Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?

Rekha chauhan
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MANA

Global crypto market recovery remains on toes as the early gains diminish gradually. MANA price kick-starts the new trading week on an optimistic note but failed to sustain the gains.

  • MANA’s price plunges 10% on the first day of the fresh trading weak.
  • The previous day’s technical formation indicated indecision among traders with the formation of a “Doji” candlestick.
  • The last hope for the buyers is that  MANA should stay above $1.10 on the daily chart frame.

As of press time, MANA/USD is exchanging hands at $1.20, down 10% for the day.

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MANA price struggles to sustain the previous week’s upside momentum

Source: Trading view

On the daily chart, the MANA price took a breather near $1.35 as forms three sessions’ top consecutively that resulted in today’s price correction. The major trend remains on the downside still the price surged 130% from the previous week’s low of $0.59.

Analyzing the trend in the short time frame, the 1-hour chart indicates that the price moved along the ascending trend line from the lows of $0.59. In addition to that, MANA pierced above the critical 50-day EMA (Exponential Moving Average) at $0.84 adding fuel to the ongoing upside movement.

Source: Trading view

The RSI (Relative Strength Index) oscillates below the average line while trying to pierce to the upside. Another momentum oscillator gives a bullish signal with receding bearish momentum.

Investors are advised to wait for clear levels before placing any directional bet.

Now, if the price maintains the same momentum above the bullish slopping line the buyers would make an effort to touch $1.40 followed by the psychological $1.50 level.

On the flip side, the broader time frame suggests a struggle for the bulls. Thus, any failure to hold the session low would call for further downside in the asset.

A break below the $1.10 level would trigger another round of selling to test $1.0 on an immediate basis.

 

 

 

 

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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.