Decentraland (MANA) and The Sandbox (SAND) Price Break out – Crypto News – Crypto News
Connect with us
Decentraland (MANA) and The Sandbox (SAND) Price Break out Decentraland (MANA) and The Sandbox (SAND) Price Break out

Metaverse

Decentraland (MANA) and The Sandbox (SAND) Price Break out – Crypto News

Published

3 years ago

on

The Sandbox ,Sandprice and Decentraland ,MANA) price have both broken out from diagonal resistance levels but have yet to clear important horizontal ones.

Jan. 24 brought interesting news for the metaverse. Apple’s mixed reality headset is likely to come out later this year. While the headset is unlikely to be a fully open virtual world like Decentraland or The Sandbox, it will include video conferencing and meeting rooms for Apple users.

On the one hand, Apple is unlikely to allow objects outside the Apple ecosystem to interact with any of their devices. This makes it unlikely that the release will have a positive impact on metaverse related tokens.

However, the fact that Apple is the latest giant to move into metaverse technological innovation after Meta, Microsoft, and Sony could bolster assets of digital worlds.

Decentraland Price Breaks Out From 250-Day Resistance Line

The Decentraland prices has moved upward at an accelerated rate since Jan. 1. So far, it has increased by 150%.

On Jan. 21, the MANA token price reached a maximum price of $0.78. Besides being a new yearly high, this also caused a breakout from a descending resistance line that had been in place for 250 days. However, the Decentraland price has failed to initiate a considerable upward movement after the breakout and is still hovering around the line.

If the price validates the line as support, it could begin an upward movement toward the next resistance at $1.15. If it fails to do so, the price could decrease towards the 0.382-0.618 Fib retracement support levels between $0.59-$0.48.

The bearish divergence in the six-hour RSI indicates that the latter is slightly more likely.

MANA/USDT Daily Chart. Source: TradingView

The Sandbox Price Gets Rejected by Fib Resistance

The Sandbox prices has increased by 110% since Jan. 1 and broke out from a descending resistance line on Jan. 15. It reached a high of $0.85 seven days later.

Like MANA, the RSI generated bearish divergence (green line) over the past 24 hours, which could catalyze a fall. Moreover, the price was rejected by the 0.382 Fib retracement resistance level at $0.80 and created a long upper wick (red icons).

If the SAND token price manages to clear the 0.382 Fib resistance, it could increase to the next Fib level at $0.93. If it gets rejected, a drop towards the $0.62 support area and the descending resistance line would be expected.

The Sandbox (SAND) Price Breakout
SAND/USDT Daily Chart. Source: TradingView

To conclude, both the SAND and MANA prices broke out from diagonal levels but have yet to initiate significant upward movements. Whether they break out from their nearest horizontal resistance levels or get rejected instead could determine the direction of the future trend.

For BeInCrypto’s latest 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.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending