Decentraland Price Today: Will This Support Confluence Prevent MANA From Further Meltdown?

Brian Bollinger
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
SAND And Mana Price Analysis: Metaverse Tokens Positive Today

Decentraland (MANA) price has been resonating inside a symmetrical triangle for the past several weeks. The weekly chart shows four consecutive red candles, which plunged the altcoin to the support trendline of the triangle pattern. A bullish reversal from the $2.4 support would continue the range-bound rally in MANA.

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Key points:

  • The MANA chart shows a bearish crossover among the 20 and 50-day MA
  • The 24-hour trading volume in the Decentraland token is $408 Million, indicating a 34.5% gain. 

TradingView ChartSource-Tradingview

The correction phase initiated during February’s second week tumbled the MANA/USDT pair by 32% and slumped it to $2.4. Last week the buyers tried to bounce back from this support($2.4) and drove the altcoin to immediate resistance of $2.8.

However, the sellers maintained a strong defense at this level and reverted the coin price to swing low support. The technical chart shows a symmetrical triangle pattern in play with the MANA price currently located at the bottom support trendline.

The MANA price moving above the 200-day MA maintains a bullish tendency. However, a bearish crossover of the 20-and-50-day MA bolsters the sellers to extend the correction rally.

The Stochastic RSI indicator shows a steady bear cycle with the K and D lines diving into the oversold region. Furthermore, the oversold indicator value could help buyers surge the coin to higher levels.

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Doji Candle Halts Ongoing Price Correction.

TradingView ChartSource- Tradingview

The MANA chart shows a daily-Doji candle at the shared support of $2.4 and 200-day MA, suggesting indecision in the market. A bullish reversal from this level would indicate the traders are buying at this dip and would rally to the overhead resistance.

Alternately, If the sellers plunged the altcoin below the $2.4 support, the renewed selling pressure would sink the price by 16.5%, hitting the $2 psychological level.

  • Resistance level: $2.83 , $3.48
  • Support level: $2.4, $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.