MANA Price Prediction: Attempts To Breach Descending Trend line; Targets $2.40 Next

Rekha chauhan
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MANA token

MANA price remains negatively skewed moving in a tight range. The price action lacks conviction for a clear trend. Decentraland (MANA) is following a long-term descending resistance line with resistance at $5.91.

  • MANA price trades with losses on Tuesday.
  • Expect a bounce toward $2.40 if breaks above the bearish slopping line.
  • The downside is capped near $2.20.
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MANA price seeks short-term bounce

Source: Trading View

On the 1-hour time frame, the MANA price is showing strength and is in preparation to escape two immediate upside hurdles. If taken out successfully MANA price will be seeing interim upside target at the horizontal $2.30 resistance level.

The metaverse coin opened lower but quickly tested the session’s high before retracing back to the lows of $2.22. This happens to be ‘double’ support for the price as a result of MANA attempting to bounce back toward the descending trendline.

The bearish trendline, which extends from the highs of $2.44 acts as a resistance for the bulls.

If the price takes out a $2.30 upside filter then bulls will move forward to seek the next target at $2.35.

A sustained buying pressure will bring highs of March 13 at $2.44 in play.

On the other hand, a spike in sell order might continue with the downside momentum. A break below the session low will test the lows made on January 24 at $1.80.

MANA’s price depreciated nearly 73% from record highs made on November 25 at $5.91. As of writing, MANA/USD is trading at $2.24, down 3.69% for the day. As per the CoinMarketCap, the 24-hour trading value of Decentraland holds at $264,560,490.

Technical indicators:

RSI: The hourly Relative Strength Index approaches the oversold zone. Any downtick in the indicator could push the price lower.

MACD: The Moving Average Convergence Divergence trades below the mid-line since March 13.

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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
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.
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.