Decentraland (Mana) Price : Bulls Must Regain $2.50 To buck The Downtrend

Source : coingape.com

https://cdn.coingape.com/wp-content/uploads/2021/12/31170513/Decentraland-MANA-Cover.jpg

Decentarland (Mana) price trades in a tight range on Tuesday. At the time of writing, the Decentraland is trading at $2.11 with a 24-hour trading volume of $497,095,976 USD.

  • Decentarland (Mana) price locks-in gains on Tuesday.
  • A decisive close above $2.50 is a prerequisite for the likely reversal in the price.
  • Double support around $1.80 giving bulls a thumbs up.

Double bottom on 4-hour chart sign of reversal

On the 4-hour chart, the formation of ‘double bottom’ pushes MANA price to the horizontal resistance line near $2.10. This also coincides with the crossover of 20 DMA at $2.08.

Source: Trading view

The price retreated more than 45% from the highs of $3.18 and tested the lows of $1.70 on Friday. After the formation of a ‘Doji’ candlestick, the bulls face multiple rejections near the mentioned resistance level.

The Daily Relative Strength Index (RSI) has given the bullish cross-over on Saturday and reads currently at 47. Another momentum oscillator the MACD (Moving Average Convergence Divergence) trades below the midline still posing challenges for the bulls.

A daily close above $2.50 would encourage the MANA buyers to flex their muscles towards the $2.80 horizontal resistance zone.

On the flip side, if the price sustains below the session’s low then it could first test the lows made on the previous day at $1.80. Traders could further liquidate their position once the double support formation breaks to meet the levels last seen in October at $1.28.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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