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The MANA prices fall back within the $1 mark and attempt to take support at the $0.80 demand level, avoiding a drop to the $0.77 level.
Key Technical Points:
- The Decentraland market price dropped by 25% from the 100-day EMA.
- The crucial 50,100, 200-day EMAs regain the bearish momentum.
- With a market cap of $1.53 billion, the intraday trading volume of Decentraland has increased by 20% to reach $148 million.
Past Performance of MANA
The Decentraland (MANA) price action shows a bullish failure to rise above the supply zone at the $1.15 mark resulting in a drop below the 50-day EMA. The bear cycle breaks the crucial support level at the $1 mark and tests the buyers at the $0.80 mark, accounting for a 25% drop. Currently, the downtrend struggles to reach the bottom support at $0.77 due to the lower price rejection candles. Source - Tradingview
MANA Technical Analysis
The MANA price chart displays a fall in intraday trading volume as the trend consolidates at the $0.80 mark. Hence, traders can expect a spike in trading volume supporting the breakout of either side to determine the upcoming trend. The bullish failure restarting the bear cycle reignites bearish momentum in the crucial daily EMAs. The RSI indicator maintains a negative standpoint for the upcoming trend as the underlying bearishness peaks. Moreover, the recent surge in negative histograms increases the bearish gap between the fast and slow lines. Hence, the MACD indicator supports the bearish signal of the RSI indicator. In a nutshell, the MANA technical analysis displays the technical indicators undermining the bush hope of the price action analysis.
Upcoming Trend
If the buyers sustain the MANA prices above the $0.80 mark, the market value may surface at the overhead resistance of $1. However, a downtrend continuation below the $0.77 support level can test the next demand level at $0.67. Resistance Levels: $0.90 and $1 Support Levels: $0.77 and $0.67