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Decentraland price has been resilient around the current levels forming the hammer candlestick on January 22. Although the altcoins shows lesser buying interest still, it is forming a bullish setup. At the press time, MANA/USD is trading at $2.31, up 1.23% for the day.
- Decentraland (Mana) extends the consolidated moves on Saturday.
- Expect upside continuation beyond $2.50 to $3.0 demand zone.
- A break below $2.03 would prove bull’s theory wrong.
The 24-hour trading volume stands at $476,952,466 with the current market cap of $4,216,313,743 as per the Coinmarketcap.
Decentraland (MANA) looks up for a U-turn
On the daily charts, after testing the 50-DMA on December 27, the price has been on the continuous downside momentum. The price already retreated from the all-time highs at $5.91 on November 25 devaluating 48% in total value. Investors tested the $3.06 threshold thrice, which is a support-turn resistance level now. Thus making it a crucial level to trade.
The daily relative strength index (RSI) trades at 38 with a bullish crossover indicating the impending upside momentum in the pair. The immediate resistance is placed at the descending trend line from the mentioned line that is placed at $2.50.
Furthermore, the bulls would pull up their sleeves to recoup the psychological $3.06 level. This will also coincide with the re-test of 50 DMA. A decisive break above this level would invite more investors to participate in the fresh upside momentum.
Alternatively, if the price drops below the horizontal support line at $1.98 then it would invalidate the bullish thesis. Sellers would be targeting the $1.50 level. More downside could be expected toward the lower trend line of the descending channel at 1.32. The same levels were last seen in October.