Claim BonusDecentraland Price Analysis: MANA Token Survive Crypto Bloodbath With Its Bear Trap
The Decentraland token technical chart indicated the price is still under the correction period. The recent selling pressure in the market plunged the price below the $3 support. However, a sudden spike in buying pressure resulted in a fakeout from this bottom support. Moreover, a piece of positive news for MANA investors is Samsung Taps into the Metaverse using Decentraland.
Key technical points:
- 100-day SMA provides strong support to MANA token
- The 24-hour trading volume in the Decentraland token is $2.49 billion, indicating a 214.6% gain.
Source-Tradingview
Previously when we covered an article on Decentraland token, the pair provided a bullish breakout from a falling wedge pattern. The price initiated a short rally but couldn’t surpass the $3.5 resistance. Facing strong supply pressure from above, the price dropped back to the last support of $3.
On January 5th, the intense sell-off in the crypto market violated this crucial support and provided a daily candle closing. However, buyers stepped in the next day and pushed the price back above with a 15.5% bullish candle.
However, the overall trend for the MANA token is still bullish as the price is trading above the 100 and 200 SMA. However, the 20 and 50 are on the bear side, providing resistance to this price.
The daily-Stochastic RSI shows recovery signs from the oversold region. The indicators also present a bullish crossover between the K and D lines, supporting a bullish momentum.
MANA token Rally Need To Surpass The $3.9 Resistance
Source- Tradingview
Today, the MANA price is retesting the $3 mark to identify sufficient support. If the token sustains above this level, the crypto can look for a bullish opportunity hoping the price reaches the $3.9 mark.
Anyhow, the $3.9 resistance is formidable resistance for this token, and to begin a proper recovery rally, the price has to reclaim this level.
The important horizontal resistance levels are
Resistance – $3.9 and $4.28
Support- $3 and $2.45
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Trump Tariffs: U.S. Supreme Court Sets February 20 for Potential Tariff Ruling
- Brazil Targets 1M BTC Strategic Reserve to Rival U.S. Bitcoin Stockpile
- Breaking: U.S. CPI Inflation Falls To 4-Year Low Of 2.4%, Bitcoin Rises
- Bitget Launches Gracy AI For Market Insights Amid Crypto Platforms Push For AI Integration
- BlackRock Signals $257M Bitcoin and Ethereum Sell-Off Ahead of Partial U.S. Government Shutdown
- Bitcoin Price Outlook As Gold And Silver Lose $3.6 Trillion in Market Value
- XRP and Ethereum Price Prediction as Trump Seeks to Lower Key Tariffs
- Solana Price Prediction as $2.6 Trillion Citi Expands Tokenized Products to SOL
- Bitcoin Price Could Fall to $50,000, Standard Chartered Says — Is a Crash Coming?
- Cardano Price Prediction Ahead of Midnight Mainnet Launch
- Pi Network Price Prediction as Mainnet Upgrade Deadline Nears on Feb 15
