Is the season of the metaverse tokens open: MANA and SAND give bullish signals

The short-term picture for Decentraland (MANA) looks positive thanks to a bullish RSI signal. Sandbox (SAND) is even more determined, having made a bullish breakout of the Decentraland descending resistance line: is there a bullish breakout?. Its native coin is an ERC-20 MANA token. In Decentraland, users can buy and sell virtual lands, explore the Decentraland virtual world map, go to events, and even play casinos. According to the results of the technical analysis, the MANA rate has been declining along the descending resistance line since December 5. As a result, the price marked a low of $0.284 on December 30, but has been rising since then, although it has not yet broken through the resistance line. However, technical indicators still remain bullish.. This is clearly demonstrated by the RSI, which gives strong bullish divergence signals (green line). This kind of divergence often precedes a rise in price.. In this case, the MANA rate can make a bullish breakout of the resistance line and aim at the area of $0.355 – $0.373 (Fibo levels 0.5-0.618 correction). However, it should be remembered that 1% of the total market capitalization of MANA is owned by Grayscale.. If she still has to liquidate part of the assets, this may negatively affect the course of Decentraland. So, a price rebound from the resistance line can send the coin back under $0.30. Absorption of the low of December 30 at $0.284 will signal that the trend remains bearish. Source: TradingView The SAND rate can grow by 50% The Sandbox metaverse also runs on the Ethereum blockchain and allows players to create and monetize game content. Transactions on the platform are carried out using the service token of the ERC-20 SAND standard. The SAND peaked at $0.985 on Nov. 5 and has been declining since then, moving along a descending resistance line.. On January 1, the price hit a low of $0.375. However, despite this drawdown, there are several bullish signals that promise a relief rally for the coin. So, SAND made a bullish breakdown of the descending resistance line. This may be a sign of the end of the decline phase. In addition, the 6-hour RSI is giving strong bullish divergence signals and is already above the 50 mark.. The last time the chart showed a similar divergence (green, dotted line), the SAND rose by 23%.. This gives grounds to expect a potential price growth to the Fibo levels of 0.382-0.5 correction in the region of $0.608 – $0.681. Meanwhile, an absorption of the Jan. 1 low at $0.375 (red line) will cancel the bullish scenario for SAND. Source: TradingView Thus, the short-term scenarios for SAND and Decentraland are bullish. At the same time, the forecast for SAND looks a little more optimistic, since the price has already broken through the descending resistance line here.. In both cases, the fall of the rate below the January 1 level will neutralize the bullish scenario. Earlier, the editors of BeInCrypto collected the opinions of experts and their forecasts for the rates of Bitcoin, Ethereum and Ripple for 2023. Disclaimer All information contained on our website is published on the principles of good faith and objectivity, and for informational purposes only.. The reader is solely responsible for any actions taken by him on the basis of information received on our website.