Metaverse tokens have seen quite a bit of the year, with coins guaranteeing a large ROI and particularly bullish this month. These metaverse coins have moved up their charts, showing bullish sentiment at press time. Over the past 24 hours, SANDBOX is up 5.5%, while Decentraland is up 3.9%.
These coins have encountered a rebound and have succeeded in undoing some of the losses they have suffered over the past week. At press time, SAND is trading for $6.08 and MANA is changing hands at $3.38.
SAND/USD . 4-hour chart
SANDBOX has been trading in a descending price channel. The coin over the last 24 hours broke out of the descending channel. The spot price stands at $6.33, well above where the coin might attempt to trade near the $6.80 price mark.
On the downside, reduced buying will push the SAND to $5.61 and additional support lines at $4.86. The sandbox is bullish since December 23 and the coin maintains a bullish stance.
The Relative Strength Index edged up slightly above the halfway mark, indicating a bullish bias as buyers entered the market after the sell-off period. MACD blinks green histogram after a bullish crossover giving a signal of northward price action in the market.
Awesome Oscillator shows a green histogram in line with the bulls in the market.
Four-hour chart MANA/USD
Decentraland has been trading at $3.38 after it gained 3.8% in the past 24 hours. The upper resistance level of this coin is at $4.01 and the support line is at $2.94. In the short-term, technical indicators show a bullish bias. If the coin maintains its bullish stance, MANA can set a target of 17% growth in future trading sessions.
MANA has fluctuated. However, the coin has also shown a full recovery on its charts. The $2.94 level has acted as strong support for the coin for quite some time this month.
The Relative Strength Index moved slightly above the halfway mark as the coin saw buyers enter the market following the sell-off. MACD appears a green histogram following positive price momentum in the market.
The Directional Movement Index is falling and has not yet shown a bullish crossover. However, the ADX indicator shows that the price trend is weakening. This reading indicates that a price reversal is possible.