Decentraland (MANAUSD) Reclaims the $0.6 Price Level
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As the Decentraland bull market neared the $0.80 price level, the bulls needed to deal with the increased selling pressure around that area. The bears later caught up with the bulls, and this resulted in indecision and a lack of interest in the market. Towards the end of January and the beginning of February, the bull market became strong enough to charge at the key resistance level, but they failed to go beyond the $0.8 price level, and from then on, the market began to range sideways between the $0.80 and $0.60 price zones. Along the line, it appears as if the bulls are succumbing to the prolonged bearish pressure, and the market fell below $0.6, which is the key support level since early February.
MANA/USD Price Statistic
MANA/USD price now: $0.6107
MANA/USD market cap: $1,133,390,434
MANA/USD circulating supply: 1,855,084,192 MANA
MANA/USD total supply: 2,193,539,027
MANA/USD coin market cap rank: #44
Key Levels
Resistance: $0.80, $0.85, $0.90
Support: $0.55, $0.50, $0.45
Price Prediction Decentraland: the Indicators’ Point of View – Bulls Reclaims the Key Support Level
As the bulls lost grip on the market, the demand line shifted slightly below the $0.6 price level. Initially, the market was slowly sliding into a downtrend, but the significant bullish activities of today’s trading session are aborting the trend. If the demand line can keep a firm grip on the key support level, the bull market may bounce back for a reattempt at the key resistance level. The indicators are in support of bearish sentiment, but due to the performance of buyers in today’s market, they now reflect a weakness in the bearish trend.
MANA/USD 4-Hour Chart Outlook
From this perspective, we can see the market moving in a bullish way. If the buyers in the market can keep this movement going, this will soon reflect in the larger timeframe. However, the sellers are gathered around the $0.62 price to hinder the bullish progress. In the Relative Strength Index (RSI), we see the RSI line recoiling to find a lower level to measure. This is because of the bearish activities around $0.62.
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