After enduring prolonged declines, there’s potential for renewed optimism in Decentraland (MANA) and Sandbox!
Decentraland (MANA) has seen its price decline within a descending parallel channel since February. Typically, such channels confine corrective movements, suggesting the possibility of a bullish breakout.
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MANA Feedback!
On April 1st, the MANA token price broke out of the channel, following an RSI breakout from the bearish trendline. However, it failed to surpass the $0.61 resistance area, which is crucial for establishing a bullish trend.
To confirm a bullish trend, the price needs to successfully breach this resistance level. Although the daily relative strength index (RSI) remains below 50, the completion of the ABC correction within the channel suggests a higher likelihood of breaking above the $0.61 zone rather than facing rejection. Consequently, analysts anticipate the MANA price to potentially rise to $0.82. Nevertheless, if a rejection occurs, a decline to the $0.50 support level in the cryptocurrency is possible.
SAND Prospects!
Technical analysis on the daily timeframe indicates that the Sandbox (SAND) price has been on the rise since March 11, rebounding from the $0.53 horizontal support area. Subsequently, the daily RSI broke out of the downtrend trendline, often signaling potential price breaks.
Additionally, SAND price breached a descending resistance line on April 4. However, analysts suggest that despite the breakout, the rapid phase of the increase has yet to commence. If the upward momentum persists, a significant resistance level could be encountered at $0.69, followed by $0.84. Conversely, if the rally loses steam, the SAND token price may retreat to the descending resistance line and the $0.53 horizontal support zone.
Similar to MANA, the daily RSI hovers just above 50, indicating an uncertain trend. However, the completed ABC retracement and the breakout from the resistance line slightly enhance the likelihood of a breakout. Consequently, the trend for SAND and MANA prices appears bullish, with an anticipated increase in April. Any rejection from nearby resistance levels could invalidate this bullish outlook and trigger a sharp downturn.
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