Decentraland price is maintaining strength and consolidating in a narrow range near the support mark of $0.6000. Bulls are trying to pull up and catch the above swing to retest in upcoming sessions. However, price action indicates that the token is holding its breath and trying to pass the congestion zone.
Buyers continued to uplift token prices from the start of 2023. In the last month, the token could not hold the grip above the 200-day EMA and slipped below the strong resistance of $0.7300. Sellers aggressively threw back, and the token headed toward the retracement phase.
MANA token is in the bullish zone above the neutral bars of Fib level 50%, which favors bulls to gain more strength in the upcoming sessions. At the same time, price action on the charts showed that the token have completed the retracement phase and was trying to attain higher marks. Moreover, the token moves out of the symmetrical triangle pattern, but does not show any aggressive move.
At the time of writing, MANA is trading at $0.6100, gaining 0.90% in the intraday session. Moreover, the pair of MANA/BTC is at 0.00002172 satoshis. The trading volume was noted with a drop of 11%.
Decentraland on Daily Charts
On the daily chart, the MANA token is holding grip and maintaining the gains above the crucial support of $0.6000. The token is near to its support, so buyers try to accumulate to catch the action. If the token manages to frame muscles and succeeds in bouncing, the token will show a short covering move and test 200-day EMA.
MANA continues to form lower lows since the reversal from the resistance mark of $0.7300. However, the price pauses and does not move in either direction now. With low volumes, the MANA token gave a bit of confusion to its investors with its slow moves with tightening grip.
Based on Fib retracement levels, the token is above 50% and below 61.8%, indicating that buyers are trying to achieve higher marks, but sellers do not want to lose easily. This fight led to price consolidating movements and token passes with low volumes.
MANA token on 4 hour charts
MANA token on the 4-hour chart shows the price hovers with light consolidation and waiting for a range breakout. The major indicators like RSI and MACD also showed neutral indications because of consolidation in price.
The RSI is near 50, and bears attempt to form a negative crossover but cannot register. Moreover, the MACD indicator will give a crossover in upcoming sessions.
Technical Levels
Support Levels: $0.5800
Resistance Levels:$0.6400
Conclusion
MANA token prepares muscles and waits for the perfect time to outperform in upcoming sessions. The buyers are finding an opportunity to uplift gains, whereas bears also have strong muscles that do not want to lose.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/04/08/decentraland-price-prediction-will-mana-token-retest-200-day-ema/