SNEAK PEEK:
- Decentraland price analysis shows bearishness at $0.5642 after a market dip today.
- MANA has dropped by 8.14%, and it looks like the bearish trend could continue in the near term.
- If bearish persists, then MANA could drop to the $0.5453 support level.
The Decentraland price analysis reveals that the market has formed a bearish trend. The price today dropped by 8.14% to $0.5642 and is still going down. It looks like the bearish trend could continue in the near future if nothing changes. Based on the current market conditions, it appears that the next support level could be around $0.5453, where selling pressure may lessen if bearishness persists.
The market opened today, trading in bearish territory, dropping from $0.6148 to $0.5642 within the first few hours of trading. This sharp decline could be due to the overall market correction that occurred in the cryptocurrency market today, which caused the prices of many altcoins to plunge. The selling pressure is intense, with sellers making up the majority of market participants.
In the past two days, the buying pressure was significantly higher than the selling pressure, which pushed prices above the $0.6100 level. The bulls also managed to break through the resistance at $0.6163, but that was short-lived as the bearish pressure quickly took over.
However, if buyers start to enter the market again, then we could see a reversal in price action and prices heading back up to the $0.6100 resistance area.
The market capitalization of MANA currently stands at $1.04 billion, a decrease of 8.20% compared to yesterday. The 24-hour trading volume is $131 million, and it is down by 18.62 percent in the last 24 hours. Currently, Decentraland is ranked 48th in the cryptocurrency market and holds a total supply of 1,855,084,192 MANA.
The daily technical indicators show the following: A negative crossover has been indicated by the MACD indicator as it has moved from the bullish zone to the bearish one. The MACD line is below the signal line, and the histogram values are decreasing. The RSI level is currently at 42.96, which shows that there’s a slight chance for prices to rally in the near term if the buying pressure increases.
The 50-day moving average and the 200-day moving average are all trending downward, which suggests that the bearish trend is going to continue. The Bollinger bands are also trending downward, which means that the volatility should remain low for some time.
The upper Bollinger band is at $0.70, and the lower Bollinger band is at $0.50, suggesting that prices could stay within this range in the short term before making a move to either side.
To conclude, Decentraland’s price analysis shows that the bearish trend is likely to continue in the near term. The market could go down to the $0.5453 support level if the bearish sentiment persists and there are no changes in the current market conditions. All technical indicators suggest that the prices could remain within a certain range before making any major moves.
Disclaimer: Cryptocurrency price analysis is highly speculative and volatile, and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your own research and consult with a financial advisor before making investment decisions.
