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Decentraland Price Analysis: MANA Needs to Attract Buyers.

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  • MANA price is on the verge of collapsing, if it lost $1 mark it would be difficult to recover.
  • The bears are getting overpowered as said by the indicators
  • The price is moving below the exponential moving average.

Decentraland defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications.In this virtual world, users purchase plots of land that they can later navigate, buildupon and monitise.

The MANA price is again showing a downtrend over the daily graph signifying the bears win in the battle with bulls. The price is currently trading below the exponential moving average. Analysts believe that if this bearish rally continues the token will break its $1 support soon and if the coin fell below the $1 mark it would be very difficult for the token to recover. The token needs to gather support and make a green move to sustain in the market. The price made a lower low of $1.01 over the last trading session.

The current price for one MANA token is trading at $1.03 with a loss of 8.98% in its market capitalization. The token has a trading volume of 287 million which is presently at a decrease of 2.46% and a market cap of 1.8 billion with a decrease of 8.91% in it , the volume market cap ratio is 0.1552.

Source: MANA/USD by Tradingview

Let’s see what do  technical indicator suggests

While analyzing the short term (4 hrs)  graph for MANA we can observe a bearish pattern over the  graph, but we can clearly see that the bulls and bears both were influencing the token equally but for now it looks like the bears have the stronger side.

The MACD indicator indicates a bearish movement further as there is a negative cross made by the MACD line and the red histograms are rising with time. The relative strength value is below 40 currently.

If the bears are successful to dominante the token till it breaks the $1 mark it will be very difficult for the bulls to help the token for recovery.

Source: MANA/USD by Tradingview

Conclusion 

The token is currently at a downtrend movement. The bears are strongly influencing the price. MACD indicates a bearish movement further and no clear prediction from RSI.

Technical levels

Resistance level: $1.4 and $1.6

Support level: $0.8 and $0.6

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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