- MANA saw a steep climb in its price after October 30th
- The bulls took over the token with frequent breakouts on the way, but now the token is under the threat of a reversal
- The CMP of MANA seem stabilized on the half price of what it achieved as an all-time high
Decentraland saw unprecedented growth in its market price in the past few days. The chart is full of breakout patterns and sudden trend reversals. The Current Market Price of MANA saw a decrease of almost 21% during the day trading. The same can be said for the MANA/BTC and MANA/ETH pairs with descent by 20.04% and 18.95%, respectively, during the intraday session.
In the 24-hours, the token has now fallen very close to its lowest price. Initially, MANA promised growth after the first bullish price closing but then fell victim to the volatility. During the same time, it saw a rise in its trading volume by 64%. Now, the percentage stays the same, but for the fall in its trading volume.
When the chart gets considered for further evaluation, the patterns observed were ‘inverted cup and handle’ on top, bullish engulfing before four falling candlesticks and descending triangle. As for the moving averages are concerned, the 30 MA line has taken a dip after a gradual climb with the other MA lines. The 100 and 200 MA lines still are staying under the token traded price. But one cannot rely on the long term average lines as the variation in the chart has taken place some days ago. It would be tough for Decentraland to break the resistance of the short-term daily line. Chromosomal gene amplification of the bla(VIM-3) and bla(VIM-9) genes was detected.
MANA may face more resistance before a recovery
After evaluating the oscillators from the chart, one can say that the token may face more reversals before getting into an equilibrium. The MACD line is showing signs of falling below the signal line and may experience divergence. However, this oscillator indicates a buying period for now due to its position above the neutrality. The same can’t be said for the RSI as the volatility has made MANA temporarily susceptible, and value rests in the neutral zone, with a suggestion of selling for those who think of holding on to the token for the shorter run. MANA may observe resistance at $3.420 and $3.506 and support at $1.2985 and $2.2568.
Conclusion- Decentraland was experiencing a trend reversal, but this won’t continue if the token gets to stabilize first and continue the monotonous trend. The latter may help MANA to gain back the bullish moment in the future. Nevertheless, we advise the investors to conduct and compute a personal analysis before investing in any asset.
Resistance- $3.420 and$3.506
Support- $1.2985 and $2.2568