What to expect in MANA and SAND prizes this week?
While the overall market slumped in November, Metaverse-related assets on the charts continued to rebound. In the past few days, both MANA and SAND hit new all-time highs. While both are expected to correct soon, the overall trend in the market is recovering, with Bitcoin and ETH testing immediate resistance levels.
This article analyzes the short term price targets for these metaverse tokens and tries to estimate what could happen in the upcoming trading sessions.
Token Metaverse 1: MANA
Source: trade view
In November, MANA rose exponentially on the price chart. This altcoin jumped from just $ 0.7 to $ 5 in 2 months. Hence, it is perfectly reasonable to predict a correction that could occur in the future. Some models are currently under construction.
Over a longer period of time, an ascending channel appears to form that could eventually lead to a correction. However, the most recent rally came on a head and shoulders pattern with a bullish breakout.
So in terms of positioning structure, it is very likely that MANA will retest the range between $ 5.45 and $ 5.9 very soon. If the asset can close above $ 5.9 it will return to the pricing zone, resulting in a new all-time high (ATH).
As the Relative Strength Index builds buying pressure and the Moving Averages (MAs) show fundamental support, the trend for the MANA looks strong.
Token Metaverse 1: SAND
Source: trade view
At SAND, the trend is even stronger, as the token is now only a few beats away from the previous ATH level. As the asset oscillates within a rising expanding wedge (downward pattern), both the 20 exponential moving average (EMA) and 50 MA act as support.
In addition, the RSI also suggests a retest of the buying dynamics as there is no bearish divergence between the price and the indicator.
Currently, SAND has a better chance of testing ATH soon. Additionally, the $ 10 target is not too far off as per the expanded Fibonacci levels.
According to current Metaverse sentiment and trends, unless the general bull market collapses, these tokens will continue to rise.
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According to AMBCrypto