Decentraland Price Analysis: MANA Price Risks A 18% Downside Risk; Price May Retest $1.83
The Decentraland (MANA) price fails its second attempt to rise above the $3.5 mark within a fortnight. The repeated rejection brings a 25% downfall in the last week showcasing an increased selling pressure. Will this downfall dive below the $2.5 mark?
Key technical points:
- On the daily-Stochastic RSI indicator, the K and D are heading for a bullish crossover
- The MANA price trading above the 200-day EMA maintains an overall bullish trend.
- The 24-hour trading volume in the Decentraland token is $1.22 Billion, indicating a 6.6% loss.
Source-Tradingview
Amid the bullish crossover of the crucial EMAs(20 and 50), the 18.3% rise from the $2.8 mark propelled the Decentraland (MANA) price to $3.5. This price jump marked coin buyers’ second failed attempt to rise above the resistance zone, followed by a subsequent fall of 17%.
The formation of a double bottom pattern reinforced the selling pressure and pulled the market value below the crucial psychological level of $3. Moreover, intense supply on Feb 21st is evident by the long-wick candle formation. Thus, the price action supports the thesis of bearish trend continuation.
MANA/USDT: 4-hour time frame chart
Source- Tradingview
The daily Doji candle indicates indecision among the market participants. If buyers rebound from this support. The coin price would attempt to breach the shared resistance of $2.8 and the 50-day MA. if they succeed, the traders would get their first hints for recovery and drive the coin price to $3.45 resistance.
The daily-Stochastic RSI indicators show the K and D line are poised to give a bullish crossover. This crossover at chart support accentuates the increasing buying momentum along with a possibility for a bullish reversal.
Alternately, If MANA bears plunged below the $2.43 support, the selling would accelerate and dive the MANA price 18% to $1.83.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
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.
