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•MANA/USD is currently priced at $0.61 and has increased by 2.93% over the past day
•The trading volumes have increased by 8.17% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Will the Decentraland bulls be able to upend the sentiment?
The Decentraland price today is $0.612942 USD with a 24-hour trading volume of $97,770,685 USD. Decentraland is up 2.93% in the last 24 hours. The trading volumes have increased slightly over the past day whereas the volume to market cap ratio stands at 0.08599 for the altcoin.
Decentraland price has been on a downward trail for the past several weeks, which has sent the bulls scampering for cover. The move has had a profound effect on the altcoin, with the Decentraland price now transacting below the 20,50 SMA on the four hour chart. The resumption of the downtrend could lead to further losses in the near future, and the support level placed at $0.50 will be of immense importance to the bulls. On the flip side, a move above the $0.70 mark will go a long way towards curtailing the bearish momentum.
Long Term View for Decentraland price
Decentraland is currently in a downtrend and the bulls have been found wanting at the current price levels. The RSI is currently hovering at 33.76 and is fast approaching the oversold territory. On the other hand, the histograms have been in the red for the past week due to the immense selling pressure prevailing in the market. The MACD and signal lines are transacting in the negative territory as well, and the threat of bears looms ever so large on Decentraland.
Conclusion
In spite of the slight gains in trading volumes witnessed today in Decentraland, the momentum is still overwhelmingly bearish in favor of the bears which the bulls will have a hard time coming to terms with. In the meantime, Decentraland price is likely to continue to spiral downwards.
Support: $0.55-$0.50
Resistance: $0.66-$0.70
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
