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Decentraland recent price action has been very impressive as it has recently broken the $0.4 resistance level and is on its way to hitting the $0.5 mark. The altcoin is trading at $0.4447, up by 11.35% in the last 24 hours while on the weekly timeframe, it is up by 33%.
The altcoin has been trading in a range between $0.35 and $0.45 for the past few weeks, and with the recent bullish spike, we expect it to break the resistance level and continue its uptrend toward the next resistance at around $0.68.
Decentraland has formed a bullish flag pattern which is a continuation pattern illustrating that the previous upward trend will continue. The price of MANA is trading above the 200-day moving average, and the RSI is at 71, which indicates that there is more room for appreciation.
The Exponential Moving Average of 50(EMA) is also positive and is above the EMA200, which means that we can expect an increase in buying pressure. Bulls have been getting increasingly active, which could push the price higher.
The Chaikin Money Flow Indicator is at the 0.45 level, which suggests that capital is flowing into the market. When the CMF is above the 0 levels, this is a sign that buyers are in control and money flow into the Decentraland market is increasing.
On the 4-hour chart MANA analysis, the price is trading above the EMA200 and is likely to break the $0.45 resistance level soon if buyers keep up their momentum. The CMF also indicates that buying pressure is increasing, which could push it even further toward the target of $0.5.
Decentraland (MANA) price volatility is currently high as indicated by the ATR indicator which is at 0.042. This means that there could be some significant fluctuations in the price movement while the Bollinger bands are widening and indicating that volatility is likely to increase in the near future.
The Relative Strength Index is in the overbought region, above 70. This is an indication that Decentraland (MANA) could pull back at some point, but the overall outlook remains bullish.
Overall, Decentraland price analysis shows a firm uptrend and strong buying pressure which sets it up to break out of the $0.5 resistance level and continue its journey higher in the near future. The key support levels are at $0.35 and $0.4 and the key resistance levels are at $0.45, 0.5, and $0.68 respectively. On the downside, a minor pullback could be expected at some point if the profit-taking traders step in.
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