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Decentraland (MANA) Leads Crypto Market Gains, Here’s Why

Decentraland (MANA) is currently ahead of the rest of the crypto market after seeing almost double-digit gains in the last day. This incredible recovery comes at a time when the broader crypto market is following in the steps of Bitcoin and shedding most of its first quarter’s gains. So what could be driving the price increase of MANA?

Rumors Of Apple Metaverse Circulate

The rumors about Apple’s very own metaverse first started circulating on Monday when a Twitter user made a post about it. In the tweet, Idi Wertheimer pointed to the fact that tech giant Apple was allegedly launching its own mixed-reality headset. As a result, Wertheimer believes that metaverse coins are going to start pumping based on this news.

Rumors about Apple working on its own metaverse didn’t just start now as it has since been speculated that the company would build one to compete with Meta’s (formerly Facebook) Oculus series. However, Apple has never confirmed nor denied if it was working on its own metaverse.

Research on our end turned up an article from a website called Tom’s Guide which points toward the tech giant’s plans to enter the virtual and augmented reality space. But instead of the anticipated Apple Glasses, the article refers to an entirely new device which is rumored to be called ‘Reality Pro’.

While Apple fans have waited long for a launch of VR/AR devices, venturing into the sector hasn’t been backed internally from all indications. Previously, executives reportedly vetoed the design team which believed that the device is not yet ready for launch. But it remains to be seen if the company will follow through and launch the device

Decentraland (MANA) price chart from TradingView.com

Decentraland (MANA) Picks Up Steam

With the rumors of Apple launching its own metaverse picking, the price of MANA, one of the largest metaverse projects in the crypto space, has been seeing positive reversals. Despite the low momentum in the market, MANA has been able to rise over 9% in the past day. This recovery has brought the MANA price back above $0.5 and its trading volume surged to $161.4 million during this time as well.

Decentraland (MANA)

MANA is not the only token to have benefited from the Apple rumors. Another metaverse token The Sandbox (SAND) has been on the rise as well. SAND is up 3.98% in the last 24 hours, enabling it to beat the resistance at the $5.2 level.

It is rumored that Apple’s device will drop at the WWDC 2023 event held later this year. If this happened, then the price of metaverse coins could explode leading up to the event, as well as after it.

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ETH Whales Scoop Up SAND – Up Nearly 80% – For Its Highly Bought Crypto Menu

The Sandbox is one of the leading players in the GameFi space. Its native token SAND is now going down the net of ETH whales as the altcoin rally continues into its third week. According to CoinGecko, the token has gone up by 76% in the past two weeks. 

ETH whales are also adding fuel to this fire, accumulating SAND and including the crypto on its top 10 tokens bought in the past 24 hours. Along with the recent release of Game Maker 0.8, The Sandbox ecosystem is expected to continue to be a dominant player in the GameFi space. 

More Support From ETH Whales 

The whale buying spree has effectively pushed the price of SAND up on the broader market market. Looking at the charts, the token is up almost 80% in the past two weeks. This in turn made the token test the $0.7540 price resistance level. 

On top of the whale buying spree, the release of Game Maker 0.8 certainly has an effect on the token. According to the development team’s Medium post, this upgrade brought features that were requested by the community in the past. 

eth whales

New multiplayer gameplay features, new lighting and post-processing effects, and the addition of audio and video streaming on the platform will certainly bring more attention to the platform and the GameFi space. With gaming companies noticing the power of Web3 development, platforms like The Sandbox will continue to rise in popularity. 

Is SAND Standing On Solid Ground? 

As the time of writing, the token is changing hands at $0.7044. With crucial support at $0.5015, this may be enough for SAND to sustain higher highs and higher lows. ETH whales should be careful, however, as a break below the $0.6327 support would delay a possible break above $0.7540. 

Bitcoin’s current strong momentum is being reflected by the token in the short to medium term as well. This means that if ever BTC – the world’s biggest crypto asset in terms of market cap – continues its momentous climb to breach the $21,500 resistance, SAND would see gains above $0.8626 which would wipe the losses that occurred when crypto exchange FTX collapsed. 

A breakthrough like this would trigger a bigger rally. However, if the rally is met with resistance, investors and traders should consolidate above $0.6327 to support further bullish movement in the coming days and weeks. 

Improvements in the macroeconomic situation should also help SAND’s price to secure crucial consolidation levels. With inflation seemingly going down, the ecosystem and SAND would benefit from its high correlation with Bitcoin and Ethereum.  

-Featured image: Screen Rant

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SAND Experiences Increased Selling, But Traders Should Short At This Level

SAND, the SandBox, has been free-falling since the month of August. The coin has registered a severe decline in demand, which has caused the crypto to lose further value. The asset has pierced through various support levels over the past few months. It lost 2.2% of its value in the last 24 hours.

Over the past week, the coin has depreciated in double digits, which has caused the coin to reach a multi-month low on the chart. The technical outlook displayed that the coin has received very little demand, and the buyers have exited the market.

The consistent fall in demand can be attributed to major market movers faltering on their respective charts. Support from the broader market remains crucial for The Sandbox (SAND) to recover.

The technical outlook still points to the coin losing further value, which indicates that sellers can liquidate the asset and purchase it when it dips to sell it again when the value rises. The trading volume in Sandbox declined, indicating that the bears were in charge of the market.

SAND Price Analysis: One-Day Chart

SAND

The coin was exchanging hands at $0.43 at the time of writing. SAND has been unable to maintain a price above $0.50 since the coin lost the $0.70 price. If The SandBox price stood above the $0.50 level, then there was a chance that the coin could propel the price further.

Presently, the immediate resistance for the asset stands at $0.53. The price of crypto will rally if it breaks above $0.53. Conversely, if the altcoin dips, the first fall would be to $0.40 and then to $0.36.

The zone between the $0.40 and the $0.30 can prove beneficial to traders as that would present a shorting opportunity. The amount of SAND traded in the last session was low, leading to increased sales.

Technical Analysis

SAND

SAND did not recover from the declining buying pressure throughout the month of December. The asset was now in the oversold zone.

The Relative Strength Index (RSI) was at the 20 mark, which is undervalued territory. This indicated that the bears were still dominating. Usually, a visit to the oversold zone means that the price will bounce off to the upside.

The asset price fell below the 20-Simple Moving Average (SMA) line, which meant that the sellers were driving the price momentum in the market.

SAND

The other technical indicators also pointed towards the coin dipping, confirming that sellers could now benefit.

The Directional Movement Index (DMI) was negative as the -DI line was above the +DI line; the indicator detects the price direction and momentum in the market.

The Average Directional Index (ADX) was slightly above the 20-mark, which meant the price momentum for the asset was still low. The Parabolic SAR indicates the asset trend; the indicator was above the price candlestick, which meant that the coin depicted a downtrend.