• Decentraland (MANA) and The Sandbox (SAND) are the biggest crypto gainers today.
• Decentraland (MANA) is an ERC-20 token and LAND is a non-fungible ERC-721 token that are critical to the success of the Decentraland project.
• MANA/USD is currently facing a rejection offered by the 50-day SMA as bulls attempt to flip this resistance into support.
Cryptocurrency markets have been on a rollercoaster ride this past week, with the global cryptocurrency market capitalization standing at $822.98 billion on Sunday, January 8, down 0.24% from the previous day. Despite this, some projects have been able to record impressive gains, with Decentraland (MANA) and The Sandbox (SAND) emerging as the biggest crypto gainers today.
Decentraland is a popular Metaverse platform that runs on the Ethereum ecosystem. It uses two tokens – MANA, an ERC-20 token, and LAND, a non-fungible ERC-721 token – both of which are critical for the success of the Decentraland project. At the time of writing, MANA is trading for $0.36, up 19% in the last week and 9% in the last fortnight.
The bullish trend of the MANA token is expected to continue, with the token attempting to break past a consolidation below the $0.35 level. Currently, the price is facing a rejection offered by the 50-day SMA as bulls attempt to flip this resistance into support. If they succeed, MANA price will set its eye on the next resistance levels around the $0.40 and $0.45 marks.
The Sandbox is another project that has seen significant growth in the last few days. The blockchain-based virtual world allows its users to create, own, and monetize their own virtual worlds and gaming experiences. The SAND token is currently trading at $0.46, up 6.5% in the last week and 21% in the last fortnight.
Other projects that are recording impressive achievements in their presale stages are FightOut, Dash 2Trade, Calvaria, and RobotEra. With the cryptocurrency market becoming increasingly crowded, projects like these will be worth watching in 2023.