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Decentraland price analysis: MANA falls towards $2.8 support to cap off dismal week

Ripple price analysis

TL;DR Breakdown

  • Decentraland price analysis shows price dipping as low as $2.83
  • Trading volume fell more than 38 percent to outline bearish trend A
  • After starting the week at $3.45 MANA fell 18 percent towards $2.8 support

Decentraland price analysis shows price dropping another 2 percent to drop towards $2.8 support. MANA capped off a dismal week where price fell from $3.45 to as low as $2.83, dipping more than 17 percent in the process. Bearish outlook looks set to continue over the next 24 hours, suggested by the trading volume that dropped more than 38 percent. Over the next 24 hours, Decentraland is expected to drop further towards $2.80 support, providing an opportunity for buyers to come into the market.

The larger cryptocurrency market showed mixed results across the board, with Bitcoin dropping further towards $42,000. Ethereum consolidated to stay in touching distance with the $3,000 mark, while Altcoins largely showed mixed results. Ripple gained more than 6 percent to reach $0.82. Dogecoin and Litecoin gained 3 percent and 1 percent, respectively, while Solana upped to $95.93 and Cardano dropped around 2 percent to sit at $1.05.

Decentraland price analysis: MANA falls towards $2.8 support to cap off dismal week 1
Decentraland price analysis: Cryptocurrency heat map. Source: Coin360

Decentraland price analysis: MANA provides buying opportunity near support

The 24-hour candlestick chart for Decentraland price analysis shows price slipping below the 25-day exponential moving average (EMA) during the day’s trade. After slipping more than 17 percent during the week, MANA shows bleak signs of an upturn. However, the dip towards $2.8 support may provide buyers an opportunity to come into the market. The relative strength index (RSI) sits at an encouraging 50.64, suggesting of strong market valuation for MANA. The moving average convergence divergence (MACD) also sits just above its neutral zone, showing bullish lows at current trend.

Over the upcoming trade sessions, MANA will need to hold above $2.8 support to form any chance of an upturn. Buyers will attempt to push price towards the moving average at $3.00 but any movement below $2.85 would invalidate bullish indicators and continue the bearish outlook for MANA.

Decentraland price analysis: MANA falls towards $2.8 support to cap off dismal week 2
Decentraland price analysis: 24-hour chart. Source: Trading View

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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