See More

Metaverse: Decentraland (MANA) Price Falters While Sandbox (SAND) Shows Signs of Life

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • MANA and SAND are following descending resistance lines.
  • MANA has been rejected by the $0.70 resistance area.
  • SAND has reclaimed the $0.82 horizontal area
  • promo

Decentraland (MANA) price broke down below the $0.70 horizontal support area. It was rejected in an attempt to reclaim it. The Sandbox (SAND) previously broke down from the $0.82 level but managed to successfully reclaim it.

Decentraland Fails to Reclaim Breakdown Level

Decentraland is the native token of a virtual world and a non-fungible token (NFT) marketplace, where players can buy land, estates and other game assets. The MANA price has fallen below a descending resistance line since May 15. 

On Oct. 2, MANA price broke down below the $0.70 horizontal area and reached a new yearly low of $0.58 on Oct. 21. 

While it initiated an upward movement afterward, it was rejected by the $0.70 area on Oct. 30 (red icon). The trend cannot be considered bullish unless the Decentraland price manages to reclaim the area and then break out from the resistance line.

If the downward movement continues, the next closest support area would be at $0.44. The support is created by the 1.27 external Fib retracement of the most recent increase.

Decentraland Price Resistance
MANA/USDT Chart By TradingView

Sandbox Initiates Unlikely Reversal

Sandbox (SAND) is another coin that relates to the metaverse since it is the native token of a blockchain game. The SAND price had fallen underneath a descending resistance line since reaching a high of $1.49 on July 20. The downward movement led to a low of $0.69 on Oct. 13, seemingly causing a breakdown below the $0.82 support area. 

This was a crucial development since the $0.82 area had provided the previous yearly low support. 

However, the SAND price initiated a trend reversal and reclaimed the area on Oct. 30. 

The upward movement was preceded by a bullish divergence in the RSI (green line). The indicator has now moved above 50, confirming the divergence and granting legitimacy to the reversal.

However, the Sandbox price has yet to break out from the resistance mentioned above (red icon). As a result, it did not confirm its reversal. 

The main resistance area is between $1.09-$1.19, created by the 0.5-0.618 Fib retracement resistance levels. The reaction once the SAND price gets there will likely determine the direction of the future trend.

Sandbox resistance line
SAND/USDT Chart By TradingView

For the latest BeInCrypto Bitcoin (BTC) and crypto market analysis, click here

Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored