The MANA price shows a volatile move, is facing selling pressure from the top, and is trying to escape the upper trendline barrier of $0.4700. The trend is neutral, and buyers are still holding the gains and waiting for a pullback. The price action displays the retracement and shows a throwback from the highs of $0.6000. However, the MANA token may attain a rebound only if able to surpass the primary hurdle of $0.4700.
The MANA crypto price is trading close to the 20-day EMA and faces pressure while attempting a rebound to retest the swing top of $0.6000. Meanwhile, the chart shows a falling wedge pattern and is hovering near the upper trendline zone. Furthermore, the technicals indicated the indecisiveness between the bears and bulls and did not showcase any clear view, and uncertainty was witnessed in the recent sessions.
Decentraland (MANA) was at $0.4597 at press time with an intraday drop of 0.70%, showing a retracement in the recent session. Moreover, the trading volume increased by 10.80% to $72.68 Million, highlighting bearish action. The pair of MANA/BTC was noted at 0.0000107 BTC, while the market cap is $998.22 Million. Analysts are bearish and suggest that the MANA token price will breach $0.4300 soon.
MANA on Daily Charts Displays Uncertainty
On the daily charts, the MANA crypto price showcased a volatile move and displayed a bearish price action amidst the uptrend in the recent sessions. Moreover, the trend reveals the selling pressure and the token may retest the 200-day EMA soon. However, the buyers are trying their best to prevent the token from any rash selloff.
The Momentum Indicator (RSI) curve stayed below the midline in the oversold region, displaying a negative divergence. The MACD indicator showed a bearish crossover and formed the red bars on the histogram, suggesting the selling pressure may lead the token to retest $0.4500 in the following sessions.
MANA on Weekly Charts Reveals Lower Lows
On the weekly charts, MANA price reveals roller coaster moves and persists in delivering pullback from the demand zone of $0.2800. However, the token managed to sustain the gains and is attempting to breach the 50-day EMA mark. Per the Fibonacci retracement zone, the MANA token has held gains above the 23.6% zone and has failed to surpass the 38.2% zone.
Summary
The Decentraland (MANA) token failed to sustain gains on the top and is facing selling pressure in recent sessions. However, the trend is intact and buyers are still attempting a rebound and are keen to surpass the trendline barrier of $0.4650. If the trendline breaches, MANA price may reach $0.4800 soon.
Technical Levels
Support Levels: $0.4300 and $0.4100
Resistance Levels: $0.4750 and $0.4900
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/01/17/mana-price-prediction-will-bulls-hold-mana-above-0-4500/