The Decentraland crypto (MANA) has been showing in its recent price action, a strong buyer rejection candle and buyers’ attempt to sustain near the supply zone. It looks like they expect to cross the supply zone at $0.7000.
As of now, the MANA crypto has experienced a significant decline of 6.80% in the past 24 hours and is currently trading at $0.6343. Its market cap is $1.20 Billion, while its FDV is $1.38 Billion. The circulating supply of MANA is at 1.91 Billion, and the volume on all tradeable platforms in the last 24 hours has been 256.28 Million.
Since then, the Decentraland crypto has exhibited a sign of strong resurgence as the price rebounded strongly from a pivotal level of around $0.4600 on the chart and was followed by dynamic support of EMA’s.
Is MANA On The Move To Reclaim Higher Levels?
Currently, the candle has shown a rejection from supply causing the price to fall to $0.6000. At this level, it seems that the buyers are strong as they have failed to breach the level and a wick formation has been observed as well.
Furthermore, it appears that the crypto is poised for a significant and impressive breakthrough again as buyers are still actively participating. This could result in the price skyrocketing past the current resistance level.
As long as the demand for MANA remains high, the price may bounce back from the current level. The next price target is $0.8000, with resistance at $0.7000.
On overall chart analysis, it appears like the Decentraland crypto asset is exhibiting bullish features and can reach higher levels in the coming sessions. It has displayed good performance in the previous week, month, and quarter by 26.01%, 44.96%, and 39.98% respectively, signifying a strong upward force.
Similarly, the MANA crypto asset is rising steadily and strongly as it remains above major 20, and 50-Day EMAs, indicating bullish strength. With reference to the above, the asset is showing bullish momentum and possible price continuation toward the north as MACD is showing a bullish cross and has a strong histogram curve. Where the histogram is at 0.0156, the signal line is at 0.0309, and the MACD line is at 0.0465.
Likewise, the RSI is above 14-SMA and is at 66.59, whereas, the smoothened line is at 65.42.
Another flip-side possibility would be, if the crypto price fails to stay above the $0.6000 level, it could decline further abruptly by aiming for the demand zone, until then the crypto is bullish.
Summary
Decentraland has recovered from a low point and is aiming to break new highs. It has bullish indicators and strong performance over the daily chart. It may reach $0.8000 soon depending on the buyer’s potential, but it could also drop below $0.6000 if the sellers ramp up pressure abruptly.
Technical Levels
Support Levels: $0.6000
Resistance Levels: $0.7000
