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Decentraland price analysis: MANA faces roadblocks towards $2.95 target

Decentraland price analysis

TL;DR Breakdown

  • Decentraland price analysis shows price dropped as low as $2.25 over the past 24 hours
  • MANA currently trades around support and demand zone at $2.30
  • Further decline towards $2.20 could spell end for $2.95 prospects over the current trend

Decentraland price analysis shows bearish signs today as it continues to recede along the downtrend that started on April 6. Price reached a month-long low by reaching $2.25 over the past 24 hours, recording a 2 percent decrement. After facing multiple rejections around the $2.80-$2.85 mark on March 31, MANA receded more than 25 percent to the current lows. In process, the token dropped below critical 50-day exponential moving average at $2.58 and 200-day simple moving average (SMA) at $2.44. If bearish signs continue to dominate over the weekend’s trade, MANA could move as low as $2.20, killing prospects of an upheaval towards the $2.95 target.

The larger cryptocurrency market stayed in the red zone over the past 24 hours, as Bitcoin dropped below the $42,500 mark. Ethereum also faced a minor decline, moving back towards $3,000. Among Altcoins, Ripple dropped to $0.76, Cardano to $1.03 and Dogecoin to $0.14, after all endured a 1 percent decrement. Solana dropped 2 percent down to $110, similar to Polkadot‘s 2 percent decline down to $19.47.

Decentraland price analysis: MANA faces roadblocks towards $2.95 target 1
Decentraland price analysis: Cryptocurrency heat map. Source: Coin360

Decentraland price analysis: 24-hour RSI suggests bounce back can be expected

Over the 24-hour candlestick chart for Decentraland price analysis, price can be seen falling below crucial moving averages to test the $2.20 support level. A sustained effort upwards over the next 24 hours could propel price up to the immediate resistance at $2.44, but any movement below $2.20 support would invalidate the bullish sentiment and could take price below the 100-day range of below $2.0.

Decentraland price analysis: MANA faces roadblocks towards $2.95 target 2
Decentraland price analysis: 24-hour chart. Source: Trading View

In terms of technical indicators, the relative strength index (RSI) is still oscillating in the oversold zone and could indicate a retracement upwards at 40.20. Price stays well below the crucial 50-day exponential moving average (EMA) at $2.42, which serves as the immediate next target. Furthermore, the moving average convergence divergence signal line maintains the bearish divergence made on April 6 and is set to stay below the neutral line to cap off a bearish 24-hour outlook for MANA.

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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