It may be premature to claim a solid trend reversal until the bulls return to regain their lost supports. They still need to pour money into the increased trading volume to fuel a promising rally.
MANA forms an ascending triangle but cannot back it up with OBV rising. On the other hand, SAND and Axie Infinity seem to have slowed their recovery as they entered a period of low volatility.
Decentraland (MANA)
Source: TradingView, MANA/USDT
On its 4-hour chart, alt saw a breakdown from the down channel (yellow) after testing Control point (Red). Therefore, it dropped sharply until the $2.7 2-month support in a downward channel (white).
Then, after hitting a 5-week low on Jan. 10, the alt marked higher lows while maintaining a high of $3.02. Thus, forming an ascending triangle on its 4-hour chart. Now, the immediate test area is at the lower trendline (white).
At press time, MANA trades at $2.9459. The RSI retested 60 again before dropping deep below midline. At the time of writing, it leans towards neutral. Besides that, OBV does not mark a corresponding spike, implying a weak revival attempt. Besides, Squeeze Momentum indicates a period of low volatility in the short term.
Sandbox (SAND)
Source: TradingView, SAND/USDT
The SAND bulls failed to defend $6.03 as support after the alt saw a bullish wedge (green) breakout expected on its 4-hour chart. It saw a 39.64% retracement (from the December 26 high) until hitting a six-week low on January 10.
During the recovery phase, the 22.8% gain (from January 10) stopped at $5.17. Any further pullback will find support near the $4.44 mark. The 20-SMA (red) acted as a great resistance during the past day as the bulls struggled to resist it.
At the time of writing, alt trades at $4.7935. The RSI has been at 46 and has been standing weakly near balance for the past three days. It shows a slight downtrend. While DMI hint of a discount hobby, ADX showing a weak directional bias for SAND.
Axie Infinity (AXS)
Source: TradingView, AXS/USD
The Ethereum-powered gaming cryptocurrency has recorded a 6.53% gain across its charts over the past 24 hours. Since hitting ATH on Nov 6, AXS has continuously declined with a loss of $121.1 and a range of $161.5.
The January 5 sell-off caused AXS to lose three-month support (now resistance) at $79.4. With the recent (white) bearish channel breakout, alt has regained 23.3% of its value from (from Jan 10) and rallied above 20-50 SMA.
At press time, AXS trades 51.7% lower than ATH at $79.33. The RSI has seen a solid upside but has dropped out of the overbought zone and shows signs of slowing down. Besides, DMI lines represent trends for buyers, but ADX weak. This reading indicates a fundamentally weak directional bias for alt.