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- Decentraland Token was currently at $0.7408 with an increase of 1.92% during the intraday trading session.
- The 24-hour low of MANA was $0.7217 and the 24-hour high of MANA was $0.7571.
- The current Decentraland price is above 20, 50, 100, and 200-Days EMA.
The pair of MANA/BTC was currently trading at 0.00002964 BTC with a dip of 0.20% over the intraday trading session.
Decentraland price analysis suggests that it is currently a bullish trend. After making its all-time high before 2022 MANA has since declined. 2022 can be said was not a good year for MANA because of how volatile it has been in 2022 as well as the market was monopolized by bears resulting in heavy selling throughout the year and near the end of 2022 MANA was forced to remain in its demand zone and forcing MANA to make its new 52-week low. But after 2023 MANA was slowly rising, breaking its primary support of $0.6158 and reaching its primary resistance of $0.845. But currently, MANA is in the consolidation phase.
MANA is in the consolidation phase which shows the indecisiveness in the market. Both bulls and bears are active, bulls are trying to drive MANA up while the bears are driving MANA down. However, none of them is gaining upper hand over the other in the market, and hence the stalemate between buyers and sellers is pushing MANA into consolidation.
The volume of the coin has increased by 19.27% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is a relationship between volume and the price of MANA, which represents strength in the current trend.
The technical analysis of Decentraland:
RSI is increasing in the overbought zone and has shown signs of a positive crossover which indicates that the buyers are coming in the majority and taking back the market from bears and pushing MANA upwards. This suggests the strength of the current bullish trend. The current value of RSI is 55.31 which is above the average RSI value of 51.93.
The MACD and the signal line are decreasing and intersecting but not giving any definitive crossover. Investors are watching every move in the market carefully.
Conclusion
Decentraland price analysis suggests that it is currently in a consolidation phase. After the start of 2023, MANA started rising after making its new 52-week low on the last day of 2022. But after reaching its primary resistance MANA started consolidating which indicates the stalemate between buyers and sellers. The increase in volume indicates good market sentiment towards MANA. RSI showing signs of positive crossover in the overbought zone but MACD is not giving any definitive evidence to support RSI, as per the technical indicators. Traders should take caution before making any trade in the market.
Technical Levels-
Resistance level- $0.845 and $1.126
Support level- $0.615 and $0.290
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.
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.
