- Decentraland price decreased another 2 percent over 24 hours to move as low as $3.15
- Any movement towards $3.01 support would set significant sell offs in motion
- Price has been unable to pick up pace since the 14 percent decline faced on December 28
Decentraland price analysis for the day shows that the token is facing a lengthy spell of price stagnancy. Since declining more than 14 percent on December 28, MANA has been unable to pick up any momentum and shows a rectangular pattern over the start of the year. Price declined a minor 2 percent over the last 24 hours, moving as low as $3.15 while trading volume upped 13 percent. From here, there remains an equal potential for a breakout towards the coveted $5.42 mark, with a further downfall past the $3.01 support floor also on the cards.
The larger cryptocurrency market displayed largely positive outcomes on the day, with Bitcoin consolidating just above $46,000 and Ethereum increasing 4 percent to sit in touching distance of the $4,000 mark. Among Altcoins, Solana, Dogecoin, Litecoin and Cardano all recorded less than 1 percent increments each, while Chainlink upped almost 7 percent to hit $24.12.
MANA/USD 24-hour chart: RSI value outlines lowly market valuation
On the 24-hour chart for Decentraland price analysis, a rectangular pattern can be seen forming, which justifies the price stagnancy since the December 28 decline. The Relative Strength Index value of 44 exhibits lowly market value, while price also moved below the crucial 25 and 50-day exponential moving averages over the past 24 hours. There can be seen no immediate sights of an increment, as the Moving Average Convergence Divergence (MACD) curve also sits below the neutral zone and the 0.00 mark. The major market action is of selling, however classic rectangular pattern would suggest that a breakout could also be on the cards from this point.
MANA/USD 4-hour chart: Price to observe $3.01 key support floor
The 4-hour chart for the MANA/USD trade pair suggests that price needs to observe above the $3.01 support floor to keep prospects of a breakout intact. In this scenario, the upcoming trade sessions would prove to be crucial, as price can be seen attempting to fight the sell offs. The lowly RSI value of 41.25 indicates that there will be further seller pressure applied. Price currently sits below the lower half of the Bollinger bands’ curves, portraying a strong bearish outlook.
Decentraland price analysis: Conclusion
In conclusion, it can be seen from various technical indicators that MANA is not only facing a period of market stagnancy, but is also subject to further decrements as sell offs become the dominant norm in the market. Price needs to hold off the $3.01 support over the coming trading sessions and consolidate momentum upwards before a breakout could appear around $3.42. From here, the next resistance point would be observed at $4.38 before setting the ultimate destination point at the 90-day high of $5.42.
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