Decentraland (MANA) and Sandbox (SAND) Nowhere Near a Market Bottom Yet

2022-12-15 16:32

Both the Decentraland (MANA) and the Sandbox (SAND) prices are following descending resistance lines. The potential for a drop is steeper in the case of SAND.

Decentraland (MANA) Price Approaches Long-Term Support

Decentraland is a virtual reality platform built on the Ethereum blockchain technology. Hence, the MANA token is an ERC-20 token. MANA can be used to buy plots of land in the Decentraland marketplace, upon which they can build upon and monetize. 

MANA price has fallen underneath a descending resistance line since reaching an all-time high price of $5.90 in Nov. 2021. In Nov. 2022, the line caused a sharp rejection (red icon), leading to a breakdown below the $0.50 area. This was a crucial movement since the area had provided support since May 2021. 

Decentraland price has decreased since and is approaching the next long-term support area at $0.31. The area also coincides with the 0.618 Fib retracement support level when measuring the entire upward movement since 2020. 

MANA/USDT Weekly Chart. Source: TradingView

Since the weekly RSI is falling without any bullish divergence, there are no bullish reversal signs in place yet. The most likely Decentraland price projection is a fall toward the $0.31 level. This would represent a 20% downswing from the current MANA price.

Decentraland would have to print a weekly close above the $0.50 area and descending resistance line to invalidate the bearish MANA price prediction.

Sandbox (SAND) Price Could Fall Sharply

SAND is the utility token of the blockchain-based virtual world Sandbox. SAND price has also decreased below a descending resistance line since its all-time high of $8.48 in Nov. 2021.

In the beginning of Nov. 2022, SAND price broke down from the $0.80 horizontal support area, which had been in place since before the all-time high. In similar fashion to Decentraland, the weekly RSI is decreasing and has not generated any bullish divergence.

SAND/USDT Weekly Chart. Source: TradingView

If the downward movement continues, the next closest support area for Sandbox price is at $0.22. A downswing to this level would represent a 60% price drop for SAND. Therefore, the potential for a sharp sell-off seems to be higher for the SAND price when compared to the MANA price.

A breakout from the descending resistance line would invalidate this bearish projection.

For BeInCrypto’s latest crypto market analysis, click here.

The post Decentraland (MANA) and Sandbox (SAND) Nowhere Near a Market Bottom Yet appeared first on BeInCrypto.

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$ 0.0002151 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 SAND

sand sandbox decentraland yet bottom market mana

Источник: beincrypto.com

sand sandbox → Результатов: 126


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Фото:

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