Source : ambcrypto.com
The top cryptos were in the green zone as the bulls tried to re-demonstrate their vigor. As a consequence, BNB saw a 3.5% 24-hour increase while projecting bullish technical indications. However, the directional trend stands weak as bulls try to find their ground.
On the other hand, metaverse tokens like MANA and the Sandbox saw a pullback on their daily charts.
Binance Coin (BNB)
Since 24 September, BNB elevated between the two parallel lines for nearly five weeks. After a 65% 39-day rally, the price snapped the upper channel to poke its six-month high on 7 November. The alt registered an approximately 89% seven-week ROI.
Over the week, bears constantly countered the rally by showing resistance at the $648-mark. However, the bulls did not seem to lag as the price traded at $645.7, above its 4-hour 20-50-200 SMA.
The RSI favored the bulls after steadily arising above the midline over the past two days. Also, a bullish divergence occurred between the RSI and price action. This reading implied that bulls could potentially breach the immediate resistance. Furthermore, MACD flashed green signs while reaffirming the bullish intensity.
However, with decreasing trading volumes and a weak directional trend, a possible withdrawal could occur.
After seeing exponential gains and encountering its ATH on 28 October, MANA price action saw a pullback. The withdrawal resulted in nearly 45% retracement until the bulls took over on 11 November. This bullish revival caused a descending wedge breakout as the price hits the $3.8-mark on 13 November. Over the last day, MANA saw an 11.83% decline as the near-term technical indications pointed at increasing bearish influence. At press time, MANA traded at $3.2081.
The RSI took a 20 point dip from above the overbought region. Although preferring the buying power, it pointed at a significant increase in bearish power. Also, the MACD histogram flashed red signs while its lines were on the verge of a bearish crossover. Additionally, the AO confirmed the previous findings.
The Sandbox (SAND)
From 28 October, the Ethereum-powered metaverse gaming token saw soaring gains driven by Facebook’s rebranding to Meta. SAND saw an exceptional 349% rally as it touched its ATH on 3 November, shortly after the fruition of its funding round. After which, the sellers took the reins as the price observed a nearly 17% retracement to date.
The alt registered a 4.1% decline in the last 24 hours as near-term technicals suggested a bearish preference. At press time, SAND traded at $2.8141.
The RSI plunged by 18 points over the last day but stood above the midline. Also, the MACD, although preferring the buyers, depicted a possible bearish crossover. Additionally, the AO flashed red signs as it approached the zero line. Nevertheless, the DMI lines continued to show bullish influence.