MANA price continues to move negatively skewed in a tight range. The price action lacks conviction for a clear trend. Decentraland (MANA) is following a long-term bearish resistance line with resistance at $5.91.
MANA price is trading with losses on Tuesday. Expect a bounce towards USD 2.40 if it crosses above the bearish bullish line. The downside is limited to $2.20.
MANA price seeks short term bounce
Source: Trade View
On the 1 hour time frame, MANA price shows strength and is preparing to escape two immediate upward hurdles. If it closes successfully, MANA price will see an intermediate upward target at the horizontal resistance level of $2.30.
The metaverse coin opened lower but quickly tested the session high before returning to the lows of $2.22. This just happens to be a ‘double’ support for the price due to MANA trying to bounce back to the bearish trendline.
The bearish trendline, which extends from the highs of USD 2.44, is acting as resistance for the bulls.
If the price clears an upward filter of $2.30, bulls will move forward to seek the next target at $2.35.
Continued buying pressure will bring the March 13 highs at $2.44.
On the other hand, a spike in the sell order may continue with the downward momentum. A break below the session low will test the January 24 lows at $1.80.
The price of MANA fell nearly 73% from November 25’s all-time highs at $5.91. At the time of writing, MANA/USD is trading at $2.24, down 3.69% for the day. According to the CoinMarketCap, Decentraland’s 24-hour trading value is at $264,560,490.
Technical indicators:
RSI: The relative hourly strength index is approaching the oversold zone. Any drop in the indicator can lower the price.
MACD: The moving average convergence divergence has been trading below the midline since March 13.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
This post MANA Price Prediction: Attempts to Break the Downtrend Line; Goals $2.40 Next
was published first on https://coingape.com/markets/mana-price-prediction-attempts-to-breach-descending-trend-line-targets-2-40-next/
