Decentraland (MANA) Price Prediction: Mana Prepares For 30% Jump As Sails Above 200-day EMA

Rekha chauhan
Updated
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decentraland-MANA

Decentraland (MANA) price edges higher on Monday with remarkable gains. Mana has been rising along the ascending trend line from the lows of $1.70 to test the swing highs of $3.55 on February 9.

  • Decentraland (MANA) locks up gains as the fresh trading week begins.
  • Expect an upside of 30% as the price trades above the 200-EMA.
  • A fall below $2.40 could dismiss the bullish outlook for the asset.

As of press time, MANA/USD is exchanging hands at $2.70, up 5.86% for the day. As per CoinMarketCap, the 24-hour trading volume of the 30th largest cryptocurrency by market cap stands at $856,138,404.

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MANA signals for more gains

Source: Trading View

On the daily chart, Decentraland (MANA) initiated its downtrend since attaining its record highs on November 25. The downswing proved to be devastating for the metaverse coin as it scaled down nearly 71% in January.

Before surging  85%, it gravitated toward its three-month low on January 24 while the buyers stepped in to defend the $1.70 level. From here on, bulls are in the process of taking control of the price action as they seem keen on maintaining the mark.

Now, a  daily close above the $2.75 mark would position MANA for a possible retest of the $3.53 zone and traverse back into its earlier trend. This would consist of an ascent of 30% from the current levels.

Looking at another possibility, MANA is still remained pressured below the 50-day Exponential Moving Average (EMA) at $2.85. A spike in sell order could propel price to break another crucial moving average placed at $2.40.

The first downside target could be found at $2.20 followed by the lows of January 24 at $1.80.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) has shown recovery from 34 to 46 since February 21. Any uptick in the indicator will make bulls hopeful for further recovery.

MACD: The Moving Average Convergence Divergence (MACD) hovers below the midline with a neutral bias.

 

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.