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- The Decentraland (MANA) price struggles near below the 4-months Point of control point as per the VPVR indicator after achieving the Vital round level of $1.0.
- Buyers fail to make more money above the vital round level of $1.0 Mark because of the low trading volume.
- The MANA token belonging to the Bitcoin pair is trading at 0.00003317 Mark, down by 2.6%.
The Decentraland (MANA) token has been underperforming since hitting an all-time high of $5.9 in late November. During the sell-off, the bears celebrated a dramatic decline, when each rise turned into a selling opportunity.
Recently the bears registered a new 52-week low of $0.629. Meanwhile, this annual low has become an opportunity for the bulls to reverse course; As a result, the price of the MANA token recovers somewhat before forming sideways.
After a retracement phase, the price movement of MANA token shows a range-bound market, which is between the $0.9 mark and $1.1 mark as short-term support, as per the VPVR indicator regarding the VPVR indicator, which is the 4-month control below point. Daily price chart.
Facing a minor selloff, MANA was trading at the $1.05 mark at the time of writing, amid a sideways trend. Meanwhile, the market cap fell below $2 billion in the past 24 hours as it fell 2.6%, according to data from CMC.
Due to low trading volume, buyers failed to make money above the crucial round level of the $1.0 mark. Thus trading volume declined by 21% as compared to the previous night. Moreover, the MANA token belonging to the bitcoin pair is trading at the 0.00003317 mark, down 2.6%.
MANA is close to move above halfway of Bollinger band
In the context of the daily price chart, the half-line of the Bollinger Bands indicator shows the most recent resistance. However, there is a significant buying zone for the bulls in the lower range of the BB indicator. Besides, the Daily RSI is approaching the semi-line (50 points).
Conclusion
However, the bulls fear another downside, so the bullish momentum looks weak. According to the VPVR indicator, the bulls need to push the price of MANA above the 4-month control point.
Technical Levels
Resistance level- $1.3and $2.0
Support level- $0.92 and $0.60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
