Metaverse: Decentraland (MANA) and Sandbox (SAND) Price Face Immediate Trouble

Face Problem Decentraland (MANA) and Sandbox (SAND)

Decentraland (MANA) price is showing bullish signals on the weekly time frame, but the daily chart is indicating more downside before a reversal.

while, Sandbox (SAND) price has a bearish outlook on both the long and short term time frames. It broke down from a horizontal support area and is at risk of falling below its yearly lows. This can significantly speed up the rate of decline.

MANA price collapses below 17 months support

MANA price has fallen inside a descending parallel channel since it reached an all-time high of $5.91 in May 2021. The bearish move so far has resulted in a low of $0.62 in May 2022.

Initially, the bearish move seemed to trigger a breakdown from the channel’s support line. However, MANA price reversed direction soon after and created a very long lower wick in the process (green symbol).

Since channels like these usually contain corrective moves, a final breakout from them will be the most likely scenario.

This possibility is enhanced by the fact that Decentraland price is trading at the top of the channel and bullish divergence is present in the weekly RSI (green line).

Despite these bullish readings, MANA price fell below the crucial $0.75 horizontal area, which was previously providing support since August 2021.

Moreover, the uptrend deviation line has been broken on the daily RSI time frame now. This indicates that the bearish decentralized price action is likely to continue towards the next nearest support area at $0.49.

Therefore, the combined readings on the weekly and daily time frames indicate that MANA price may drop towards $0.49 before the final breakout.

Sand price is facing a downward movement

The daily time frame of the Sandbox price shows that the price started an upward movement on September 22nd and exited the descending resistance line in the process.

The upward movement was preceded by a bullish divergence in the daily RSI. However, it is unsustainable, and the price of sand has fallen below pre-breakout levels.

Similar to MANA price, the rising trend line in the RSI (green line) has been broken. In addition, the SAND price fell below the $0.83 horizontal support area, which previously existed since the aforementioned June lows.

Therefore, more downside movement is expected on the daily time frame. When using the Fibonacci retracement in the latter part of the bullish move, the closest support area for the Sand price is at $0.55, which was created by the 1.27 external Fibonacci retracement level.

The price of mana has a higher return potential than the price of sand

Based on price action and technical indicators readings, SAND and MANA prices are expected to decline in the short term. However, the long-term outlook for the MANA price remains bullish, while the SAND price is inclined to the downside.

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