The metaverse was one of the least-mentioned names in cryptocurrency, until recently, when some companies, including Facebook, announced plans to enter the space. That met with a lot of enthusiasm, with digital tokens connected to the metaverse developments attracting a lot of volume.

Decentraland’s native token, MANA, saw a surge, with the price jumping from a low of $0.75 on October 28 to a high of $5.0 within two days. The token subsequently hit an all-time high of $5.9 on November 25, as the metaverse craze continued. Another metaverse token that attracted investors was Sandbox’s SAND, which rose from a low of $0.78 on October 28, to an all-time high of $8.8 on November 25. Since then, ongoing weakness in the crypto scene has caused MANA/USD and SAND/USD to trade lower. 

But bullish signs are developing, and it’s time to consider the two metaverse coins for a potential buy, amid weaknesses in the crypto industry.

MANA/USD Settles at Key Support, Bullish Pin Bars Likely to Push Prices Up

MANA/USD Daily Chart – A Technical Outlook

On the daily chart, MANA/USD seems to have found support at $3.6, which acted as resistance during a bullish move that lasted until November 25. Prices have tested the level since December 3 and appear unlikely to break below it. Further confirmations of a bullish bias are provided by long bullish pin bars. They form a pin bar + inside bar combo above the support, which confirms a potential breakout to the upside. The 50 and 100 moving averages are currently acting as support. The 20 moving average is offering resistance, suggesting some potential continuation of consolidation before a bullish take-off.  

SAND/USD Finds Support, Attempting a Rebound from Bullish Signals

Having seen it surge strongly since Adidas Originals tweeted that it was adding The Sandbox to its ecosystem, it is fair to say that SAND/USD has somehow lost its traction. However, Sandbox is already lining up new developments, with the latest addition being the recently announced Snoop Dogg land that will feature 67 premium lands, 122 regular lands and three estates. These developments are positive for SAND in the metaverse space in the long run. The technical pointers also indicate a potential bullish move going forward.

SAND/USD Daily Chart Technical Outlook

Similar to MANA/USD, SAND/USD has settled at the support. There are clear bullish pin bars towering above the support, with a surge in price remaining muted by the 20-moving average. However, the 50 and 100 moving averages offer support, with the ongoing consolidation resulting in the formation of a pin bar + inside bar combo. The price looks steady at the $5.1 support, as the token has attempted to rebound, following a rejection of a further drop below this level. 

MANA/USD and SAND/USD Trade Idea

I project a rebound on MANA/USD and SAND/USD from the current levels. Both tokens remain supported by strong fundamentals, despite the recent drop, which was connected to the broader rout in the crypto industry. With the technical indicators showing bullish signals, I will buy both tokens at the current level, as long as their respective support levels continue to hold. However, we could see a bit more consolidation as more buyers join to push prices above the 20-moving average, and the crypto sentiment takes time to improve.  Good luck!