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Decentraland price analysis: MANA/USD moves lower as bulls defend $2.60 barrier

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TL;DR Breakdown

  • Decentraland price analysis shows a bullish trend today.
  • MANA prices are up by 6.93 percent.
  • Decentraland prices have seen resistance at $2.68.
Decentraland price analysis: MANA/USD moves lower as bulls defend $2.60 barrier 1
Source: Coin360

The Decentraland price analysis today favors the bulls who have taken control of the digital asset’s price after a brief period of consolidation. MANA/USD prices have surged by 6.93 percent in the last 24-hours and currently trades at $2.60. The digital asset found support at $1.94 yesterday and looks poised to move higher in the short term as buying interest increases. The digital asset has a market capitalization of $4.8 billion, ranking at position 32 in the entire digital assets market.

In the short term, Decentraland price analysis is likely to be bullish as long as it stays above the $2.28 support level. A break below this level could lead to a return to the previous lows of $1.94. For now, it looks like bulls are in control of the market and will attempt to push prices higher. The trading volume has also increased by a significant value of 92.5 percent, currently totaling $715,839,272.08.

Decentraland price analysis on a 1-day price chart: MANA/USD looks to break higher past $2.68 resistance

Looking at the 1-day price chart for Decentraland, we can see that prices have formed a bullish ascending triangle pattern. The pattern is still in development, and traders should look to enter long positions on a break above the $2.68 resistance level. To protect profits, traders may set a stop-loss order below the $2.28 support level. The target objective for this trade would be the $3.00 resistance level.

The Relative Strength Index (RSI) shows signs of bullish momentum and is currently sitting at 59.14. This indicates that the market is overbought and could see a pullback soon. However, if the bulls retain control, prices could push higher towards the $3.00 resistance level. The EMAs are bullish and showing signs of a trend reversal, with the 50-day EMA currently trading around the $2.33 level and the 200-day EMA currently trading at the $1.66 level.

Decentraland price analysis: MANA/USD moves lower as bulls defend $2.60 barrier 2
MANA/USD 1-day price chart, source: TradingView

The MACD is currently in bullish territory and is increasing in strength. This indicates that the bulls control the market and have the momentum to push prices higher. The market volatility is increasing in accordance with the price action as indicated by the Bollinger Bands. Prices have recently broken out of the upper Bollinger Band, which is a sign of bullish momentum.

Decentraland price analysis on a 4-hour price chart: MANA/USD prices likely to spike above $2.68 level

The 4-hour chart in the Decentraland price analysis shows it is currently trading above the $2.68 level of resistance. This level had previously acted as support and now looks to be capping any further upside potential. The MACD indicator is currently in bullish territory, although the RSI is close to overbought levels. Prices may consolidate around the current level before making another attempt to break higher. The market is facing strong buying pressure, as indicated by the MACD. The RSI is currently overbought, and a correction may take place soon.

Decentraland price analysis: MANA/USD moves lower as bulls defend $2.60 barrier 3
MANA/USD 4-hour price chart,source:TradingView

The upper Bollinger Band acts as the current resistance level while the lower band provides support. The EMAs currently indicate a bullish trend and are sloping upwards, with the 50-day EMA currently trading at the $2.61 level and the 200-day EMA currently trading around the 1.80 level.

Decentraland price analysis conclusion

In conclusion, Decentraland prices analysis shows the pair is currently in a bullish trend and expected to continue moving higher. Prices have found resistance at the $2.68 level, and a break above this level would open up the possibility for a move towards the $3.00 level. Conversely, a break below the $2.28 level could see prices fall back towards the previous lows around $1.94.

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.

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joel

joel

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.He loves content and creating features on cryptocurrency.

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