of ApeCoin can vote with their tokens on ideas for governance. Let us look at the APE price
APE can reverse course and head back to the crucial support level of $4.20 if it is unable to overcome the $5.0 resistance level. Low volatility is thought to be neutral to the price movement. In the medium term, APE has to break past the $5.0 resistance level in order to turn bullish once more. To reach the significant resistance level at $7, APE must keep its price above the $5.0 barrier level.
Decentraland (MANA)
Despite the most recent downturn in the market, Decentraland is still one of the biggest metaverse projects by market cap (Worth $1.6B ). In fact, the buzz around the metaverse helped MANA have a good bullish year in 2021. Unfortunately, the following bear market has subsequently erased all of its profits. Let’s examine the MANA price levels.
MANA recently overcame the $0.94 resistance level, but it was unable to push over the psychological $1 hurdles. The support levels of $0.67 or $0.76 can be attained once more. The $1 and $1.28 significant resistance levels are possible targets for MANA if the bulls go through the $0.94 resistance level and close above it.
Efinity (EFI)
The Enjin team created the Efinity Metaverse blockchain, which was released in August 2021. The main function of Efinity is to serve as an NFT highway for cryptocurrency projects and dApps. The blockchain that enables EFI to have a separate economic structure is a parachain built on Polkadot. The ongoing ecosystem development of Efinity and Enjin is a contributing factor in the most recent price increase. Let us look at the EFI price levels
EFI recently lost the critical support level of $0.15. This price level will act as resistance over the next few days or weeks. The $0.13 price level has provided some support for the time being. EFI must hit $0.15 in order for a short-term bullish trend to outweigh downward momentum. The next level of resistance, 0.19, will be reached if it passes through.
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