Decentraland (MANA) Price Bulls Keep An Eye On $2.70

By Rekha chauhan
January 28, 2022 Updated January 28, 2022
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SAND And Mana Price Analysis: Metaverse Tokens Positive Today

Decentraland (MANA) price treading water on Friday. The buyers seek an upside of 38% as the price is trading above the 200-DMA for the past seven days. At the time of writing MANA/USD is trading at $2.27, up 0.05%. The risk-aversion among investors took a toll on the riskier assets.

  • Decentraland price trades in the familiar range on Friday.
  • MANA manages to hold near the lower levels, expects a rebound.
  • Bulls remain hopeful above the 200-DMA.

MANA looks for weekly highs

On the daily chart, the formation of ‘hammer’ candlestick just above the 200-DMA puts the bulls on the front foot. The consecutive ‘Doji’ candlesticks indicate that sellers are losing their holds on the price action.

Source: Trading view

The descending trend line from the highs of $5.91 on November 25 acts as a strong resistance barrier for the bulls. Moving further, the price dropped below the 50-DMA at $3.68 on December 28. MANA records a fall of 54% and the sellers took a breather at the 200-DMA on January 21.

The momentum oscillator, the daily relative strength index (RSI) reads at 36 while on the edge of a bullish crossover. If that happens the interim target is placed at the bearish slopping line at $2.72.

A decisive close above the mentioned level could next meet the upside level at the horizontal resistance level at $3.00

On the flip side, if the price drops below the 200 DMA then MANA could dive up to the lows of $1.284 made on October 30.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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