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- 1 Decentraland price trades at $0.3017 while witnessing a loss of 1.24% during the intraday trading session.
- 2 MANA price struggles to stay above the $0.30 psychological level.
- 3 The year-to-date return of Decentraland is 1.58%.
MANA price has been in a downtrend since the start of February 2023, forming lower lows and witnessing several short-term pullbacks. During mid-June 2023, it entered into a bullish trend and started to rise toward $0.50 but the move could not sustain and was halted near the $0.4420 level.
The price broke the trend line and retested it to fall further down. Recently, it broke the major resistance level of $0.33. Currently, the cryptocurrency price is stuck in a narrow consolidation zone ranging between $0.2950 and $0.3150.
The price is struggling to stay above $0.30. If bears are successful in breaking the support level of $0.2950, the price might fill the lower wick of 17 August 2023 and fall toward the $0.25 level.
On the other hand, if the MANA price breaks above $0.3150, there is the possibility that the price might rise toward the support-turned-resistance of $0.33. The overall trend of MANA is strongly bearish and will soon break the annual low if bearish momentum persists.
Network Activity of Decentraland
The last few months have not been favorable for Decentraland due to the decline in the metaverse trend. According to Santiment, a behavioral analytics platform, the network growth of Decentraland has plunged 73% lately.
The daily active addresses have not been able to reach the 1000 mark for a long time now. The daily transactions have also taken a hit due to failing interest in the metaverse.
The 24-hour trading volume has increased by 10.73% while market capitalization is down 2.95% to $572,101,724. The MANA price is down by 94.87% from the all-time high of $5.90. The six-month return of Decentraland is -53.51%.
Will MANA Price Break the $0.30 Level?
The cryptocurrency price trades below 20,50,100 and 200-day exponential moving averages, indicating bearish momentum. However, the Chaikin money flow score has climbed above the 0 mark and trades at 0.05 indicating slight strength in the market.
The relative strength index has entered into an oversold zone and is hovering near the 30 mark indicating chances of short-term pullback. The reversal might require some consolidation for the price to perform any major moves.
The Bollinger bands have expanded indicating a rise in volatility and the MANA price has reached near the lower band which also indicates the possibility of a short-term pullback toward the 20-day simple moving average.
The long/short ratio is 0.82 with 45.14% longs and 54.86% shorts suggesting strong pressure from the selling side in the last 24 hours.
Conclusion
The market structure and price action of Decentraland is overall bearish. However, the price is trying to sustain above the $0.30 level.
Technical Levels
- Major support: $0.295 and $0.27
- Major resistance: $0.315 and $0.33
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.
