The Decentraland crypto was building higher highs and was in a spectacular uptrend, followed by a parallel wedge earlier, illustrating growth from $0.2700 to $0.6000 at the top supply level.
MANA price encountered obstacles at the supply territory and dropped exceptionally, which caused the price to break out of the scope of the parallel upward channel and descend to create a support at $0.4000.
After that, the Decentraland crypto has exhibited several gestures of recovery, as the price depicted some seller’s rejection spikes from a pivotal support zone of around $0.4000 on the chart and recently spiked big and jumped above $0.4950 with the present scenario. It seems to be trying to sustain above this level.
Can Decentraland Crypto Price Surge Dramatically Soon?
The MANA crypto asset symbolizes bullish stability and upward momentum as it is beyond the 20 and 50-day EMA bands.
In addition, the Decentraland crypto asset is showing growth in bullish force as the MACD indicator has developed a bullish crossover, meaning bullish strength is revitalizing from the current critical price level. Besides, MACD is at 0.0126, the signal line is at 0.0068, and the histogram is growing upward; this is at 0.0058.
The RSI curve is bearing support on 14-SMA after cutting SMA from below, which signifies bullishness. Further, it implies that the MANA crypto is in optimistic territory and can grow further. Meanwhile, the RSI curve is 61.99, and the 14-SMA smoothened line is 56.35.
Over the last three months, the MANA asset has flaunted bullish qualities from the previous week as it has proposed an excellent performance of 7.27%, which could lead the price to advance further. Also, one-month and three-month gains are 7.48% and 19.97% respectively.
The Decentraland crypto experienced an incline of 0.60% intraday, and CMP is around $0.5071.
As per the daily chart, the MANA coin appears to be on the brink of continuing an enormous surge. As it exhibits, more buyers are building strength on the level to boost through the resistance levels above and thrust upward to new zeniths from the current crucial support.
Therefore, if the demand for the Decentraland increases, the asset price could advance upward to retest the supply level. It has already crossed the in-between resistance of $0.4950.
However, if the MANA price fails to stay above the $0.4000 level, it could decline further and reach new depths.
Summary
The Decentraland price suggests the continuation of the price advancement, totally based on the buyer’s surge, over the daily time frame chart. Major tools like RSI, MACD, and EMA illustrate bullish gestures regarding the MANA price.
Technical Levels
Support Levels: $0.4000
Resistance Levels: $0.5000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
Source: https://www.thecoinrepublic.com/2024/02/19/decentraland-crypto-can-the-mana-crypto-price-move-up-soon/