- Decentraland continues to trade around its resistance level.
- The Sandbox appears to have broken out without bullish continuation.
- Both MANA and SAND are awaiting a spike in buy orders to advance further.
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Decentraland and The Sandbox appear to be on the brink of a bullish breakout. Still, both Metaverse tokens will need a spike in buying pressure to achieve their upside potential.
Decentraland Tests Resistance
Decentraland continues to consolidate within a tight range while attempting to slice through resistance.
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The Metaverse game’s MANA token has seen its price action getting narrower over time. In the past week, MANA has mostly traded between $2.60 and $2.76 without providing a clear direction.
From a technical perspective, it appears to be stuck within a symmetrical triangle that has been forming since late January. A descending trendline has developed along with the swing highs, while an ascending trendline formed along with the swing lows. This continuation pattern estimates that a decisive daily close above $2.70 could propel MANA to $3.80.
Still, Decentraland must continue to trade above $2.27 to validate the bullish outlook. Failing to do so could encourage market participants to exit their long positions, adding pressure on the token. Under such circumstances, MANA could retrace to $2 or even $1.72.
The Sandbox Prepares to Surge
The Sandbox could be positioning itself for a bullish impulse, but it’s lacking the upward pressure it needs to rise.
The Sandbox’s SAND token has remained stagnant over the past week after slicing through a critical resistance area. It’s been consolidating between $3.30 and $3.70 while maintaining a bullish bias.
SAND appears to have broken out of a descending triangle that developed on its daily chart since mid-November 2021. The technical formation anticipates that a spike in buying pressure around the current price levels could propel SAND toward $5.50, representing a 68% increase.
Given the low trading volume SAND has seen over the past week, the Metaverse token could see an invalidation of the bullish thesis. A downswing that pushes SAND below $2.81 could be a sign that prices will dip lower. SAND could then crumble under pressure and test the $2 support level.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
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