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Decentraland price analysis indicates an extended consolidation. However, the bias still remains positive. On the daily time frame, the MANA is in an uptrend after breaking an important supply zone near $0.9405. Few candlesticks need to close above the current level to continue to move higher.
As of publication time, MANA/USD is trading at $1.050, down 0.26% for the day. The 24-hour trading volume fell more than 28% to $139,676,898 according to CoinMarketCap data. A fall in the price with descending volume pattern indicates a weakening downside trend.
- Decentraland price fell for the second consecutive session on Saturday.
- Two red candles formed inside a green candlestick made on Thursday show bulls are not out of action.
- A daily candlestick above $1.065 would make further gains in the coin.
MANA price waits for the next signal
On the daily chart, the MANA price is bullish, making higher highs and higher lows. The MANA bulls are attempting to flip support into resistance. The price breached the critical 50-day exponential moving average (EMA) at $0.947. Since April MANA is trading below the moving average.
The formation of a Doji candlestick suggests indecision among investors. However, a renewed buying pressure could push the price higher. A daily candlestick above the session’s high would make bulls hopeful. In that case, the bulls would aim for the psychological $1.20 level.
The overall volume levels usually declined with the price consolidation. Volume sometimes increases near the highs, as shown in the charts. After the third high, an expansion of volume on the subsequent decline and at the support break greatly reinforces the soundness of the pattern.
Also read: https://coingape.com/eth-whale-adds-312-billion-shiba-inu-tokens-amid-price-dip/
The volumes are trading below average for the past 3 weeks, along with price trading in a range or slightly uptrend. If the price doesn’t be able to close above $1.05 in a few sessions, MANA would enter into a downtrend.
If the price fall below the 50-day exponential moving average, then we can put a sell trade with the expected fall of up to $0.802.
The major concern is the price contraction near the resistance level, as well as the long range of consolidation at exact same level. Indicating weak resistance in near future.
On the four-hour chart, the price formed a symmetrical triangle formation. The price is about to break the convergence of the upper and lower trend line. Additional buying pressure could break the upper trend line at $1.075. The price could test August 8 high at $1.11.
On the other hand, a break below the $1.28 level could invalidate the bullish outlook. And the price can fall toward $0.996.
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