In 2022, the NFT market received huge attention from investors, causing the coins associated with it to skyrocket in a short period. However, the downtrend also affected this segment and brought down the price of NFTs and tokens linked to the ecosystem. However, devaluation does not necessarily mean the end of the market. In some cases, it is just the opposite, as the devaluation brought huge discounts to interested buyers. So, now see five projects linked to NFTs and their respective tokens that are still worthwhile and deserve attention in 2022.
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ApeCoin (APE)
As a result of the downtrend, the price of APE has dropped 89% from its all-time high of $39.4 and is currently worth just $4.31. This correction accompanied the fall of NFTs from the Bored Ape collection, which lost 70% of its value. Furthermore, the technical chart showed that prices have fallen in response to a bearish trend over the past seven months. However, this graphic trend is also an indication of a resumption of the appreciation of the EPA. On Dec. 11, the token broke this long-term trendline, indicating an early trend reversal signal. Upside potential points to a rally to $27.6 by mid-2023 – a 540% upside from the current price.
EPA analysis. Source: TradingView.
Chile (CHZ)
The CHZ price faces a longer-lasting downtrend. In nearly two years, the sports market-linked token has lost 84.73% from its all-time high of $0.891. However, this decline shows the formation of a bearish pattern on the monthly timeframe chart. This bullish pattern indicates that the market could trigger a significant recovery after the breakout of its resistance line, which could happen with the CHZ in the coming months. Currently, one CHZ is worth around $0.13, but the completion of this pattern could take prices to $1 by last year 2023. That is, around 670% potential upside.
CHZ analysis. Source: TradingView.
Theta (THETA)
Like other cryptocurrencies, THETA lost a lot of value. In this case, the all-time high of THETA hit $15.9, but the price has since retreated nearly 95% since then. At the time of writing, one unit is worth about US$0.82. But in the last seven months, this altcoin has been sideways without showing any major movements. This means that the selling force movement has run out, which is a positive sign for THETA in the medium term. If prices come close to the $0.82 support, the Fibonacci trend-based extension suggests that potential growth could reach $2.55 in Q1 or Q2 2023. Furthermore, the indicator shows the next zone offer at $4.4. In short, THETA can register an appreciation between 210% and 436%.
THETA analysis. Source: TradingView.
Sandbox (SAND)
With its all-time high of $8.44, the SAND token was the target of a movement that dropped prices by 93.49% and took the token to $0.55. This drop was due to the cooling of interest in the metaverse, which affected the token’s price. Furthermore, the altcoin shows a breakout of the $0.574 support, indicating that sellers may resume the ongoing downtrend. If the SAND price shows sustainability above the $0.55 support. This recovery could push the price closer to the $2.50 bid zone, followed by $3.50. In other words, 354% and 536% potential upside.
SAND Analysis. Source: TradingView.
Decentraland (MANA)
Finally, yet another metaverse-linked token, MANA, which has lost 93.56% of its value since the all-time high and dropped to its current price of $0.38. The MANA price is currently retesting the June 2021 low support, which was $0.37. Thus, the token could witness a significant rise if buyers manage to sustain this former support. The potential appreciation target for MANA could reach 363%, taking the price to $1.70 in the first half of 2023.
MANA analysis. Source: TradingView. Read Also: Bitcoin Jumps to $18,000, Inflation Below Expectations Read Also: Binance Temporarily Suspends USDC Withdrawals Read Also: Canada Bans Crypto Leverage and Margin Trading After FTX Collapse
