The price of Decentarland (MANA) continues to fall after testing the February 9. On Saturday, however, MANA took a breather near the pivotal 50-day Simple Moving Average (SMA) at $2.91. The technical stance indicates the underlying bullish flow in the pair.

Decentraland price is trading with modest gains on Saturday. The MANA price gained close to 100% from its January lows. Investors expect more gains above $3.55 in recent highs.

MANA looks for an upward catalyst

On the daily chart, the Decentraland (MANA) has emerged from a long-term consolidation, possibly indicating that the price correction from November 25 is over. MANA has been in downward momentum since it hit an all-time high on Nov. 25.

The price rose nearly 100% after testing the low of $1.70 on Jan. 2. The upward momentum is taking a hit near the $3.50 level. Decentraland price is experiencing some selling pressure after failing to stay above said level.

Source: Trade View

The decline over the past three trading days is likely because the momentum oscillator is pulling out of the oversold zone. However, the resurgence in buying pressures near the lower levels suggests that bulls are in no rush to give dominance to the sellers.

An acceptance above the 50-day Simple Moving Average (SMA) would result in another rise. The first direct target is placed at the horizontal resistance level of $4.0.

On the downside, if the next candle is a red, it could test the February 3 lows at $2.43 followed by the January low of $1.70.

Technical indicators:

Relative Strength Index (RSI): The Daily Relative Strength Index (RSI) is above the moving average line, indicating a bullish bias in the undercurrent.

MACD: The Moving Average Convergence Divergence (MACD) holds above the midline with a downward tilt.


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