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Decentraland Price Prediction: A Descending Trend Line Breakout Advances MANA Price Toward $3.06

MANA price extends the previous two session’s gains. The price found reliable support at $2.25. Earlier, MANA depreciated 59% from the highs of $3.55.

  • MANA edges higher on Wednesday with modest gains.
  • A break above the bearish slopping line would test $3.06 next.
  • The downside is limited to the 200-day EMA.

MANA price remains pressured near $2.50

Source: Trading View

MANA price faces rejection near the critical $2.50. The descending trend line from the highs of February 9 acts as a strong resistance barrier for the bulls. Currently, the price is hovering near an inflection point, where MANA is preparing to explode.

MANA’s price holds near the critical 200-day EMA (Exponential Moving Average) at $2.41. A renewed buying pressure might push the price above the bearish slopping line. On moving upside, the immediate hurdle will be located at 50-day EMA at $2.61.

A sustained buying pressure will take out the horizontal $3.06 level. In total an ascent of 24% from the current levels.

On the flip side, if the price falls below the session’s low then it will neglect the bullish theory. This will also coincide with the break of the critical 200-EMA. In that case, MANA price could revisit the horizontal support level at $2.25. A daily close below this level will accelerate the selling toward the $2.0 mark.

As of press time, MANA/USD reads at $2.46, up 1.15% for the day. The 24-hour trading volume holds at $371,339,212.

Technical Indicators:

RSI: The daily Relative Strength Index comfortably trades above the average line. It reads at 47.

MACD: The Moving Average Convergence Divergence hovers below the central line with bullish momentum.

 

 

 

 

 

Disclaimer

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.

About Author

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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