Decentraland price analysis: Bullish spell continues as MANA touches $2.66 highs

mana

TL;DR Breakdown

  • Decentraland price analysis is bullish
  • MANA prices have sought support at $2.40
  • Decentraland prices have seen resistance at $2.5
Decentraland price analysis: Bullish spell continues as MANA touches $2.66 highs 1
Source: Coin360

The Decentraland price analysis shows a continued bullish trend witnessed over the last 24 hours. MANA prices are up by 1.59 percent, this has seen Decentraland prices rally above the $2.40 level and set a new 24-hour high of $2.46.The bulls have been in control over the last few days as Decentraland prices surged past several key levels. The bullish run was momentarily interrupted yesterday as prices fell to $2.40, however, the buyers quickly stepped in to push prices back up.

Decentraland price analysis reveals that the prices are currently trading at $2.45, and the bulls are looking to push prices higher. The next level of resistance is at $2.5, and a break above this level could see Decentraland prices test the $2.60 level. Support for Decentraland prices has been established at the $2.40 level, and a move below this level could see Decentraland prices retest the $2.30 level.

The market capitalization for Decentraland has now surpassed the $250 million mark, and the project looks poised for further growth in the near future as well as the trading volume has increased to over $5 million in the last 24 hours.

Decentraland price action in the last 24-hours: Strong market valuation tips bullish momentum for MANA

Decentraland price analysis on a 1-day price chart indicates the strong market valuation that contributes to the ongoing bullish trend.MANA/USD pair is experiencing a strong buying pressure that has escalated the prices past the $2.60 levels. The Decentraland market is currently consolidating at $2.46 as the bulls seek to push prices higher. The Decentraland market is expected to experience some selling pressure at the current levels; however, the overall market sentiment remains bullish in the near term.

On technical analysis, in the 1-day price chart, the upward trend is expected to continue as the Stochastic indicator has moved into the overbought region. The Relative Strength Index (RSI) is also indicating strong bullish momentum with a value of 68.00. The MACD line is also above the signal line, which indicates a buy signal.

Decentraland price analysis: Bullish spell continues as MANA touches $2.66 highs 2
MANA/USD 1-day price chart.source: TradingView

The main resistance level for prices is at $2.70, and the market is expected to test this level in the near future. Decentraland price analysis shows immediate support level is at $2.40, and a break below this level could see Decentraland price retest the $2.30 levels. Moreover, the market volatility is increasing in a significant way which is a good sign for the traders as it indicates that the market has started to gain some traction as evident by the diverging Bollinger Bands.

Decentraland price analysis on a 4-hour price chart: MANA/USD pair bouncing off $2.60 support

The 4-hour price chart for MANA/USD pair indicates that the market is in a bullish trend. The MACD indicator is showing a strong buy signal, and the prices are above the Ichimoku cloud. The bullish momentum for Decentraland price analysis is expected to continue in the near term as long as Decentraland prices stay above the $2.40 support level.

Decentraland price analysis: Bullish spell continues as MANA touches $2.66 highs 3
MANA/USD 4-hour price chart, source: TradingView

The Relative Strength Index (RSI) indicator on the 4-hour chart is currently at 58.79 and is showing signs of a bullish trend. The Decentraland market is expected to see some selling pressure at the current levels; however, the overall market sentiment remains bullish in the near term. The SMA 50 is currently at $2.468 and is expected to provide support to the prices in the short term. The SMA 200 is at $2.518 and is expected to act as a resistance to the prices in the near term.

Decentraland price analysis conclusion

Decentaland price analysis shows an overall upward trend as the market valuation surpasses the $250 million mark. The bulls are expected to hold the prices at the current levels and push them higher in the near future. Also, the 1-day and 4-hour price analyses are in favor of the bulls. A break above the $2.50 resistance level could see Decentraland prices test $2.80 levels in the near future.

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.

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.I love content and creating features on the cryptocurrency.

Related News

Hot Stories

Terra price analysis: LUNA exhibits extreme bearish signs at $0.00028400
Bitcoin price analysis: BTC retests $31,000, another drop incoming?
Binance denies financing Terra and points to a $3 million investment in 2018
Cardano (ADA), Monero (XMR), and Quitriam Finance (QTM): Tokens Ready to Shake the Crypto World
Ripple price analysis: XRP sets higher low at $0.40, further retracement incoming?

Follow Us

Industry News

Stablecoins have the Queen's approval in England, while the crypto landscape is on a bearish streak
Espanyol announces crypto payment option
LFG: Where is Luna Foundation Guard accumulated $2b worth of Bitcoin?
Terraform Labs Founder Do Kwon proposes a Terra Rescue Plan
Fantom blockchain suffers another DeFi hack