Sign Up on MEXCDecentraland (MANA) Price Faces 56% Downside Risk Below $2.50
Decentraland (MANA) price is under selling pressure for the past four consecutive sessions. At the press time, MANA s trading at $2.46, down 6.39%. Higher volumes that read at $601,912,524 gained above 200% is indicating the continuation of the downside momentum.
- Decentraland price remains on backfoot on Friday.
- On-chain analysis reveals sellers could drag the price towards $2.0.
- A breakdown of the $2.00 barrier will further test 200 DMA.
Decentraland at a crucial juncture near $2.45 on the weekly chart
After peaking at $5.91 on November 22, the price has retraced 58% so far. Further, on the weekly chart, a breakdown below the psychological level of $2.00 could again correct up to 59% at $1.00.
Moving on to the daily chart, the price has fallen sharply from November 25. After testing the low at $2.92 it moved back to higher $4.0 but buyers rejected and continued the downward momentum.
The daily Relative Strength Index (RSI) is being moved towards the oversold trajectory coupled with the MACD (Moving Average Convergence Divergence) that is trading below the midline. Both the factors is hinting that sellers are not in the mood to give up and bulls have to fight a strong battle to come back into the picture.
As per the previous price action, the lower highs and lower lows constitute a bearish pattern. The price has already broken the 100 DMA at $2.96, now heading towards the lower trend line of the bearish channel that is found at $1.97.
Now, if the price manages to hold the daily’s low followed by the retest of 100 DMA at $3.0 then the MANA bulls would like to recoup the horizontal resistance level around $3.40.
- Grayscale’s XRP, SOL, ADA Fund To Begin Trading Tomorrow Following SEC’s Greenlight
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
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.
