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MANA coin price continues to fall within the descending parallel channel in the 4-hour chart as the price fails to get a bullish breakthrough.
Decentraland was founded by Ariel Meilich and Esteban Ordano - who have both quit their positions of leadership within the organization, but collaborate with Decentraland to serve as advisers. Decentraland (MANA) describes itself as a virtual-reality system powered by the Ethereum blockchain. It allows users to build and experience and also earn money from content and apps.
Let us look now at the Decentraland coin technical analysis.
Past Performance of MANA
MANA coin price fell more than 25% in the last two weeks due to the rejection near the $4.15 mark. Thus, resulting in the formation of a falling channel in the 4-hour chart. Therefore, traders can expect the prices to maintain a downtrend in the bearish continuation pattern.
MANA/USD 4-hour Chart
MANA Technical Analysis
The MANA price action shows multiple rejections from the resistance trendline of the falling channel in the 4-hour chart. Therefore, it is evident that the multiple bullish attempts went down the drain due to the selling pressure near the trendline.
However, these rejections make up many crucial resistance levels at $4.15 and $5.15. And, based on the price before the downfall, the crucial support levels are at $2.92 and $2.57.
The RSI indicator at 43% moves sideways below the central mark in the daily chart as it refuses to enter deeper into the nearly oversold zone. Therefore, the slope can shortly give rise to bullish divergence if the prices manage to stabilize within the channel.
Furthermore, the MACD indicator shows increasing proximity of the fast and slow line in the daily chart as the lines head higher. Therefore, traders can soon see a bullish crossover if the buyers step in.
Therefore, the technical indicators wait for the buyers to step in to give a conclusive buy signal. However, the MANA coin price action can give a buy signal shortly, if the prices manage to break above the resistance trendline.
Upcoming Trend
The rejection from the resistance trendline in the falling channel keeps the MANA coin price within the bearish continuation pattern. However, the technical indicators are slowly starting to side with the bulls. Therefore, traders need to stay active and watch for a breakout. Until then, selling opportunities are limitless.