Decentraland Price Today: MANA Price Hints A 23% Growth Potential Above $2.8 Mark

Brian Bollinger
Updated
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SAND And Mana Price Analysis: Metaverse Tokens Positive Today

On February 24, Decentraland (MANA) bears attempted to dump the coin below the $2.45 support. However, the intense demand pressure from this level rejected the altcoin from the 200-SMA, resulting in a 21% follow-up rally.  The buyers would soon rechallenge the overhead resistance $2.8 mark to kick start with recovery.

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Key technical points:

  • The MANA price has sandwiched between the 50-and-200-SMA
  • The 24-hour trading volume in the Decentraland token is $1.37 Billion, indicating a 3.37% loss. 

TradingView ChartSource-Tradingview

On February 16th, Decentraland (MANA) price failed its second attempt to breach the high swing resistance of $3.42. The following reversal slumped the coin by 29.5%, dropping to the $2.45 support. Moreover, the technical chart displayed a double top pattern and a breached breakout from the $0.28 neckline, accelerating the ongoing selling.

With a successful retest to the breached support, the sellers headed to their next target of $2.45. However, the long-tail rejection on Feb 24th indicates the bulls mount strong support at this level.

The Relative Strength Index(46) slope approaches the neutral line from below. A bullish crossover above the 14-SMA line and midline would provide additional confirmation for long traders.

The MANA price is resonating between the 50 and 200-day SMA. A breakout from either of these levels would offer an extra edge for the following trend.

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MANA Price Breached The Descending Trendline

TradingView ChartSource- Tradingview

Today, the MANA price is green and shows a 9.87% from the base support. The coin chart shows the buyers also provides a bullish breakout from the descending resistance trendline. A retest of this trendline should confirm the sufficient demand and bolster the buyers to break out the $2.8.

If they succeed, the buyers have their next stop at 23% high to $3.45. Alternatively, a possible reversal from $2.8 resistance would sink the price back to the $2.45 mark.

  • Resistance level: $2.8, $3.45
  • Support level: $2.45, $2.2
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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
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
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.