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- Decentraland price defended $0.5000 support and entered consolidation.
- MANA price rejects the 200 day EMA and also dropped below the 50 day EMA.
- MANA crypto price is near to crucial support.
Decentraland price fell 13% on the previous week and eroded the gains of the past five weeks. MANA Price witnessed profit booking from the supply zone and prices returned back to the previous swing low.
MANA price seems to be stuck into the narrow range between $0.5000 to $0.7000 and no signs of breakout or breakdown are visible. MANA got rejected from the 200 day EMA denoting downtrend. However, the curve is sloping sideways indicating prices will consolidate for some more time and downside seems to be limited.
Decentraland price is trading at $0.5511 with an intraday rise of 0.07%. The 24 hour volume to market cap ratio is $0.0385. At the mid of March, MANA price took support at $0.4844 and formed a bullish hammer candle. It took a U-turn and began to rise by forming a higher high candle.
MANA price recovered 40% approx from the lows and tried to break the hurdle at $0.7000. Unfortunately, It got rejected and got stuck into consolidation. It shows sellers are still active in the supply zone and dominating on the higher levels. Therefore, $0.7000 will act as an immediate hurdle in the coming weeks.
Will Decentraland Price take an U-turn?
Decentraland Price got corrected 25% approx from the swing high and formed a bearish pattern. The price took support near to its previous breakout level which looks reliable.
If the buyers succeed to break the $0.7000 hurdle, then the next phase of the rally may begin. Buyers may try to test the previous swing high at $0.8407.
However, if the price drops below the $0.5000 then it will raise concern for the long term investors. It will also trigger the negative sentiment and bears may try to drag it down toward yearly lows. The technical analysis suggests, MANA price is near to the demand zone and the possibility of the rebound remains high.
MANA price in multiple time frame
MANA price formed a bullish hammer candle on a weekly time frame denoting buyers are returning back to the track. The fact which should be noted is that multiple timeframes are forming different patterns but indicating upward direction.
If the overall market sentiment remains bullish then then it may positively impact the MANA price and relief rally is possible. The technical indicators like MACD had generated a negative crossover indicates mild bearishness. The RSI at 41 sloping upward denotes price may try to reach the neutral territory.
Conclusion
Decentraland Price witnessed profit booking from the higher levels and downfall halted near $0.5000. MANA price is stuck into the wide range range and showing signs of the base formation. The technical analysis suggests MANA price is near the demand zone and probability of rebound remains high.
Technical levels
Resistance levels : $0.7000 and $0.8400
Support levels : $0.4844 and $0.4000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
