Decentralised price slumps down on Tuesday after the failure to hold the previous session’s high at $3.18. Buyers manage to pull back from the lower levels, which is keeping the reversal sentiment intact. However, the expected bounce back from the current levels needs confirmation from other technical formations.
- Decentraland (MANA) price extends the previous session’s loss.
- Seller’s halts near the multi-month support zone of $2.84.
- Price consolidated in the range of $3.10 and $2.84 since January 11.
Tripple Bottom near $2.80 could see 20% upside
After losing 23% from the highs of January 7 at $3.45, the decentraland bounce back sharply and peaked at $3.20. However, the upside remains short-lived and the price retreats toward the familiar lower levels. MANA bulls make higher highs but the lows remain the same. The bearish divergence in the daily Relative Strength Index (RSI) drags the price lower. Now, the momentum indicators trade at 39, which throws caution for the aggressive bids. As per the readings, the bears are losing momentum at the current price level. Traders are advised to observe the acceptance of the $2.80 support level again.
The MACD (Moving Average Convergence Divergence) trades below the midline with a bearish crossover. It would be interesting to see if the bulls manage to defend today’s low. From here, the price could move back to recent highs.
Looking at the other side of the story, a daily close above the $2.90 could be the first upside potential target at the horizontal resistance level of $3.01. This would motivate the bulls to take over the previous day’s high near $3.20.
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