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Decentraland Price Analysis: MANA/USD is bearish for the next 24 hours

Polkadot Price Analysis

TL;DR Breakdown

  • Decentraland price analysis is bearish today.
  • MANA/USD set a new major swing high at $1.30.
  • Retracement to follow as bulls are exhausted.

The price of Decentraland is under pressure today, with strong rejection for further rises noted following a new high of $1.30. As a result, we anticipate MANA/USD to retreat in the coming 24 hours.

The daily chart below illustrates the recent bullish run of Decentraland, with an initial surge into September that was followed by a retracement as expected.  We can see that MANA/USD is now trading at support provided by the $0.90-$1.00 range, with bulls appearing to be exhausted in pushing prices any higher.

For the short term, we anticipate a pullback towards $0.90 as the market takes a breather. Resistance can be expected at $1.20, followed by stronger levels at $1.30 and $1.50.

MANA/USD 4-hour chart: MANA to retrace today?

This morning, we can see significant selling pressure on the 4-hour chart as MANA/USD can not sustain the current level. The market is now at a key support level, and we may see a bounce back to the $1.00 resistance level in the near term.

If selling pressure persists, MANA/USD could easily break below $0.90 and test the next support at $0.80. A break of this level would open up the possibility of a move to $0.70 in the medium term.

The price of MANA/USD is under pressure today, with strong rejection for further rises noted following a new high of $1.30. As a result, we anticipate MANA/USD to retreat in the coming 24 hours

Decentraland Price Analysis: MANA gains 70 percent as it peaks at $1.30, a retracement to follow?MANA/USD 4-hour chart. Source: TradingView

The price of Decentraland has been trading in a sideways pattern for the past several weeks, with the $0.85 resistance mark acting as a barrier. After setting a higher high at the start of October, MANA/USD climbed to $0.85, indicating some bullish momentum developing.

After which, there was a retracement, and the price subsequently returned to $0.75 previous resistance and support. Throughout the second half of October, the test of support and resistance occurred regularly, with a distinct consolidation range.

After one more downturn on Wednesday, the Decentraland price action finally broke higher. The $0.85 resistance was swiftly overcome the next day, resulting in a solid rally pushing MANA/USD to a fresh several-month high of $1.30.

Decentraland Price Analysis: Conclusion 

The price of Decentraland is bearish today, as bulls are worn out after a 70% rally in the previous 24 hours. As a result, MANA/USD will most likely retrace and create a higher low during the next week.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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