The top cryptocurrencies were in the green zone as the bulls attempted to re-establish their vigor. As a result, BNB gained 3.5 percent in a 24-hour period while displaying bullish technical indicators. However, the directional trend remains weak as bulls attempt to regain control.
Metaverse tokens such as MANA and the Sandbox, on the other hand, experienced a pullback on their daily charts.
Binance Coin (BNB)
BNB has been rising between the two parallel lines for nearly five weeks, beginning on September 24. After a 65 percent rally in 39 days, the price broke through the upper channel on November 7 to hit a six-month high. The alternative generated a seven-week ROI of approximately 89 percent.
Throughout the week, bears consistently countered the rally by displaying resistance at the $648 level. The bulls, on the other hand, did not appear to lag, as the price traded at $645.7, above its 4-hour 20-50-200 SMA.
After steadily rising above the midline over the previous two days, the RSI favored the bulls. In addition, there was a bullish divergence between the RSI and price action. This reading suggested that bulls might be able to break through the immediate resistance. Furthermore, MACD flashed green, confirming the bullish intensity.
However, with declining trading volumes and a weak directional trend, a withdrawal is possible.
MANA price action experienced a pullback after experiencing exponential gains and reaching its ATH on October 28. The pullback resulted in a nearly 45 percent retracement until the bulls took control on November 11th. This bullish resurgence resulted in a descending wedge breakout as the price reached $3.8 on November 13th. MANA fell 11.83 percent in the last day as near-term technical indicators indicated an increasing bearish influence. MANA was trading at $3.2081 at the time of publication.
The RSI fell 20 points from above the overbought zone. Despite preferring buying power, it indicated a significant increase in bearish power. In addition, the MACD histogram flashed red signals as its lines approached a bearish crossover. Furthermore, the AO confirmed the previous findings.
The Sandbox (SAND)
From October 28 to October 30, the Ethereum-powered metaverse gaming token saw skyrocketing gains as a result of Facebook’s rebranding to Meta. SAND experienced an exceptional 349 percent rally, reaching its all-time high on November 3rd, shortly after the completion of its funding round. Following that, the sellers took control as the price experienced a nearly 17 percent retracement to date.
The alt fell 4.1 percent in the last 24 hours as short-term technicals indicated a bearish bias. SAND was trading at $2.8141 at the time of publication.
The RSI fell by 18 points in the previous day but remained above the midpoint. In addition, the MACD, while favoring buyers, indicated a possible bearish crossover. In addition, as it approached the zero line, the AO flashed red lights. Nonetheless, the DMI lines maintained their bullish influence.