NewsletterDecentraland (Mana) Price : Bulls Must Regain $2.50 To buck The Downtrend
Decentarland (Mana) price trades in a tight range on Tuesday. At the time of writing, the Decentraland is trading at $2.11 with a 24-hour trading volume of $497,095,976 USD.
- Decentarland (Mana) price locks-in gains on Tuesday.
- A decisive close above $2.50 is a prerequisite for the likely reversal in the price.
- Double support around $1.80 giving bulls a thumbs up.
Double bottom on 4-hour chart sign of reversal
On the 4-hour chart, the formation of ‘double bottom’ pushes MANA price to the horizontal resistance line near $2.10. This also coincides with the crossover of 20 DMA at $2.08.
The price retreated more than 45% from the highs of $3.18 and tested the lows of $1.70 on Friday. After the formation of a ‘Doji’ candlestick, the bulls face multiple rejections near the mentioned resistance level.
The Daily Relative Strength Index (RSI) has given the bullish cross-over on Saturday and reads currently at 47. Another momentum oscillator the MACD (Moving Average Convergence Divergence) trades below the midline still posing challenges for the bulls.
A daily close above $2.50 would encourage the MANA buyers to flex their muscles towards the $2.80 horizontal resistance zone.
On the flip side, if the price sustains below the session’s low then it could first test the lows made on the previous day at $1.80. Traders could further liquidate their position once the double support formation breaks to meet the levels last seen in October at $1.28.
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