The past few weeks have mainly been dominated by gaming, non-fungible token (NFT) and metaverse tokens. Projects within these sectors drew attention away from the corrective bitcoin (BTC) rate and created a new discussion within the overall crypto sector. Outliers such as SAND and GALA saw price increases of more than 600% within a month.
As a metaverse gaming token, MANA has also made a name for itself with an impressive month behind it.
However, the metaverse segment appears to be gasping for the moment as bitcoin attempts another attempt to break the bearish trend of the past two weeks. While a hiatus can be expected, MOBOX, a relatively newly developed play-to-earn game within the metaverse sector, is showing a promising trend.
MBOX Price Shows Healthy Construction
From November 10, Mobox (MBOX) started building a fairly lean build which eventually grew up 150% to $9.49 USD. In relation to the previously discussed metaverse tokens, the increase does not come close to numbers that we are used to by now.
Still, the build looks bullish. The higher tops and bottoms confirm an uptrend.
In the coming days, MBOX will need to make a higher bottom to keep this trend going. In addition, the volume is on the relatively low side. Currently, MBOX is running a volume of $977 million USD on Binance which in absolute units is a very respectable fact to keep in mind.
Despite this, the volume is disproportionate to volumes played for projects such as The Sandbox and Gala. For example, SAND has a volume of $3.6 billion USD. That’s more than four times as much.
Factors That Determine Fate of MBOX
Both the current trend and the rapidly increasing volume can ensure a favorable development of MBOX. Of course, the move will depend on a number of crucial factors, such as the hype surrounding metaverse related tokens. In addition, a further increase in volume is needed to set new highs in as yet unknown price territory for MOBOX.
Finally, this altcoin, like any altcoin, is highly dependent on the price of bitcoin. A correction or further downward movement could invalidate the trend. On the higher timeframes, MOBOX is looking overall bullish. All that remains is time and patience to further analyze the development.