Home
News
- 1 The MANA token price has breached the trendline support zone of $0.6000.
- 2 Bears have showcased their presence and are attempting to push toward the 200-day EMA mark.
The MANA token price slipped to the 100-day EMA mark and depicts selling pressure in the last sessions. The chart showcased a descending triangle pattern, and the token has been delivering lower low swings for weeks. Following the market downturn, the token has eroded over 30% of gains and has breached the crucial support zone of the $0.6000 mark. If the token cannot sustain gains near the 100-day EMA mark, a further down move may soon take MANA price toward $0.5000.
At press time, the Decentraland token (MANA) price was trading at $0.5876 with an intraday gain of 3.37%, reflecting neutrality on the charts. It has a monthly return ratio of -19.90% and -10.90% on a yearly basis. The pair of MANA/BTC is at 0.00000869 BTC, and the market cap is $1.29 Billion. Analysts are neutral and suggest that the MANA price may deliver a volatile move and will retest the 200 mark soon.
MANA Price-to-Volume Profile Revealing Selling Pressure
The above chart showcased the price-to-volume profile of the Decentraland token (MANA), revealing the retracement move. The token has formed a descending triangle pattern and breached the trendline support zone. Additionally, the token has slipped to the make-or-break region near the neckline of $0.5700, close to the 100-day EMA mark. The intraday trading volume dragged over 17.78% to $56.43 million.
Price Volatility and Weighted Sentiment Analysis
Amidst the price decline, the price volatility data signified neutrality and remained below the midline, near 0.014. However, the weighted sentiment remained in the negative region, noted around -0.257, implying low investor interest and an adverse outlook.
Social Dominance and Social Volume (AI) Overview
The data signifies the average movement in the social dominance value, replicating decent pump and dump activities, resulting in a decline of over 5%, noted around 0.063% this week. However, the social volume AI signifies a negative move, and the value dropped to 2.
Development Activity and Open Interest Data Outlook
The above data showcased that the development activity noted a decline of over 35% and dropped to 163 this week. Similarly, the derivative data signifies long unwinding, and the open interest dropped over 0.98% to $36.56 million in the previous 24 hours.
Per the Fib levels, the MANA price has traded near the 23.6% zone and has slipped to the bearish region. The RSI curve slipped to the oversold region and reflected a negative crossover on the charts. Furthermore, the MACD indicator depicts red bars on the histogram, and a bearish crossover was noted.
The total supply of the MANA is 2.19 billion, whereas the volume-to-market cap ratio is 0.0436, which stands at 92 per the market cap in the global crypto market.
Summary
The Decentraland token price has breached the trendline support and slipped below the primary support mark of $0.6000. The price chart depicts a descending triangle pattern, and the token is on the verge of the neckline support zone at $0.5800.
Technical Levels
Support Levels: $0.5750 and $0.5500
Resistance Levels: $0.6000 and $0.6300
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
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.
