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Decentraland Price Analysis: MANA finds resistance at $3.50, moves to retest $2.60 again?

Decentraland Price analysis

TL;DR Breakdown

  • 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.

Decentraland Price Analysis: MANA finds resistance at $3.50, moves to retest $2.60 again? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: MANA finds resistance at $3.50, moves to retest $2.60 again?
MANA/USD 4-hour chart. Source: TradingView

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. 

While waiting for Decentraland to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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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