Decentraland Price Prediction: MANA Price Breaks Short-Term Consolidation; Next Aims For $3.50

By Rekha chauhan
March 24, 2022 Updated March 24, 2022
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SAND And Mana Price Analysis: Metaverse Tokens Positive Today

Mana price prints gain for the fourth straight day on Thursday. Although, the price moves in a range-bound manner but with a bullish bias. The price touched two-week highs near $2.60. Thus, resulted in the breaking of a short-term trading range.

  • MANA price trades higher with significant gains.
  • A daily close above $2.60 will set the direction for $3.50.
  • The 200-SMA capped the downside risk in MANA price.

As of publication time, MANA/USD reads at $2.60, up2.44% for the day with a 24-hour trading volume of $779,272,033 according to the CoinMarketCap.

MANA price ready to move further up

Source: Trading View

On the daily chart, the descending trend line acts as a strong resistance barrier for the bulls, which extends from the highs of $3.55. The price attempted to cross the resistance line on February 9 but failed to do so. In addition to that, depreciated nearly 30% from the February 16 highs and briefly fell below the critical 200-day EMA (Exponential Moving Average) at $2.41.

Currently, the MANA price is again making an attempt to breach the bearish slopping line. If that happens, in that case, the road will be clear for $3.0 next.

Furthermore, an acceptance above $3.0 with sustained buying pressure will take out $3.50 easily.

On the other hand, a failure to give a daily close above the trend line will invalidate the bullish outlook. The first downside target is placed at $2.40, which coincides with the 200-EMA.

Technical indicators:

RSI: The daily Relative Strength Index pierced above the average line with strong bullish momentum. It currently reads at 52.

MACD: The Moving Average Convergence Divergence attempted to cross above the midline. An uptick in the indicator will strengthen the upside outlook.

Trading volume: The On Balance Volume (OBV) rose in accordance with the price indicating increased demand as the price gained.

 

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. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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