The Metaverse Tokens MANA And SAND Price Analysis For December 12th
The Metaverse token gained a huge popularity this year ever since the major rebranding of facebook to META. Though the year is about to end, these Metacoin are only gaining more recognition from investors across the globe, suggesting the future looks bright for them.
MANA Roken Price Gave Bullish Breakout From An Desending trendline
Source- MANA/USD chart by Tradingview
An desending trendline was leading this short-term downtrend in MANA token which had plunged the token price to the $3 mark. The price retested this overhead resistance several times before giving a strong breakout on december 12th.
However, even though the price gave bullish breakout from the resistance trendline, there is a still confluence of the 50 and 200 EM, which would provide strong resistance to the price and therefore the crypto should wait for price to overcome this resistance before
The crucial EMAs(20, 50, 100 and 200) supports a downtrend in this lower time frame chart, Moreover, the 50 EMA which was earlier acted as a dynamic support to the price is not flipped to resistance level,
The Relative strength Index(55) show significant bullish divergence in its chart, indicating the bull are growing in strength.
SAND Token Needs To Breach The $6 Resistance To Initiate Its Recovery Phase
Source- SAND/USD chart by Tradingview
The last time when we covered SAND/USD technical analysis, the token price was resonating within a symmetrical triangle pattern in the 4-hour chart. As a recap of the price action since then, it gave a bearish fallout of the triangle and led to a downfall close to the $4.5 mark.
However, the falling prices found demand near the support zone slightly above the 50% Fibonacci retracement level at $4.5. This results in a bullish recovery with a 10% growth in the past two days.
The gaming token will generate an excellent entry opportunity with the breakout of the $6 mark which stands as a crucial resistance level in terms of price action and psychological mark. Moreover, the rising EMAs in the 4-hour timeframe, showcase a bullish crossover possibility of the 50 and 100-period averages. The crossover will increase the bullish attention for this token,Source