- Decentraland price analysis is bearish today.
- MANA/USD set a new major swing high at $1.30.
- Retracement to follow as bulls are exhausted.
Decentraland price analysis is bearish today as strong rejection for further upside was seen after a new high was set at $1.30. Therefore, we expect MANA/USD to retrace some of the gains over the next 24 hours.
Decentraland price movement in the last 24 hours: Decentraland rallies to $1.30 after finding support at $0.75
MANA/USD traded in a range of $0.7672 – $1.21, meaning extreme volatility over the last 24 hours. Trading volume has increased by 687 percent and totals $1.47 billion, while the total market cap trades around $1.95 billion, ranking the coin in 67th place overall.
MANA/USD 4-hour chart: MANA to retrace today?
On the 4-hour chart, we can see heavy selling pressure this morning as MANA/USD can not sustain the current price level.
Decentraland price action has sideways movement over the past weeks, with the $0.85 mark acting as a resistance. The $0.85 was first reached at the beginning of October after MANA/USD set a higher high, indicating some bullish momentum formed.
However, what followed was a retracement to $0.75 previous resistance turned support. The support and resistance were tested several times over the second half of October, indicating a clear consolidation range.
After one last spike lower on Wednesday, the Decentraland price action did finally break higher. The $0.85 resistance was quickly broken, leading to a strong rally over the following day, leading MANA/USD to a new several-month high at $1.30.
Decentraland Price Analysis: Conclusion
Decentraland price analysis is bearish today as bulls are exhausted after a 70 percent gain over the last 24 hours. Therefore, we expect MANA/USD to retrace and establish a higher low later this week.
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