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- Decentraland was currently at $0.5224 with a decrease of 1.49% during the intraday trading session.
- The 24-hour low of MANA was $0.5025 and the 24-hour high of MANA was $0.5315.
- The current Decentraland token price is below 20, 50, 100, and 200-Day EMA.
The pair of MANA/BTC was trading at 0.00002534 BTC with a dip of 0.89% over the intraday trading session.
Decentraland price prediction suggests that it is currently in a downtrend but with the formation of a bullish hammer candlestick pattern over the daily trading chart, the MANA token may show a reversal over the daily trading chart. Near the end of 2022, the token was in a critical condition it was trading near its secondary support. The MANA token made its 52-week low on its last day of the year 2022 because of the heavy selling pressure. This indicates that the sellers dominated the market for most of 2022.
From the start of 2023, the MANA coin started moving upward with the support of buyers breaking its primary support and resistance on its way up. The token tried to break its secondary resistance but failed which indicates that the sellers are there to push the coin down. This may be the cause of the current downtrend. The formation of the hammer candlestick pattern in the last session may indicate that the coin may reach its bottom and is positioned for trend reversal. This also shows that the sellers entered the market, pushing the coin down, but were later outnumbered by buyers who drove the token price up.
The volume of the coin has decreased by 35.16% in the last 24 hours. The decrease in volume indicates that the number of sellers has increased. This shows that sellers are trying their best and there is a relationship between volume and the price of MANA, which represents strength in the current bearish phase.
Decentraland Price Technical analysis:
RSI is decreasing in the oversold zone and is shown a negative crossover which indicates that the sellers are coming in the majority and pushing MANA downwards. This suggests the strength of the current bearish trend. The current value of RSI is 34.49 which is below the average RSI value of 38.97.
The MACD and the signal line are decreasing but not showing any definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Decentraland price prediction suggests that it is currently in a downtrend but with the formation of a bullish hammer candlestick pattern over the daily trading chart, the MANA token may show a reversal over the daily trading chart. 2022 can be said not so a good year for the MANA token as it was mostly dominated by bears throughout the year. From the start of 2023, the MANA coin started moving upward with the support of buyers breaking its primary support and resistance on its way up. RSI is decreasing in the oversold zone and is shown a negative crossover which shows strength in the current bearish trend, as per the technical indicators. Traders should take caution before making any trade in the market.
Technical Levels-
Resistance level- $0.752 and $0.861
Support level- $0.610 and $0.277
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.
