High Momentum Fall Tease $0.75 Breakdown

The Decentraland(MANA) price spent around three weeks, consolidating between $1.13 to $0.92 levels. However, amid the growing sell pressure in the market, the altcoin breached the $0.92 range support and plunged 19.8% lower to $0.7 support. Thus, if selling pressure persists, the coin holder may also lose this support and sink to May’s low $0.061 mark.

Key points:

• The MANA price faces dynamics resistance from 20 day EMA
• The six consecutive red candles in the daily time frame chart reflect a 28.5% fall
• The 24-hour trading volume in the Decentraland token is $590 Million, indicating a 125% gain. 

Source-Tradingview

On April 29, the MANA/USDT pair pierced the January low support of $1.7-16.8, signaling the continuation of the prevailing downtrend. The post-rested fall depreciated the meta coin by 62.65%, plummeting to a low of $0.63.

However, a significant inflow from buyers to acquire MANA at this discount price caused a temporary recovery in price. However, the coin price couldn’t surpass the $1.36 resistance and reverted immediately.

This second bear cycle tumbled the MANA price by 44%, where its current trades at $0.755. Furthermore, the altcoin teases a breakdown from minor support of $0.745, indicating the sellers may pull the price back to the May low of $0.63.

However, the MANA price potential rebounds from the $0.63 mark would validate this level as genuine support.

Technical indicator

EMA: Since the MANA price witnessed an aggressive sell-off in April, the 20-day EMA has provided constant resistance for coin buyers. Moreover, a bearish sequence among these EMAs(20, 50, 100, and 200) accentuates an overall downtrend.

Vortex indicator: The sharp spread between the VI+ and VI- slopes reflects aggressive selling from traders. Thus, the rising seller’s momentum bolsters the possibility of a $0.75 breakdown

• Resistance level: $0.9, and $1.11
• Support level: $0.75, and $0.6