The Decentraland price initiated the monthly trade on a notable bullish note and quickly consolidated for quite a long time. However, the MANA price failed to sustain and began dropping to a notable extent. No doubt the popular NFT attempted multiple times to discard the bearish trend but eventually plunged back into the same bearish trend yet again. The trend is expected to continue until the asset smashes the lower limits just below $2.5.
|Short-Term||After a minor surge and plunge, the price is yet again on the verge to plunge again towards the lower levels|
|Mid-Term||The MANA price after dropping for a long time is flashing some signals of a minor recovery. However with limited buying volume, the asset may not nullify the bearish trend|
|Long-Term||Despite displaying a bearish trend in the short & mid-term, in the long term, MANA price is swinging within average levels. Currently plunging but manifesting capability to sustain above the strong support|
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||46.5 / 40.49||Sell / Sell|
|MACD(12,26)||-0.010 / -0.068||Sell / Sell|
|Average Directional Index(ADX)||27.8 / 39.43||Sell / Sell|
|Bull-Bear Power||-0.03 / -0.4||Sell / Sell|
The MANA price is extremely bearish in both time frames, but some indicators do point at a trend reversal in the future. The RSI is stationed at almost the same levels in STF & HTF but aiming towards the south. On the other hand, the MACD displays an accumulated selling volume and hence is a little bearish. Yet the ADX, which is the strength indicator, points out a weak rally in both time frames and the bears to keep control over the rally, attempting to slash the price towards the south.
Additional Read: Decentraland (MANA) Price Prediction
The current MANA price is swinging in between the 50-day MA levels and the local support in the STF. And hence trending in a very decisive phase. An upcoming couple of hours may be extremely crucial as the current price movement may decide the next phase of action. If the price breaks through the MA levels then a strong uptrend may be expected but in case it fails to sustain at above the support levels, it may plunge below to hit the long-term support levels igniting a bearish market.
|Average True Range(ATR)||0.044||0.22|
The Stochastic Oscillator displays the average value of the asset at a particular time. And if it’s bearish then the price is below the average levels. Yet the Ultimate Oscillator which considers 3 different MA levels to determine the next move is also significantly bearish. However, the asset possesses less volatility currently and the CCI is also bearish which identifies a new trend or a beginning of a new trend.
Additional Read: MANA vs AXS
Additional Read: Decentraland (MANA) Deep Dive
The MANA price from the past 48 hours is swinging within a very narrow region between $2.5 and $2.3. And since the past 24 hours, an almost equal volume of buying and selling is recorded due to which, the price resides along with the initial levels. Despite the buyers having jumped in, yet remain pretty low than the required amount. And hence no significant trend change may be witnessed.
The asset needs to sustain above $2.4 until the day’s close to end the day’s trade and begin the next day’s trade on a bullish note. The MANA price at the press time is $2.40 with a jump of nearly 0.78% compared to the previous month’s close. However, the trading volume remains high by more than 29% while the market cap has surged by 1%.
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