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•MANA/USD is currently priced at $0.42 and has decreased by 1.52% over the past day
•The trading volumes have increased by 8.00% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Decentraland price falls into bearish well
The Decentraland price today is $0.422709 USD with a 24-hour trading volume of $90,262,231 USD. Decentraland is down 1.52% in the last 24 hours. The trading volumes have increased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.1151 for the altcoin.
Decentraland price action suggests that the bears have established a stronghold in the market, one which they are unlikely to let go off anytime soon. The bearish cloud hovering over the asset has pushed the Decentraland price below the 20,50 SMA on the four hour chart. The support for the altcoin is placed at $0.35 if the bears continue in the same vein of form. The bulls will need to target the resistance level placed at $0.50 if the bulls are to harbor any hopes of flipping the sentiment.
Long Term View for Decentraland price
The Decentraland bears have taken a taken a strong stance and look adamant on sinking the altcoin to greater depths. The RSI is currently placed within striking distance of the oversold territory as it transacts at 31.36. The histograms don’t fill the investors with much hope as they strike red for the past two weeks. Moreover, the MACD and signal lines are transacting in the negative zone as well, which further puts a damper on the bulls’ aspirations.
Conclusion
The Decentraland bears have gained ascendancy in the market as the lack of buyers at the current price levels has proven to be Decentraland’s undoing. The technical indicators project a bearish outlook for the near term.
Support: $0.35
Resistance: $0.50
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
