MANA and SAND follow descending resistance lines. The $0.70 resistance area rejected MANA. SAND has claimed the $0.82 horizontal area.
Decentraland Fails to Reclaim Breakdown Level
Decentraland is a virtual world native token and non-fungible token (NFT) marketplace where players can purchase land, real estate and other in-game assets. MANA price has fallen below a descending resistance line since May 15th. On October 2nd, MANA price fell below the horizontal range of $0.70 and hit a new yearly low of $0.58 on October 21st. Although there was later an upward move, on October 30th, it was rejected (red icon) by the $0.70 area.
The trend cannot be considered an uptrend unless the price of Decentraland manages to regain the range and break out of the resistance line.
If the down move continues, the closest area of support would be $0.44. Support comes from the 1.27 outer Fibonacci retracement of the recent rally.
Sandbox Initiates Unlikely Reversal
Sandbox (SAND) is another currency related to the Metaverse, as it is the native token of a blockchain game. SAND price had fallen below a descending resistance line since hitting a high of $1.49 on July 20th. The downside led to a low of $0.69 in October 13, which appeared to trigger a breakdown below the $0.82 support area. This was a crucial development as the $0.82 area had provided the previous year’s low support. However, the SAND price started a trend reversal and recovered in October in the range of 30.
The bullish move was preceded by divergence on the RSI (green line). The indicator has now moved above 50, confirming the split and giving legitimacy to the reversal. However, the sandbox price has not yet broken above the resistance (red icon) mentioned above. As a result, he did not confirm his reversal. The main resistance area is between $1.09-$1.19 created by the 0.5-0.618 Fib retracement resistance values. The reaction once the price of SAND gets there will likely determine the future trend direction.