Metaverse Latest Situation: Sandbox & Mana Review

MetaversePlanet January 4, 2023Last Updated: August 14, 2024

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The start of 2023 has also been dynamic for metaverse coins. Regarding the leading metaverse coins, SAND from Sandbox and MANA from Decentraland, the situation is as follows:

Decentraland’s (MANA) short-term price forecast is showing a positive trend, bolstered by a bullish signal on the Relative Strength Index (RSI).

Meanwhile, the short-term price prediction for Sandbox (SAND) appears more emphatically bullish, primarily due to its divergence from the descending resistance line.

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Decentraland Short Term Price Forecast

Metaverse Latest Situation: Sandbox & Mana Review — Metaverse Latest Situation

Since December, Decentraland’s price has been trending below a descending resistance line. This downward trajectory resulted in a minimum price of $0.284 on December 30. Since then, the MANA price has been climbing, but it has yet to successfully breach the resistance line.

Despite this resistance, technical analysis indicators lean towards a bullish outlook. This is particularly evident in the Relative Strength Index (RSI), which has formed a significant bullish divergence (indicated by the green line). Such divergences often foreshadow upward movements. In this scenario, the Decentraland price could potentially break through the resistance line, aiming for the 0.5-0.618 Fibonacci retracement resistance levels, with a projected price range of $0.355 to $0.373.

It’s important to consider, however, that Grayscale owns 1% of MANA’s total market capitalization. Should the company need to liquidate a portion of its holdings, this could negatively impact the MANA token price. Consequently, a failure to surpass the resistance line might result in MANA dropping back below $0.30. A fall below the December 30 low of $0.284 would suggest that the trend remains bearish.

SAND Price May Increase 50%

Since peaking at $0.985 in November, the price of SAND has trended below a long-term descending resistance line, eventually reaching a low of $0.375 in January. Despite this bearish trend, there are indications of a potential relief rally.

Firstly, the SAND price has recently broken out from the descending resistance line, suggesting that the downward movement might have concluded. Additionally, the six-hour RSI has shown a significant bullish divergence and has crossed above the 50 mark.

The last time such a divergence occurred (indicated by the green, dashed line), the price of the SAND token increased by 23%. These factors suggest that an upward move towards the 0.382-0.5 Fibonacci retracement resistance levels, between $0.608 and $0.681, could be expected. However, a fall below the January 1 low of $0.375 (marked by the red line) could negate this bullish analysis for SAND.

Consequently, short-term price predictions for both SAND and Decentraland appear bullish. Yet, the outlook for SAND seems slightly more favorable, as it appears to have already broken away from the descending resistance line. A dip below the January 1 lows could challenge the bullish price predictions for these cryptocurrencies.