Quack AI
NEAR Protocol
Zcash
Celestia
Pons
Pudgy Penguins
Bitcoin
- Decentraland price uncovers the reason behind the declining prices since February 2023.
- MANA crypto price delivered a loss of 59.92% in the past one year.
- MANA is making a bear flag which could lead to a further downfall.
Decentraland’s (MANA) price prediction unveils the struggle for MANA crypto as the bears have dominated the market since February 2023. The market surged 195% from its key support level of $0.2814 to the resistance level of $0.8311 at the start of the year 2023. It was followed by the transfer of momentum to the bears, who flushed the price down by 62% to the critical support level of $0.3132. This caused the MANA token to breach multiple support levels.
At the time of writing, the current market price of Decentraland is $0.4018. The 24-hour trading volume surged 19%. The market is down 0.20% in the last 24 hours. The overall market cap of MANA is $760,629,028.
Is MANA Creating A Bear Flag?
Decentraland’s (MANA) price prediction showcases bearish dominance as the marker trades 23% below the 200 EMA. Amidst the selling pressure, the price made a recovery of almost 40% from its swing low. The bulls pushed MANA crypto price higher, breaking the local resistance level of $0.3858.
The bounce propelled the price to test the resistance of $0.4365, which succeeded in a correction of 12.80% to its current market price. Meanwhile, the MANA price is traveling in an ascending channel. The volume is also lacking interest from the buyers. The resistance of $0.4365 is a significant level where the bears hold a strong grip.
Will Decentraland Break Above the Resistance?
The MANA crypto price is climbing within an ascending channel. The price is forming higher highs with higher lows, declaring an uptrend in the short term. However, the uptrend is missing strong momentum, and the volume declines with the rise in the price. Also, the ascending channel can be identified as a bear flag amidst the overall bearish trend.
A breakdown of this pattern could trigger panic selling, and the MANA price may plunge to critical support levels. Hence, it is important for the bulls to penetrate the resistance and keep moving to the upside. The recent price action shows that the price is consolidating at the 200 EMA, signaling upcoming volatility.
RSI
The RSI indicator is currently at 47.81 It represents bearish to sideways conditions where the price may continue to fall until RSI exceeds 50. Aggressive selling may happen only if RSI goes below 30
MACD
MACD has made a bearish crossover while moving adjacent to the signal line along the 0 line. This means the market is lacking momentum and it may move sideways.
200 EMA
On the 4-hour chart, the price is trading around 200 EMA. This represents a sideways condition where the trend of the market is unclear. The market will establish a strong trend once the price moves away from the 200 EMA
Conclusion
Decentraland’s (MANA) price prediction unveils the struggle for MANA crypto as the bears have dominated the market since February 2023. The overall trend remains bearish. The MANA price could decline further if it breaks the ascending channel to the downside. Therefore, the buyer should wait for a bullish pattern to consider any investment. The upcoming volatility can be a risky encounter, and it’s best to maintain a good risk management plan to navigate around it.
Technical Levels
- Support Level: The nearest support level is $0.3585
- Resistance Level: The nearest resistance level is $0.4365
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
