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- Metaverse tokens facing a downturn.
- The MANA prices are down by 13% in the past 7 days.
- Trading volume fell by 40% in a day.
Decentraland (MANA), with other metaverse tokens is encountering a bearish trend in token prices. The GameFi markets bleed out as new players join the race and provide the users with value addition. For the same reason the investors in Decentraland are under panic and are opting for sell-offs.
After a failed support near $0.70, the MANA prices hold at $0.64 at press time. The volume shows retrieving investors and selling pressure to prevail. Recently, Decentraland has hosted events like a fashion show for an exclusive collaboration collection with celebrity stylist, Maeve Reilly. It also highlighted its platform to celebrate Valentine’s day using virtual spaces. The events seem to not be enough to lift the token prices but are holding the prices at the current support level.
The pictorial
The MANA prices have formed a bullish flag after which it started falling. The prices have shed about 13% in the past 7 days. The descending volume reflects investors are losing interest and are under selling pressure. The EMA ribbon indicates a possibility of forming a golden cross, and if that occurs, a strong rally backed by positive news can be established. A flat OBV suggests present situations to be neutral and may change for the good. The present price is testing the support near $0.60.
The CMF rises from the baseline to indicate approaching bulls and possibility of a high run. The MACD records seller bars formed under the zero-histogram mark and lines forming a negative cross. The RSI slips to the 40-range to reflect sellers’ pull in the prices.
The Peephole
The smaller time frame suggests prices facing pressure from the sellers. The CMF aligns with the zero-mark to suggest neutral market situations. The MACD does not form a clear cross and supports the notion of a neutral market. The RSI after touching the floor range, rose to the 40-range to show weakening sellers’ grip in the market. The indicators hint at a bullish trend to arrive soon after the selling pressure eases.
Conclusion
The MANA is currently facing a deserted investor market and is under bearish influence. For prices to turn bullish, it will require a robust pressure that is capable enough to transform the trend. The holder of MANA may trust the support near $0.60 to buy the dip.
Technical levels
Support levels: $0.60 and $0.30
Resistance levels: $0.89 and $1.10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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.
