•MANA/USD is currently priced at $0.79 and has increased by 0.45% over the past day
•The trading volumes have increased by 63.89% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: Decentraland technical indicators provide a hint of optimism
The Decentraland price today is $0.791836 USD with a 24-hour trading volume of $136,572,785 USD. Decentraland is up 0.45% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.09311 for the altcoin.
Decentraland has come under intense selling pressure over the past few hours, as is depicted by the large red candle on the four-hour chart. The momentum is still siding with the bulls as MANA Coin Price is transacting above the 20,50 SMA on the four-hour chart. However, MANA Coin could undo all the recent gains if the sellers take control, resulting in deeper losses. In such a scenario, the asset could plunge to the $0.70 support level. On the flip side, a sustained push from the bulls will provide the asset with much-needed respite which would help Decentraland a long way towards scaling the $0.85 resistance level and thus, kickstart the uptrend in the coming days.
Long Term View for Decentraland
The technical indicators for MANA Coin paint a positive outlook for the near term as the RSI is currently transacting at 39.57, with the bulls coming to aid. Although the MACD and signal lines are transacting in the negative territory, the MACD indicator has shown some true signs of revival in the asset. A bullish crossover was observed on the daily chart two days ago which has resulted in the histograms turning green. If the bulls are able to sustain the momentum, MANA Coin could come across as a great investment alternative for investors in these uncertain times.
Conclusion
The technical indicators for MANA Coin suggest a positive outlook and a bounce off the resistance barrier could provide buyers a chance to regroup and stage a comeback. The next couple of days will be crucial for the asset in order to turn the fortunes around.
Support: $0.70-$0.60
Resistance: $0.85-$1
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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/09/18/mana-price-analysis-will-decentraland-bulls-come-up-trumps-in-a-battle-of-wits/