MANA Adhered to a Conspicuous Downtrend, Can Buyers Lift It Up?

• Decentraland’s MANA has been constantly sliding down the slope since it surged back in November, a six-week time span.
• RSI has been going under the neutral line, which indicates that the tides have been with the sellers in some past weeks.
• As of this writing, the MANA token was up by 2.52% in the past 24 hours, with a trending market value of $2.96.

The Fall of MANA

Decentraland has slipped down the charts since it escalated to the price level of $5.2 back in November, a time span of 6 weeks. As compared to the time span, once-major coins have drained while downtrending, 6 weeks seems to be a small fry. A long-term perspective for the cryptocurrency sector and Bitcoin has not transformed into a bearish one. Although Decentraland was anticipated to remain bearish for some time, a small jump can be made by MANA as anticipated by some in the upcoming area of demand.

The area of $3.1 to $2.9 has been examined to discover the demand in a previous couple of months. However, in January, the market value has been closed under the $3.1 level many times, and examined as a resistance level. Moreover, the past day’s candle was representing a bearish engulfing model.

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Integrated with the convergence of an S/R flip, which indicated that it is possible for Decentraland’s MANA to see the downward slope again in the coming days. The next prominent support level was the $2.43 level, while the $2.2 area was an area of demand where the buyers could enter.

Bollinger Bands’ 20-period SMA operated as a resistance, while the BB got broader recently. This indicated that MANA was downtrending. Lower band’s test can experience a bounce in the prices and can provide intraday scalping opportunities.

Rationale

The RSI has been in motion below the neutral 50-line to indicate that tides are turning towards the sellers in some past weeks. However, the RSI generated higher lows even though the price generated lower lows. This downtrending divergence experienced a bounce in the price and re-examined the past support levels.

THE CMF was at the -0.05 mark and had wigwagging regarding this level over the previous few days. This indicated that the flow of capital was diverged outwards from the market, another indication of the strength of the sellers.

The resistance of the trendline was in one piece, and the prices were being pushed downwards by the sellers. The harm can appear in the area of $2.4 level. The $3.1 level rejection, followed by the robust downtrending daily candle, pointed out a block of downtrending order. This also indicates that it was more likely for the Decentraland to see a swift move to the next prominent support level.

As the article was being written, MANA was bullish by 2.52% in the previous 24 hours, with a trending market value of $2.96.