After dropping from its November highs and poking its multi-month low in late January, the $3.3-level shunned all bullish recovery attempts. Despite this, the bulls have ensured higher troughs but failed to uphold the three-month-long trendline support (now resistance) (white, dashed).
Over the last ten days, MANA descended in a falling wedge (white) on its 4-chart. The price is now approaching a squeeze phase after a steep 24-hour surge. To propel a trend-altering rally in favor of bulls, a close above the $2.09-mark would be imperative.
At press time, MANA was trading at $2.08, up by 5.52% in the last 24 hours. The alt’s RSI struggled to overturn the 47-mark but revealed an underlying increase in buying pressure.
The Sandbox (SAND)
The recent up-channel rally from its long-term demand zone halted at the $3.6 resistance. Consequently, SAND was down by over 31% and plummeted toward its five-month low on 18 April.
The pitchfork tools’ upper trendline offered a strong resistance over the last five days. If the bears continue their selling spree, SAND eyed at a likely retest of the median (red) of the pitchfork. The $2.7-mark would be critical to determine the fate of SAND’s trend in the coming days.
At press time, the alt was trading at $2.7343. The RSI was near the midline while refraining from exhibiting a one-sided bias. Similar to MANA, SANDs ADX revealed a fragile directional trend as it still looked south.