Analytics

Decentraland price analysis: MANA rises above $2.03 support to set up bullish prospects | Cryptopolitan

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TL;DR Breakdown

  • Decentraland price analysis shows price on the up after 10 percent decline
  • Price rose as high as $2.08 to break support barrier
  • 24-hour trading volume dropped by 13 percent

Decentraland price analysis is shifting to bullish on today’s trade, as the token rose more than 2 percent over 24 hours to reach as high as $2.08. MANA hit a low bottom of $1.99 yesterday, after successive days of bearish trade took 13 percent away from price. Current resistance level is set at $2.18 which is well away from current price. However, it could be a realistic target if price can break the first pressure point at $2.09. Support lies at $2.03 and any movement downward will invalidate the bullish thesis.

The larger cryptocurrency market continued to decline, as Bitcoin fell down to $39,500 with a 3 percent downtrend. Ethereum also endured a slight dip, taking price below $3,000 for the first time this month. Ripple and Dogecoin dropped 1 percent each, taking price down to $0.72 and $0.13, respectively. Meanwhile, Terra, Polkadot and Solana also showed bearish signs, while Tron took the biggest hit in the market, dropping almost 6 percent over the past 24 hours.

Decentraland price analysis: 24-hour chart. Source: Trading View

The current relative strength index (RSI) sits at a lowly 37.52 to indicate a bearish last 48 hours for MANA as the RSI changes direction to show increasing market value. A slight bullish divergence can also be observed on the Moving Average Convergence Divergence (MACD) curve with the current trend heading towards the neutral zone. Over the next 24 hours, price is expected to target resistance at $2.18, while any movement below $2.03 support would invalidate the bullish thesis.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

   
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