The year 2022 is expected to be the year for the Web-3 projects or in general NFT’s. And hence the NFT’s been showcasing their capability since the beginning of the year. The year 2022 did not start with a huge bullish note but at least the asset continued to consolidate until the bears dragged the price a little lower during the previous day. However, the NFT’s are among the assets which rebounded within a very short time frame.
Decentraland (MANA) Price Eliminates Bearish Trend
The Decentraland (MANA) price consolidated for nearly a week and broke the strong support levels and dropped nearly 13%. While the other asset continued to plunge towards the lower levels, MANA price consolidated for a while before pulling a massive leg up. As soon as Samsung announced its collaboration with Decentraland to enter the Metaverse space, the MANA price spiked recovering the previous day’s loss.
With the remarkable recovery and consolidation ahead, the asset appears to swing within a bull flag. However, the price is currently consolidating within the flag and it is yet to reach the apex of the pattern. On the other hand, the traditional cryptos are also recovering to some extent and with building momentum, the MANA price may also break through the pattern and surge.
The Sandbox(SAND) Price Follows the Suit
Most of the cryptos were consolidating since the mid of Q4 2021 and were waiting for the right opportunity to slice through the consolidation. Yet the previous day extreme sell-off jumped in between and slashed the price more than 10%. However, the asset also quickly recovered within a couple of hours. And since then the sellers and buyers are fighting for their supremacy.
The SAND price in the long term is testing the crucial support and without receiving enough momentum, it’s hovering along with the same levels. However, the asset needs to test the crucial resistance levels at $5.59 and beyond which the uptrend may be reignited. Until then the price needs to sustain above these crucial levels and wait for an opportunity to rise above the consolidation.