- 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.
The overall market traded in the green over the last 24 hours, with Bitcoin up by 2.5 percent. Meanwhile, Ethereum has gained 7.11 percent, while the rest of the top altcoins follow close by.
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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