- 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
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.
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