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 SupportDecentraland 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: TradingViewSince 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 SharplySAND 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: TradingViewIf 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.
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