Analysts state that Decentraland (MANA) continues to trade around the resistance level and they say that The Sandbox (SAND) appears to have broken without bullish support. According to analysts, both MANA and SAND seem poised to go further.
Decentraland (MANA) analysis
We have prepared analysts’ MANA and SAND analyzes for the readers of Kriptokoin.com. Decentraland continues to consolidate in a narrow range as it tries to cut resistance. Metaverse game MANA token has seen its price action narrow over time. Last week, MANA mostly traded between $2.60 and $2.76 with no clear direction.
From a technical standpoint, it seems to be stuck in a symmetrical triangle that has formed since the end of January. A descending trendline developed with the highest swings, while an ascending trend line was formed with the lowest swings. This continuation pattern predicts that a decisive daily close above $2.70 could push MANA to $3.80.
Yet DecentrSHIB, MANA and Good News for These 3 Altcoins: Famous Exchange Adds to Basket!aland should continue trading above $2.27 to confirm its bullish outlook. Failure to do so may put pressure on the token, encouraging market participants to exit their long positions. Under these conditions, MANA could return to $2 or even $1.72.
“Sandbox (SAND) poised to rise”
Sandbox may be positioning itself for a bullish impulse, but it lacks the upward pressure it needs to rise. Sandbox’s SAND token has remained stagnant over the past week after breaking through a critical area of resistance. It is consolidating between $3.30 and $3.70 while maintaining its uptrend.
SAND appears to have emerged from a descending triangle that has been developing on its daily chart since mid-November 2021. The technical formation predicts that an increase in buying pressure around current price levels could push SAND to $5.50, which represents a 68% increase.
Considering the low trading volume of SAND last week, the Metaverse token’s bullish thesis may be invalidated. A drop that pushes SAND below $2.81 could be a sign that prices will fall. SAND could then crumble under pressure and test the $2 support level.
34079
