MANA Price Action? Who’s Right, Bulls or Bears
Decentraland token MANA has been consolidating for about 30 days. Trading in a tight range from .84 to a high of $1.13. The positive trend is failing to hold a very short-lived trend as MANA, as of this writing, is tanking badly along with the entire crypto markets.
Here’s What the Bullish Indicators are Hoping
There is no doubt that the bullish sentiment is still alive in the MANA price analysis. Although the price opened lower in the previous trading session, it quickly recovered to reach the high of the session.
However, it retraced back after testing the $1.02 level. Despite the pullback, the MANA price remains on the upside and still prints gains. A breakout above the $1.01 mark would bring further increases. Key support is placed near the 50-day EMA on the daily chart.
The future of the token is still unknown, but analysts predict it will continue to grow in the near future. Decentraland is an ambitious project, but it has a relatively stable outlook. Moreover, many big names have entered the Metaverse through the Decentraland project. MANA’s future price will depend on the project’s success and its users’ growth.
MANA’s price is currently trading above its moving averages. It has maintained bullish momentum for the past four days. A break below the moving averages is expected soon. The MACD signal line is below zero, indicating that volatility is low. The RSI is also below 50, showing high sell momentum. It is difficult to call a breakout until the price breaks through the 50-day exponential moving average. However, this breakout is unlikely to be immediate, so paying attention to price action is essential.
Related News: Decentraland Metaverse still growing
August 19th MANA Bulls are Now Chopped Meat.
The Decentraland price analysis indicates a sideways trend with a bearish sentiment. The upside rally lost its steam near the $1.10-$1.20 resistance zone. It is a six-month-old resistance zone, which remains a hard nut to crack for the bulls. Multiple candles near the mentioned level show the rejection.
The MANA token is trading in a narrow range extending the previous session’s sell-off. The price meets the selling pressure near the supply zone. Currently, the token is hovering near the critical support zone on the daily chart.
As of writing, MANA/USD is trading at $0.97, up 0.99% for the day. The 24-hour trading volume fell more than 15% to $1,47,210,146.
- Decentraland price trade with modest gains on Thursday.
- Horizontal support near $0.98 was a crucial barricade for a deep fall.
- A break below $0.98 would intensify the selling pressure on the token.
Decentraland Price Looks Submissive
The Decentraland Price Analysis Reflects the Bears are Taking Control
On the daily chart, MANA is trading in a “Rising Wedge” pattern. A rising wedge is generally a bearish signal, indicating a possible reversal during an uptrend.
The volumes are declining with the rising price of a MANA, which implies a decreasing interest in creating long positions. When the market is rising while volume is declining, it might mean that the big players are not buying, more likely slowly exiting positions.
The price is recently supporting the 20-day exponential moving average, along with a support line connecting all previous lows. If that occurs the price could further drop toward $0.940. It will add to the bearish sentiment.
Next, the MANA sellers could look for a fresh selling opportunity at the low of July 26th at $0.84. Beware, we are there!!!
The nearest support of MANA is between $0.93 to $0.96, whereas the most immediate resistance is around $1.04. There is a higher probability of a price-breaking support zone.
Conversely, a daily candlestick above $1.01 would deter any bearish sentiment.
4-hour Chart Echos Bearish Frequency
In the four-hour time frame, the price made higher highs and higher lows, but recently, the trend has changed from bullish to bearish.
MANA made a “Double Top” pattern near the higher levels and even broke the previous swing low. This provides a “Sell on rising” opportunity for investors.
On the other hand, a break above the $1.02 level could invalidate the bearish outlook. And the price can be above $1.110
MANA is bearish on all time frames. Below $0.94 closing on the hourly time frame, we can put a trade on the sell side.