Hopes can be rekindled after prolonged declines in Decentraland (MANA) and Sandbox!
Decentraland (MANA) price has fallen within a descending parallel channel since Feb. Such channels often contain corrective moves, which means that a bullish breakout can be expected?
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On April 1, the MANA token price broke out of the channel. This succeeded an RSI breakout from the bearish trendline. However, the price failed to climb above the $0.61 resistance area. The attempt may need to be successful for the trend to be considered bullish. While the daily relative strength index (RSI) has not climbed above 50, the completed ABC correction inside the channel indicates that a breakout from the $0.61 zone is more likely than rejection. For this reason, it was stated that the MANA price could rise up to $ 0.82. However, if a possible rejection occurs, a drop to $0.50 support could follow in the cryptocurrency.
Technical analysis on the daily time frame shows that Sandbox price has increased since March 11, when it bounced back to the $0.53 horizontal support area. Shortly after, the daily RSI broke out of the downtrend trendline. This can often be a sign that precedes price breaks. Also, SAND price broke out of a descending resistance line on April 4. However, it has been suggested that despite the breakout, the rapid part of the increase has not yet started. If the upside continues, there could be a strong resistance at $0.69. This is the last resistance area before $0.84. Also, if the rally loses momentum, the SAND token price could drop to the descending resistance line and possibly the horizontal support zone of $0.53.
Similar to MANA , the daily RSI is just above 50, a sign of an uncertain trend. However, the completed ABC retracement and a break from the resistance line may slightly increase the likelihood of a breakout. As a result, the SAND and MANA price trend is bullish and an increase is expected in April. A rejection from the nearest resistance areas could invalidate this bullish forecast and trigger a sharp decline.