- Decentraland price analysis is bearish today.
- MANA/USD continued to retrace overnight.
- Closest support at $2.60 previous low.
Decentraland price analysis is bearish today as a lower high was set below $3.50 yesterday, leading to another retracement. Therefore, we expect MANA/USD to continue lower and test the $2.60 mark next.
The overall market traded with mixed results over the last 24 hours. Bitcoin declined by 0.29 percent, while Ethereum gained 2.64 percent. Meanwhile, Decentraland (MANA) is among the worst performers, with a loss of over 6 percent.
Decentraland price movement in the last 24 hours: Decentraland retraces again after setting a lower high at $3.50
MANA/USD traded in a range of $2.72 – $3.23, indicating strong volatility over the last 24 hours. Trading volume has declined by 57.33 percent and totals $2.89 billion, while the total market capitalization trades around $5.32 billion, ranking the coin in 40th place overall.
MANA/USD 4-hour chart: MANA set to test $2.60 again?
On the 4-hour chart, we can see bearish momentum still strong for the Decentraland price action, likely resulting in the $2.60 support retested later today.
Decentraland price action has seen bearish momentum take over since the beginning of November. After a strong rally during the last days of October, a strong new all-time high was set at $5.
However, MANA/USD saw sharp rejection immediately. After an initial sharp drop to $3.50, the price stabilized at $2.60. From there, MANA moved to the $2.60 mark, where a clear lower high was established yesterday.
Bearish momentum took over again later yesterday, leading to the current move lower. Likely we will see MANA/USD test the $2.60 as the overall consolidation continues after a strong move last week.
Decentraland Price Analysis: Conclusion
Decentraland price analysis is bearish today as the market will likely continue lower until the $2.60 mark after setting a lower high yesterday. However, if the $2.60 mark holds, we could see bullish momentum take over from there.