1 Decentraland price is currently trading at $0.3914 with a gain of 0.57% during the intraday session. 2 MANA price breaks out of the upward channel. 3 MANA price trades below 20,50,100 and 200-day EMAs. MANA price was in an uptrend since mid-July 2023, forming higher lows and hi...
- 1 Decentraland price is currently trading at $0.3914 with a gain of 0.57% during the intraday session.
- 2 MANA price breaks out of the upward channel.
- 3 MANA price trades below 20,50,100 and 200-day EMAs.
MANA price was in an uptrend since mid-July 2023, forming higher lows and higher highs, due to positive sentiment in the crypto market. The cryptocurrency price formed support at the $0.33 level and gained bullish momentum as the whole crypto market was surging due to BlackRock, an American multinational investment company, filing for Bitcoin Spot ETF.
As soon as the price reached nearly $0.445, it faced strong rejection which halted the upward move. After the rejection, the price gained bullish momentum and broke the upward channel. Recently, the price entered into a downtrend forming lower lows.
Currently, Decentraland price has formed support at $0.3850 as the previous candle closed bullish. The current candle has broken the high of the previous candle and is currently headed toward a resistance level of $0.4070.
If the price can rise above $0.42, then there is a possibility of a retest of the $0.4450 level but the current price action shows less chance of a bullish rally. If the price can break below $0.37, there is a possibility that it might melt down towards $0.33 causing a downfall of roughly 10.75%.
The daily active addresses count peaked on 23 June 2023, reaching 33,614, since then, there has been a sharp decline to 430, which is the current count. In the past 7 days, the daily active addresses are down by 67.74%.
The 24-hour trading volume has also increased by 6.74% while the market capitalization has also increased by 2.41% to $740,585,508. The price has slipped 93.37% from the all-time high of $5.90.
Will MANA Price Retest the $0.4450 Level?
The cryptocurrency price has slipped below 20,50,100 and 200-day EMAs, indicating that the price possesses bearish momentum. Chaikin money flow score is 0.08 implying that there is still strength left in the market.
The relative strength index has dropped below the 50 mark and currently trades at 47.80 denoting that the price is in neutral territory facing the same pressure from bulls and bears. The bands of Bollinger have contracted suggesting low volatility in the market.
The price has crossed below the 20-day simple moving average (SMA) of Bollinger bands and if the price faces rejection from the SMA, the price might head toward the lower band of Bollinger. The long/short ratio is 0.94 with 48.63% longs and 51.37% shorts signifying that there is dominance of bears and a high position of sellers in the last 24 hours.
Conclusion
The market structure and price action of Decentraland is still bullish but the price has broken the upward channel and has retested the trendline. The possible move might be toward the downside, melting toward $0.33.
Technical Levels
- Major support: $0.37 and $0.35
- Major resistance: $0.42 and $0.4450
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.