Decentraland Price Analysis: MANA May Beat the Bears’ Sell Orders if Bulls Maintain These Support Levels

The Decentraland (MANA) token remains into the horizontal range.
The MANA token looks bullish as buyers keep prices above 200 DMA on the hourly chart.
Amid the uptrend, speculators saw an increase of 290% in trading volume over the last night.

Decentraland (MANA) seems to be bullish for the past few days, but still, the token is trading into the sideways horizontal range among $0.75 to $1.0 support to resistance. Recently buyers became the witness of sharp decline, and amid the sell-off token registered the 90-day low at $0.772 Mark on 12 May.

Amid accumulation into the sideways range In the last few days, speculators observed the rounding bottom formation on the daily price scale. As a result, buyers continue buying the MANA token in dip, and in fact, price action forms the higher-highs pattern.

At the time of writing, the MANA token is trading at $1.09 mark against the USDT. Despite the bullish trend, the Market Cap seems to be neutral at $2 Billion in the last 24-hours. Amid uptrend, speculators saw an increase of 290% in trading volume over the last night but still the MANA/BTC pair price is down 1.4% at 0.00004579 Satoshis.

Buyers may see more upside rally ahead as buyers keep prices above 200 DMA on hourly charts. Conversely, on a daily price scale, the 20 day moving average stood to be a pumping zone of buyers. Bears can’t attempt the sell- until MANA remains above 20 DMA.

RSI is Set to Reach an Overbought Zone

The RSI indicator continues to move above the semi-line. Today the RSI peak broke the bullish barrier and moved into an overbought zone. Moreover, the MACD indicator is showing an upward trend on the daily time frame.

Conclusion

Decentraland (MANA) is hovering near a resistance level. Although the coin is bullish and technical indicators favor the bulls, an upside rally above the $1.5 resistance is expected.

Technical Levels

Resistance level- $1.5 and $2.0

Support level- $1.0 and $0.7

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.