Date: Sun, Nov 24, 2024, 09:45 AM GMT
The cryptocurrency market is showing bullishness as Bitcoin’s dominance begins to ease, dropping to 59% from its recent peak of 60.40%. This shift has allowed major altcoins, including Metaverse tokens, to catch the spotlight. Notably, Sandbox (SAND) and Decentraland (MANA) have experienced remarkable surges, rallying 59% and 39%, respectively, in the last 24 hours.
Source: Coinmarketcap
This sudden upward momentum in the Metaverse narrative, a trend that dominated the 2021 bull run, is sparking hope among investors after enduring a prolonged three-year downtrend.
Both tokens are on the verge of breaking through long-standing resistance levels, which could solidify a bullish trend if surpassed. Let’s look into the charts and patterns for each token to analyze the potential breakout levels and targets.
Sandbox (SAND)
As per the weekly chart (SAND-1W), $SAND is attempting to recover from its extended downtrend, forming a potential breakout pattern above the $0.78-$1.00 resistance range. The Relative Strength Index (RSI) has risen significantly, currently at 67.59, suggesting rising bullish momentum.
If SAND clears the $1.00 resistance, it could target $1.50 initially, followed by a stronger resistance level near $3.58.
Decentraland (MANA)
The weekly chart for $MANA showcases a similar scenario, with the token approaching a critical resistance zone at $0.67-$0.83. MANA’s RSI has climbed to 70.17, reflecting bullish sentiment.
A breakout above $0.83 could set the stage for a rally toward $1.11 in the short term and potentially $2.80 in the medium term.
What to Expect Ahead?
Both SAND and MANA are showing strong bullish signals, as indicated by their rising RSI levels and formation of double-bottom patterns. If these tokens manage to break through their respective resistance zones — $0.78-$1.00 for SAND and $0.67-$0.83 for MANA — we could anticipate a significant upside rally in the near term.
A breakout above these levels would confirm the reversal of their prolonged downtrends, potentially setting the stage for a robust recovery in the Metaverse sector. However, sustaining this momentum will require continued bullish sentiment, support from trading volumes, and favorable macroeconomic conditions.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
