While the crypto market experienced a strong decline in November, projects related to the metaverse continue to rise. Over the past few days, Decentraland (MANA) and Sandbox (SAND) have reached their ATH on the charts. According to crypto analyst Biraaj T, the overall trend is picking up as Bitcoin and Ethereum test their immediate resistance, while both tokens are expected to undergo immediate corrections. cryptocoin.com We have compiled Biraaj T’s MANA and SAND analysis for our readers.
MANA and SAND analysis
November saw MANA increase exponentially on the price chart. The analyst states that MANA has literally skyrocketed from $0.70 to $5 in a two-month period, so potential corrections going forward are an appropriate expectation:
On a longer time frame, an ascending channel is forming which could eventually lead to MANA corrections. However, the most recent surge occurred after the Head and Shoulders pattern resulted in a bullish breakout.
As such, he sees a strong possibility for MANA to retest the $5.45-5.90 range very soon as far as the positioning structure is concerned. According to Biraaj T, if the asset can close above $5.90, it will undergo price re-discovery, which could lead to all-time highs.
According to the analyst, the trend has strengthened further with the Sandbox and the token is just a few breaths away from its previous ATH level. Biraaj T states that both the 20-period Exponential Moving Average and the 50-period Moving Average act as support as the asset oscillates in an increasing widening wedge (Declining pattern). In addition, the analyst states that the RSI suggests retesting the buying momentum, as there is no bearish trend between the price and the indicator, and makes the following analysis:
Now, SAND currently represents a chance to test its ATH soon and according to the Fibonacci Extension lines, a possible $10 target for the token will be reached.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.