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- 1 Decentraland price prediction suggests a rise in the coming months.
- 2 MANA price is trying to climb above the 50-day EMA.
- 3 Decentraland crypto price is trading near to the YTD low.
Decentraland price prediction is mildly bullish for October 2023 and suggests a rise in the coming months.
MANA price is stuck in a narrow range between $0.2646 to $0.3284. It consolidated for a quite long time and formed a strong base so the downside risk looks limited.
Decentraland price tried to climb above the 50-day EMA with a strong buying volume. But sellers were active and the price faced rejection. It shows that the up move was a bullish trap and MANA crypto is in a downtrend.
However, MANA price is near the demand zone so sellers might face difficulty in pulling the price further down.
The price behavior of MANA is quite volatile due to this the possibility of a fake breakout and breakdown increases substantially. Therefore, investors should be careful in the pullback rally and wait for confirmation before creating any position.
Decentraland price is trading at $0.2791 with an intraday decline of -0.78%. The 24-hour volume to market cap is 4.79%.
The pair of MANA/BTC is trading at 0.00001011 with a one-day decline of -0.79%. However, the MANA/BTC pair looks bearish and sellers are more active.
Will Decentraland Price Expand the Range Upward?
Decentraland price prediction stays bullish till it sustains above $0.2646. Buyers are trying to rebound and reverse the trend but buying pressure is getting absorbed near the supply zone.
Until MANA crypto was able to break out of the $0.3284 level, the short-term bears were active and the price would trade in the range. The possibility of the range expansion will increase when buyers succeed in holding the price above the 50-day EMA.
The technical analysis suggests that MANA crypto is trading near the demand zone so an upward reversal is possible.
MANA Price Bearish on Weekly Timeframe
MANA price formed a bearish pattern on a weekly time frame. Meanwhile, the BTC and ETH price faced rejection from the resistance levels. So, it hurt the market sentiment and negatively impacted the price of MANA and other altcoins.
The MACD curve lost momentum near the zero line and displayed a negative crossover. Its price might trade with a bearish bias for a short period of time.
The RSI at 38 slopes down denotes weakness but if the price recovers, then RSI might reach the neutral zone.
Conclusion
Decentraland price prediction is bullish for the long term. However, the price will gain momentum when buyers are able to break the $0.3284 hurdle.
The technical analysis suggests that the MANA price will turn bullish only if buyers are able to expand the range upward.
Technical Levels
- Resistance levels: $0.3284 and $0.3500
- Support levels: $0.2646 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.
