Decentraland price has been resilient around the current levels forming the hammer candlestick on January 22. Although the altcoins shows lesser buying interest still, it is forming a bullish setup. At the press time, MANA/USD is trading at $2.31, up 1.23% for the day.
- Decentraland (Mana) extends the consolidated moves on Saturday.
- Expect upside continuation beyond $2.50 to $3.0 demand zone.
- A break below $2.03 would prove bull’s theory wrong.
The 24-hour trading volume stands at $476,952,466 with the current market cap of $4,216,313,743 as per the Coinmarketcap.
Decentraland (MANA) looks up for a U-turn
On the daily charts, after testing the 50-DMA on December 27, the price has been on the continuous downside momentum. The price already retreated from the all-time highs at $5.91 on November 25 devaluating 48% in total value. Investors tested the $3.06 threshold thrice, which is a support-turn resistance level now. Thus making it a crucial level to trade.
The daily relative strength index (RSI) trades at 38 with a bullish crossover indicating the impending upside momentum in the pair. The immediate resistance is placed at the descending trend line from the mentioned line that is placed at $2.50.
Furthermore, the bulls would pull up their sleeves to recoup the psychological $3.06 level. This will also coincide with the re-test of 50 DMA. A decisive break above this level would invite more investors to participate in the fresh upside momentum.
Alternatively, if the price drops below the horizontal support line at $1.98 then it would invalidate the bullish thesis. Sellers would be targeting the $1.50 level. More downside could be expected toward the lower trend line of the descending channel at 1.32. The same levels were last seen in October.
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?