Decentraland (MANA) Price Face Upside Risk At $2.50

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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.

Source: Trading view

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.

 

 

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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