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- 1 MANA price prediction stays bearish for the short term till it trades below $0.4500.
- 2 Decentraland price is in a strong downtrend.
- 3 MANA crypto price is trading near its yearly lows.
MANA price prediction is bearish for the short term until MANA crypto trades below $0.4500. It continues to decline by forming lower low swings and erodes the complete gains generated in 2023.
Decentraland price is facing resistance at the 50-day EMA shows that the trend is in a downward direction. The buyers previously tried multiple times to break the 50-day EMA but they didn’t succeed. It indicates that the sellers are still active.
At present, the price seems to be stuck in a narrow range between $0.2639 to $0.3197. It shows signs of long-term base formation but the confirmation is still awaited.
The confirmation will come when buyers are able to break the $0.3200 hurdle. MANA price is trading at $0.2944 with an intraday rise of 1.94%. The 24-hour volume to market cap is 4.60%.
The pair of MANA/BTC is trading at 0.00001080 with an intraday decline of -0.83%. The price pattern of both the pairs looks quite similar and no signs of recovery are visible. The correlation between MANA and BTC is 0.62.
Does MANA Price Look Cheap at Current Levels?
MANA price prediction is favoring the bears but the price is trading near its demand zone. So, a pullback rally is possible.
If the buyers succeed in breaking the $0.3200 hurdle, then one might see a short-term bullish trend reversal. Otherwise, the prices are expected to continue the consolidation in a narrow range.
On the other hand, if the Decentraland price drops below $0.2639, then more downside will open. The analysis suggests MANA crypto has corrected a lot so it looks cheap at current levels.
Decentraland Price Forms Doji on Weekly Time Frame
Decentraland price formed a Doji candle on a weekly time frame. It shows that buyers are active and trying their best to halt the downfall. Short-term buyers will gain confidence when they succeed in breaking the $0.3200 level.
The MACD curve sloping sideways indicating that the price may continue to consolidate for some more time. The RSI at 48 denotes a neutral zone and a balance between bullish and bearish position. However, the super trend indicates the trend is still down.
Conclusion
MANA price prediction is bearish till it trades below the $0.4500 level. However, the price has corrected a lot so the risk of a short squeeze remains high. The analysis suggests, that Decentraland is oversold and downfall may halt soon.
Technical Levels
- Resistance levels: $0.3200 and $0.3500
- Support levels: $0.2639 and $0.2500
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
