Bitcoin has staggered over the recent days, consistently plummeting after hitting the $50,000 mark. Most altcoins in the crypto industry lurched as BTC dropped more than 3% within the last day. Furthermore, the fear index displayed massive fear, confirming possible downswings in the crypto space. Sandbox, Decentraland, and Algorand lost considerable value, trading more than 7% lower since yesterday.
MANA/USD 4Hr Chart
Decentraland (MANA) has displayed bearishness since November ended. The metaverse coin traded on a decent downward channel. It has created a descending triangle over one week, confirming the bearish momentum in the market.
While writing this content, MANA exchanged hands at $3.12 with local support at $2.54, and the closest price ceiling rested near $4.62. The asset’s price remained under the 20-Simple Moving Average, showing selling pressure dominating the market.
The Relative Strength Index struggled to stabilize beyond the half-line, and the indicator plunged to the negative region as sellers resurged. NACD presented a massive bearish move after witnessing a bearish cross and flashed a red histogram while publishing this article.
SAND/USD 4Hr Chart
Sandbox (SAND) declined by 7.8% within the past 24 hours. The metaverse token has declined steadily after witnessing a massive correction from the 78.6% FIB level. While publishing these updates, SAND traded at $4.81.
SAND had its price falling under the 20 Simple Moving Average, indicating a continued bearish move. The crypto’s immediate resistance was around 23.6% FIB level at $5.66. On the other hand, the coin’s support stood at $4.02.
The RSI appears weak as the crypto dropped under the half-line towards the negative territory. That came as selling pressure intensified over the past 24 hours. The DMI displayed bears’ preference at this publication.
ALGO/USD 4Hr Chart
Algorand (ALGO) has had a somewhat loose performance as the crypto’s price moved within descending channel’s confines over the past week. The last day saw the coin losing 7.2% to trade at $1.26. A decline from ALGO’s current level will see the token near $1.19. Keep in mind that ALGO has not plunged under this mark since 2021 September.
Algorand has seen sellers dominating since last month. OBV dropped as selling momentum rose. Moreover, the Awesome Oscillator displayed bearishness.
