Perfect Storm? MANA Price Chart Retracement Up 128% but Decending Triangles Bad News for Metaverse Coins

1 min read

decentraland metaverse
Are we in the eye of the perfect storm? The Terra/LUNA collapse has governments scrambling to institute regulations and oversight in the stable coin & crypto markets. The outlook for Metaverse leaders MANA & SAND aren’t spectacular, but price will retrace. Although not as fast as it tanked, bulls need to get a glove and get back in the game.

Decentraland, Sandbox Tokens May Dip Below $1 Again

MANA and SAND could suffer another correction to collect the liquidity needed for a new uptrend to begin.

Decentraland, Sandbox Tokens May Dip Below $1 AgainShutterstock cover by PopTika

Key Takeaways

  • Decentraland has risen by more than 128% since May 12.
  • Meanwhile, SandBox saw its price increase by 60%.
  • MANA and SAND remain on shaky grounds despite the recent gains.

Decentraland and Sandbox have recovered from the downswing seen on May 12. Still, these tokens have yet to collect enough liquidity to advance toward higher highs. 

Decentraland and Sandbox Look Weak

Metaverse tokens MANA and SAND look primed for another downswing as trading volumes dry up.

Decentraland has enjoyed a significant rebound after printing a low of $0.6 on May 12. Since then, MANA surged more than 128% to reclaim the psychological $1 support level and recently hit a high of $1.37. Despite the impressive price action, it appears the token lacks the buying pressure to advance further. 

MANA has reached the bearish target presented by a descending triangle that has developed on its three-day chart. But given the current market conditions, Decentraland could revisit the recent lows at $0.6 before collecting enough liquidity to advance further. 

More MANA News: Is MANA in “Dead Cat Bounce” Recovery?

A sustained three-day close below the $1 support level can serve as confirmation of the pessimistic outlook. 

Decentraland price chart
Source: TradingView

Sandbox also looks like it could dip below $1 again. Although SAND surged by nearly 60% after hitting a low of $0.96 on May 12, it has yet to meet the bearish target presented by a descending triangle that developed on its three-day chart. 

Further selling pressure could see the Metaverse token slice through the $1.12 support level to reach $0.70. 

SandBox price chart
Source: TradingView

It is worth noting that a spike in buying pressure around the current price levels could help Decentraland and Sandbox invalidate the pessimistic outlook. MANA would have to claim $1.48 as support to encourage sidelined investors to reenter the market and push its price to $2. Meanwhile, SAND would have to slice through the $1.80 resistance level to surge toward $3.26. 

Get informed with a free “Beginners Guide to Crypto & Defi” here

Via this site