- Decentraland price analysis shows price on the up after 10 percent decline
- Price rose as high as $2.08 to break support barrier
- 24-hour trading volume dropped by 13 percent
Decentraland price analysis is shifting to bullish on today’s trade, as the token rose more than 2 percent over 24 hours to reach as high as $2.08. MANA hit a low bottom of $1.99 yesterday, after successive days of bearish trade took 13 percent away from price. Current resistance level is set at $2.18 which is well away from current price. However, it could be a realistic target if price can break the first pressure point at $2.09. Support lies at $2.03 and any movement downward will invalidate the bullish thesis.
The larger cryptocurrency market continued to decline, as Bitcoin fell down to $39,500 with a 3 percent downtrend. Ethereum also endured a slight dip, taking price below $3,000 for the first time this month. Ripple and Dogecoin dropped 1 percent each, taking price down to $0.72 and $0.13, respectively. Meanwhile, Terra, Polkadot and Solana also showed bearish signs, while Tron took the biggest hit in the market, dropping almost 6 percent over the past 24 hours.
Decentraland price analysis: Bullish divergence expected on 24-hour chart
On the 24-hour candlestick chart for Decentraland price analysis, price can be seen forming a much needed uptrend to go over support at $2.02 over the last 24 hours. The change in trend is signified by today’s close near the demand zone at $2.06. The crucial 50-day exponential moving average (EMA) is the next target for MANA at $2.1. A run towards resistance at $2.18 could be in line if the buyers can withstand seller pressure at this point. MANA currently trades in a narrow range of $2.03-$2.09 and a break above the upper cap is needed to formalise an uptrend.
The current relative strength index (RSI) sits at a lowly 37.52 to indicate a bearish last 48 hours for MANA as the RSI changes direction to show increasing market value. A slight bullish divergence can also be observed on the Moving Average Convergence Divergence (MACD) curve with the current trend heading towards the neutral zone. Over the next 24 hours, price is expected to target resistance at $2.18, while any movement below $2.03 support would invalidate the bullish thesis.
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