Decentraland Price Analysis: Price Today Face Rejection Near $2.90

Decentraland (MANA) price fails to capitalize on the previous session’s gains and started the new month on a sluggish note. After making highs of $2.90 the price retreats toward the session’s low and trading with negative bias.

• Decentraland price trades in the negative zone on Monday.
• The price retreated from the double top formation around $2.90.
• Mana remains pressured from the descending trend line from the high of $3.20.

At the press time, MANA/USD is trading at $2.79, down 1.13% for the day. The 24-hour trading volume stands at $1,233,733,798 gains more than 30%.

Steve Aoki announced the Australian Open metaverse party

The announcement made by Steve Aoki is held as the possible catalyst for sending the MANA token to push the higher limit. American musician promoted the Australian Open metaverse party this weekend. This is a significant move as the Australian Open is one of the largest annual tennis matches and is watched by thousands of people over the globe. Therefore, Decentraland (MANA) now has an increased sense of validity and acceptability.

On the 4-hour chart, the price face some upside pressure the horizontal resistance line at $2.90, which also happens to a ‘ double top’ formation. In an immediate response to the bearish formation, the price slid to the session’s lower level where it currently hovers.

A break below the session’s low of $2.73 would drag the price further lower level toward the $2.60 horizontal support level followed by the 15% depreciation in value.

The daily relative strength index (RSI) trades holds into the overbought zone while reading at 70 still have some scope to push the metaverse coin higher but in limited price action.

On the flip side, a decisive close above the ascending trend line from the immediate high of $3.20 could recoup the same level in the short term.