BeInCrypto examines the price evolution of seven different cryptocurrencies, including The Sandbox (SAND). Although the token hit a new all-time high, it fell back to a significant support / resistance level.
BTC has been trading inside an ascending parallel channel since October 20. It was recently rejected by its resistance line on November 10 and started its current bearish move.
On November 16, it hit the channel support line and the $ 59,700 support area. He had already deviated below this area on October 27 before recovering it.
Both MACD and RSI are down (red icons), supporting further bearish movement.
However, a short term rebound could occur before price falls below support.
ETH has been climbing above an ascending support line since September 27. This led to a new all-time high of $ 4,864 on November 10.
However, it has declined since then and collapsed from the upward support line on November 15.
It is currently trading just above the support level of the 0.382 Fib retracement at $ 4,030. If it were to collapse, the next major support would be found at $ 3,500.
On November 7, XRP broke out of the horizontal $ 1.25 zone and hit a high of $ 1.35 three days later.
However, he fell after this rally and the area did not serve as a support. Instead, it turned into a resistance again on November 15.
XRP also broke down from a short-term ascending support line (dotted) but rebounded to longer-term support (solid). As long as it is trading above this major support, the bullish structure remains intact.
The sandbox (SAND)
The sandbox (SAND) has risen above an ascending support line since November 10. This led to a new all-time high of $ 3.61 on November 17.
However, the upward movement could not be sustained and SAND created a long top wick (red icon). This is seen as a sign of selling pressure and caused SAND to fall below the $ 3.30 horizontal support area, which acts as the highest resistance ever.
If a further rejection occurs, the closest support would be found at $ 2.60 near the aforementioned ascending support line.
IOTA has been trading in a range between $ 1.18 and $ 1.50 since October 4. It recently rebounded twice to the support of this range (green icons) on October 27 and November 16. This created long, lower strands, which are normally seen as signs of buying pressure. .
Currently, IOTA is approaching the resistance zone of this range. If it does break out, the next resistance would be near the September highs at around $ 2.
Crypto.com Coin (CRO) has been on the rise since September 29. On November 15, it hit a new all-time high of $ 0.526. Despite pulling back after that, it still holds above the external Fib retracement resistance level of $ 1.61 to $ 0.39. This area previously served as resistance and should now serve as support.
The next resistance is found at the external 2.61 Fib retracement level near $ 0.58.
On November 16, Decentraland (MANA) bounced off the $ 2.81 horizontal support area (green icon). This is also the support level of the 0.618 Fib retracement.
This created a long lower wick as buyers pushed the price up.
MANA is once again approaching the horizontal resistance zone of $ 3.60. If he manages to get over it, he might start accelerating at a rapid pace.
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