Price Analysis

NFT’s Uplift The CryptoSpace Amid Bear Market, MANA & SAND Price Surge High

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Highlights

    Mana price dropped significantly, yet recovered loss very quickly within a very short time by nearly 20%

    Similarly, the SAND price spiked around 30% after suffering a loss of around 17% as the crypto space encountered a significant dump

The traditional cryptos after trembling with down are yet to recover from the losses. Regaining the earlier positions currently appears to be pretty tough as Bitcoin price is trending with negative gains of nearly 5.5%. Many altcoins including DeFi tokens and NFT tokens are following its trend. But popular NFT’s like Decentraland (MANA) price & The SandBox(SAND) price rejected the bearish trend to record notable gains.

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MANA Price Heading Towards $4 

Decentraland price is gaining huge traction in recent times as the asset is showcasing extreme bullish tendency. Despite the price trembling a couple of times, yet it sustained above $2 and rebounded with intensified pace. Currently, the platform’s trading volume has spiked more than 58% recording more than $3 billion. And hence the building buying pressure is uplifting the price above the resistance levels. 

manapc
Source: Tradingview

The asset after attaining the monthly highs at $3.8, initiated to follow a downtrend, compelling the asset to trend within a falling wedge. However, the price flipped the bearish divergence a couple of hours before and broke the channel to surge high. The RSI also showcased a flip from the bears and the MACD also points out mounting buying pressure. And hence the NFT token could spike high in order to form a new ATH very soon.

SAND price’s Trading Volume Spiked More Than 230%

The SandBox’s market capitalization just spiked nearly 16% as the price recovered from the fresh sell-offs. The asset remained below the average price and spiked heavily to trend very close to its ATH. The SAND price including minor pumps and dumps is marching towards its ATH. 

sandprice

The price with the fresh spike has broken out from the descending channel and ranging towards its highs. It would be not surprising if the asset smashes new highs in the coming couple of hours. The price needs to test the $3.5 resistance comfortably in order to clinch new highs in the coming days. The RSI and MACD both appear pretty bullish pointing towards the mounting buying pressure. Also, the surging volume may also hint towards new highs on the horizon. 

While the other cryptos are struggling very hard to recover the loss, MANA price and SAND price jumped out of consolidation. The spike could continue further as the traders appear to be extremely focused on both NFT’s. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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