While the collective market has undergone a strong decline in November, Metaverse-related assets continue to rise on the charts. Over the course of the last few days, Decentraland and Sandbox have both hit new all-time highs on the charts. While both these tokens are expected to undergo immediate corrections, the collective trend is recovering, with Bitcoin and Ethereum testing their immediate resistances.
In this article, we will analyze the immediate price target for these Metaverse tokens and try to estimate what’s in store for them over the upcoming trading sessions.
Metaverse token 1: Decentraland
The month of November has seen MANA surge exponentially on the price charts. The asset literally jumped from $0.70 to $5 in a span of two months and hence, possible corrections going forward is an appropriate expectation. Right now, there are a couple of patterns in play.
Over the longer timeframe, an ascending channel seems to be forming, one which may eventually lead to MANA corrections. However, the latest surge took place after a Head and Shoulder pattern resulted in a bullish breakout.
Therefore, as far as positioning structure is concerned, there is a strong possibility MANA re-tests the range between $5.45-$5.90 very soon. If the asset is able to close above $5.90, it will undergo price discovery yet again, which may lead to new all-time highs.
With the Relative Strength Index building buying pressure and Moving Averages picturing underlying support, the trend seemed strong for MANA tokens.
The Sandbox play
With Sandbox, the trend has been even stronger, with the token only a few breaths away from its previous ATH level. While the asset is oscillating within an ascending broadening wedge (A bearish pattern), both the 20-period Exponential Moving Average and 50 period-Moving Average are acting as supports.
Furthermore, the RSI suggested a re-test in buying momentum as well since there was no bearish divergence between price and indicator.
Now, Sandbox is presently representing a better chance of testing its ATH soon and according to the Fibonacci Extension lines, a possible $10 target will be reached for the token.
In light of the current sentiment and trend surrounding the Metaverse, these tokens will continue to gain unless the larger bull market sees a trend fracture.