Decentraland (MANA) price edges higher on Monday with remarkable gains. Mana has been rising along the ascending trend line from the lows of $1.70 to test the swing highs of $3.55 on February 9.
- Decentraland (MANA) locks up gains as the fresh trading week begins.
- Expect an upside of 30% as the price trades above the 200-EMA.
- A fall below $2.40 could dismiss the bullish outlook for the asset.
As of press time, MANA/USD is exchanging hands at $2.70, up 5.86% for the day. As per CoinMarketCap, the 24-hour trading volume of the 30th largest cryptocurrency by market cap stands at $856,138,404.
MANA signals for more gains
On the daily chart, Decentraland (MANA) initiated its downtrend since attaining its record highs on November 25. The downswing proved to be devastating for the metaverse coin as it scaled down nearly 71% in January.
Before surging 85%, it gravitated toward its three-month low on January 24 while the buyers stepped in to defend the $1.70 level. From here on, bulls are in the process of taking control of the price action as they seem keen on maintaining the mark.
Now, a daily close above the $2.75 mark would position MANA for a possible retest of the $3.53 zone and traverse back into its earlier trend. This would consist of an ascent of 30% from the current levels.
Looking at another possibility, MANA is still remained pressured below the 50-day Exponential Moving Average (EMA) at $2.85. A spike in sell order could propel price to break another crucial moving average placed at $2.40.
The first downside target could be found at $2.20 followed by the lows of January 24 at $1.80.
RSI: The Daily Relative Strength Index (RSI) has shown recovery from 34 to 46 since February 21. Any uptick in the indicator will make bulls hopeful for further recovery.
MACD: The Moving Average Convergence Divergence (MACD) hovers below the midline with a neutral bias.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.