The likely comeback of metaverse-linked tokens, particularly OVER, raises more than one curiosity among experts and investors.
In fact, one wonders why it is precisely at this time that these particular types of coins are potentially in the limelight.
Let’s try to understand why.
The price of the OVER metaverse token reaches the highest level since November 2022
As anticipated, the price of the OVER token (OVR) rose to $0.61 on Monday, jumping more than 40% in the past 24 hours when it reached its highest level since November 2022.
The price of OVR rose more than 110% last week and is experiencing an increase in network activity with over $3.5 million of OVR traded in the last 24 hours, representing a 90% increase in market activity.
In addition, we see that the price of OVR is registering major gains as the broader momentum of the cryptocurrency market stalls due to uncertainty over the US debt ceiling talks.
In any case, one factor that may have helped the OVER token in its bullish momentum could be related to news about Apple, which is reportedly on the verge of launching its long-awaited VR/AR visor.
The Apple VR/AR headset is designed as a mixed reality viewer, and although the iPhone maker has not confirmed its development status or release date, market expectations have seen huge speculation about when it will arrive.
Indeed, not only are augmented reality enthusiasts hoping for an official glimpse of the device during the event on 5 June, but they are also excited about what this means in terms of competition with the likes of Meta Quest Pro, PSVR 2 and other similar VR visors.
Over the Reality: what it is and price predictions
Over the Reality (OVER) is an AR metaverse platform designed to unite physical and virtual worlds.
The OVER metaverse is built on the Ethereum and Polygon blockchains and OVR is its utility token.
OVR is used to power all transactions on the OVER platform, including the purchase and sale of digital assets, access to exclusive content, and participation in metaverse events.
OVR is also used to reward users for their contributions to the OVER ecosystem, such as content creation, event participation, and transaction verification.
The OVER ecosystem also enables the creation of decentralized applications (dApps), which can be used to enhance a variety of features on the OVER platform, including games, social media, and commerce.
As reported earlier, the latest increase in the price of OVR coincides with speculation about the VR/AR mixed reality visor.
The price of OVR is currently testing resistance near the levels seen in October 2021, before bullish buyers reached an all-time high of $3.33 in early December of that year.
Although buyers have taken control in recent days, it is possible that the highlighted area is a critical obstacle.
The outlook for OVR could see the token rise to a new multi-month high as hype around the metaverse increases.
How are other tokens related to the metaverse performing? Focus on MANA, AXS and SAND
Moving past OVER, let’s take a look at the other tokens in the Metaverse, albeit not all of them, to get an idea of how this type of market is generally performing.
For example, we see that Decentaland (MANA) is currently trading near $0.48 with a small drop in the intraday session.
The upward price trend of Decentraland may see a halt near the $0.558 value. Meanwhile, the downward trend of MANA may observe a rebound from $0.44.
In addition, if the asset price exceeds the 50 or 100 DMA, a strong upward trend can be seen in the future.
Thus, Axie Infinity (AXS) also joined other altcoins in the decline reaching its lowest price last week after a four-month decline.
Following the existing bearish scenario that began in January, AXS recently established new support at $6.5 after falling slightly below its March low.
The price fluctuated above that support for days before recovering with a 30% spike to test a crucial resistance line at $8.5.
Interestingly, this resistance line suppressed the sudden buying pressure with rejection and subsequently broke the pressure.
However, the sudden spike looks more like a retest and not a bullish signal.
Even if bullish people regroup in the future, they will have to break through the crucial resistance line before positive action can be confirmed.
The price of The Sandbox (SAND), on the other hand, after a bullish cup-and-handle pattern, rose more than 95%. Despite gaining significant support from the bulls, the price failed to break its crucial resistance near the 200 EMA.
The current price of SAND is about $0.5211 with a 24-hour trading volume change of 35%.