- Decentraland has corrected itself more than 50% from its all-time high. Meanwhile, the asset has seen a dip of more than 7%.
- Technical indicators of MANA hints towards a further downtrend for upcoming days. In contrast, MANA/BTC pair has also been in a dip of more than 5%.
MANA crypto price is currently struggling to hold itself above $3 after a fall of more than 50% from its ATH. Decentraland has been currently trading near the value of $3.17 with a dip of more than 7% in the past 24 hours. MANA coin price is currently trading below its 50 and above 100 DMA. The 50 DMA of the Decentraland is near $3.27 acting as a temporary hostile region for the upside trend of the coin. One can forecast huge gains and improvements in MANA in the future.
Decentraland is currently ranked 27th which has slipped from 20th in the CMC. The volume of the coin is also at a loss of more than 50% in the intraday session. The volume to market cap ratio of the MANA hints towards a bearish trend in price. If the ratio crossover is 0.8 then a reversal in an uptrend can be seen.
Bears Are Gripping On MANA Crypto Price
Decentraland is currently in a downside trend in the weekly technical chart. Coming to the daily chart, the asset has been on a bearish trend. The upside momentum of MANA may face a potential threat near the value of $4. If the coin price sees a fall the temporary support can be seen near $2.5. There is a strong downside parallel channel long with the consolidation zone has been formed. If the price seems to be a further drop in value then a strong downside trend in the future can be seen.
RSI(Bearish): RSI for the Decentraland is currently near 42 highlighting its presence in the overbought zone. There is a negative slope in the RSI which hints towards a bearish trend. The overall sentiment of RSI for MANA is bearish.
Conclusion
MANA coin price has been on a continuous downfall and can soon see the next support level in the future. MANA/BTC pair can also see strong momentum in the price. One should do their due diligence before investing in Decentraland.
Technical Levels
Major Support:$2.5
Major Resistance: $4