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- MANA price marks a steep downtrend pattern signaling bearish trend.
- The metaverse platform fails to benefit from recent partnerships.
- Scheduled events on the Decentraland can temporarily offset bears.
MANA price witnesses a robust bearish momentum after being rejected at $0.6925 and falling by about 20%. The metaverse platform, Decentraland, has several events scheduled for the users to adore. The recent event, ARTor DAI: nocrwl versus Mlibty, has several attendees on a daily basis, but still the platform is under bearish influence. MANA, despite the recent alliances with Samsung, JP Morgan, and several fashion brands, plots bearish price action. Several analysts believe Decentraland might have witnessed good days, and may encounter a recurring bear trend.
The Pictorial
MANA price sharply fell by about 20% in the past week. The trading volume displays a red market, with sellers dominating the residual buyers. The prices began to fall after facing rejection at $0.6925. The downtrend can find support near $0.5160 and rise for a brief time period. The declining OBV suggests an unfavorable market for MANA and can intensify the bearish trend. The Bollinger Bands diverge slightly after the continuing plunge. The current price action takes place beneath the EMA ribbon, with 200-EMA recently reclaimed, and displaying bearish indications.
MANA price begins to trade under bearish influence, as shown by Super Trends, which can be said to be the extension of the previous bearish trend. The CCI falls to negative 140-range suggesting a pessimistic difference between present MANA price and its historical prices. The MACD undergoes a bearish divergence and records ascending seller bars in the region below the zero-histogram mark. The RSI falls to 40-range suggesting the rise in seller interest for Decentraland.
The Peephole
The smaller time frame, MANA price forms a sideways movement under bearish influence, which flattened the bear trend in Super Trends. The CCI moves horizontally at the negative 100 mark to signify a constant price difference between historical prices and MANA price at press time. The MACD forms a narrow positive cross and records minimal buyer participation. The RSI moves about the 30-range to display seller dominance in the market.
Conclusion
Decentraland experiencing a deserted market for the metaverse platform. The present downtrend can cast a shadow in the long term, setting new lows and highs for 2023. The daily time frame indicators suggest a market with sharp falls and bearish dominating the buyers. The smaller time frame shows a contained bear trend with a sideways movement being formed. The holders can rely on the support zone near $0.5160 for a relief rally.
Technical levels
Support levels: $0.5160 and $0.4090
Resistance levels: $0.6925 and $0.7445
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
