- 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: 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.
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.
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