The Decentraland token technical chart indicated the price is still under the correction period. The recent selling pressure in the market plunged the price below the $3 support. However, a sudden spike in buying pressure resulted in a fakeout from this bottom support. Moreover, a piece of positive news for MANA investors is Samsung Taps into the Metaverse using Decentraland.
Key technical points:
- 100-day SMA provides strong support to MANA token
- The 24-hour trading volume in the Decentraland token is $2.49 billion, indicating a 214.6% gain.
Source-Tradingview
Previously when we covered an article on Decentraland token, the pair provided a bullish breakout from a falling wedge pattern. The price initiated a short rally but couldn’t surpass the $3.5 resistance. Facing strong supply pressure from above, the price dropped back to the last support of $3.
On January 5th, the intense sell-off in the crypto market violated this crucial support and provided a daily candle closing. However, buyers stepped in the next day and pushed the price back above with a 15.5% bullish candle.
However, the overall trend for the MANA token is still bullish as the price is trading above the 100 and 200 SMA. However, the 20 and 50 are on the bear side, providing resistance to this price.
The daily-Stochastic RSI shows recovery signs from the oversold region. The indicators also present a bullish crossover between the K and D lines, supporting a bullish momentum.
MANA token Rally Need To Surpass The $3.9 Resistance
Source- Tradingview
Today, the MANA price is retesting the $3 mark to identify sufficient support. If the token sustains above this level, the crypto can look for a bullish opportunity hoping the price reaches the $3.9 mark.
Anyhow, the $3.9 resistance is formidable resistance for this token, and to begin a proper recovery rally, the price has to reclaim this level.
The important horizontal resistance levels are
Resistance – $3.9 and $4.28
Support- $3 and $2.45
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/decentraland-price-analysis-mana-token-survive-crypto-bloodbath-with-its-bear-trap/