Decentraland price analysis: MANA looks to consolidate past $2.50 demand zone

TL;DR Breakdown

• Decentraland price rose 4 percent to move above $2.50 on the day
• Price has been slowly rising since January 25, reaching as high as $2.57
• Continuation expected up to $3.0 with January 17 high of $3.06 a realistic target

Decentraland price analysis is bullish today, with the token ascending more than 4 percent during the day’s trade. Price reached as high as $2.57, with trading volume also going up 29 percent. MANA has been on the rise since falling as low as $1.8 on January 24. Price currently sits above the demand zone at $2.5 and is expected to continue ascent to test the $3.06 resistance over the current trend. Current support sits at $1.98 and in a scenario where volatility picks up, price could retreat towards the $1.50 level.

The larger cryptocurrency market consolidated over the past 24 hours, with Bitcoin edging towards $38,000. Ethereum saw a 2 percent rise to remain in touching distance of $2,600. Altcoins recorded declines across the market, with Cardano dropping 2 percent down to $1.04 and Ripple declining to $0.61. Dogecoin and Polkadot also receded 2 percent each to find lows at $0.14 and $18.44, while Terra recorded the biggest decrement in the market with a 7 percent downfall.

Decentraland price analysis: Price movement sets up bullish outlook on the daily chart

The 24-hour candlestick chart for Decentraland price analysis shows price racing ahead of the crucial 25 and 50-day exponential moving averages (EMAs) during the day’s trade. This sets up a bullish outlook for MANA that is expected to push price onwards from $2.61. The relative strength index (RSI) value has been increasing since January 28 and sits at 48.81 to indicate strong market valuation for the token. The moving average convergence divergence (MACD) curve also shows bullish highs, as it crossed the neutral zone yesterday and continued to rise today. The next resistance point will be met at $3.06 with support lying at $2.23 for MANA.

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