Decentraland continues to trade around its resistance level.
The Sandbox appears to have broken out without bullish continuation.
Both MANA and SAND are awaiting a spike in buy orders to advance further.
Share this article
Decentraland and The Sandbox appear to be on the brink of a bullish breakout. Still, both Metaverse tokens will need a spike in buying pressure to achieve their upside potential.
Decentraland Tests Resistance
Decentraland continues to consolidate within a tight range while attempting to slice through resistance.
The Metaverse game’s MANA token has seen its price action getting narrower over time. In the past week, MANA has mostly traded between $2.60 and $2.76 without providing a clear direction.
From a technical perspective, it appears to be stuck within a symmetrical triangle that has been forming since late January. A descending trendline has developed along with the swing highs, while an ascending trendline formed along with the swing lows. This continuation pattern estimates that a decisive daily close above $2.70 could propel MANA to $3.80.
Still, Decentraland must continue to trade above $2.27 to validate the bullish outlook. Failing to do so could encourage market participants to exit their long positions, adding pressure on the token. Under such circumstances, MANA could retrace to $2 or even $1.72.
The Sandbox Prepares to Surge
The Sandbox could be positioning itself for a bullish impulse, but it’s lacking the upward pressure it needs to rise.
The Sandbox’s SAND token has remained stagnant over the past week after slicing through a critical resistance area. It’s been consolidating between $3.30 and $3.70 while maintaining a bullish bias.
SAND appears to have broken out of a descending triangle that developed on its daily chart since mid-November 2021. The technical formation anticipates that a spike in buying pressure around the current price levels could propel SAND toward $5.50, representing a 68% increase.
Given the low trading volume SAND has seen over the past week, the Metaverse token could see an invalidation of the bullish thesis. A downswing that pushes SAND below $2.81 could be a sign that prices will dip lower. SAND could then crumble under pressure and test the $2 support level.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Earning High Yields Without the Complexity of DeFi? Welcome to Hodlnau…
One of the most popular trends in cryptocurrencies dates back to ancient times: lending money to earn interest. In the traditional banking system, people store their funds and they get…
Decentraland Eyes Rally Ahead of Metaverse Fashion Week
Decentraland’s MANA token appears to be building bullish momentum for a potential breakout in the lead-up to its Metaverse Fashion Week event. Decentraland Hosts Metaverse Fashion Week MANA could be…
HSBC Buys Virtual Land in The Sandbox’s Metaverse
HSBC, one of the world’s largest banks and financial services organizations, has bought a plot of virtual real estate in The Sandbox’s Metaverse to engage and connect with sports, esports,…
ShoeFy Bringing DeFi Utility for NFTs & Metaverse
Leading Metaverse fashion & DeFi platform, ShoeFy has launched its Genesis NFT Minting to provide DeFi level utility for NFTs. Since its inception last year, ShoeFy has shown remarkable innovation…