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- Mana price is currently trading at $0.6089 with an increase of 1.96% from the last intraday session.
- The 24-hour trading volume decreased by 3.38%.
- The 24-hour high is $0.6117 and the 24 hour-low is $0.5935.
Mana price is in a bullish trend from the start of 2023. It made a high at $0.8083 after which it came down to $0.500 level. The recent support for the price was $0.500. The price is on the way to retest the $0.800 level, again. The price from the start of February was in a downward channel making lower-lows and lower-highs. Recently, the price broke the downward channel to turn bullish. The bulls might try to push the price toward the $0.6500 resistance level.
If the price could break and close above the $0.6500 level, there is a chance the price could retest the $0.800 level which was rejected twice in the past. After the price crossed the $2.000 level, the overall trend has been bearish for Mana. The price consolidated for months in the range of $0.70 to $1.10. After breaking through the $0.70 level, the price came down to the $0.2900 level. As investors were bullish on crypto market recovery, price moved up to register a high at $0.800.
Technical analysis of decentraland (MANA):
The price crossed the 20 day SMA of the bollinger band. The bands have squeezed indicating low volatility in the market. The price had been in a messy zone after breaking the downtrend. On a 4-hour basis, the price made higher-highs and higher-lows. The price reached the upper band of the bollinger indicating a small pullback to find support and target $0.6500.
On the 1-day chart, the RSI curve crossed the 50 mark indicating strong bullish pressure on the price. The RSI curve is currently at 52.31 on the day chart above the median line, while on the 4-hour basis, the RSI curve reached 58.11.
The +DI is above the -DI, the ADX line crossed the +DI positively suggesting a strong bullish market on 4-hour basis. The ADX is currently at 24.15, increasing steadily. On a daily basis, the scenario might be different as the ADX is at 4.72 indicating a trend reversal.
Conclusion:
MANA on the daily time frame is bullish but the overall trend is bearish. The price action as well as the market structure indicates bullishness. Technical parameters at this moment are indecisive as price has been in a messy consolidation zone. If bullish pressure rises the price may be expected to reach the $0.800 level.
Technical levels:
Major support: $0.500 and $0.5500
Major resistance: $0.6500 and $0.800
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
