Decentraland managed to post a 3.4% gain over the 24 hour period as cryptospace is seeing a potential bullish recovery.
The crypto was able to reduce its monthly and biweekly losses to 9.4% and 2.7%, respectively.
- Over the past 24 hours, Decentraland has rallied to trade at $0.633
- MANA under selling pressure, which could quickly put it in a new downward direction
- Decentraland could soon try the $0.584 and $0.544 ranges
This however might not suffice to change the bearish thesis which threatens Decentraland if it does not successfully and persuasively end its downtrend momentum since August this year. MANA might be considering an actual heavy pull downstream in the following week.
MANA’s overall valuation of $1.152 billion, which ranks it as the 51It is possible toThe largest cryptocurrency by market capitalization is at risk of falling sharply if it continues to fall.
Tracking from CoingeckoIt is currently trading at $0.633 and about to enter the next month with an almost 90% discount from its previous all-time high price (ATH) of $5.85, which was achieved, in fact, on November 25th 2021.
Decentraland may see Bearish Momentum
MANA is facing difficulties to maintain the $0.75 mark, according to technical indicators and analysis points.
The asset’s failure paved the way for more selling on the market and that’s one of the reasons why Decentraland is in danger of another major decline.
TradingView
The asset’s Daily chartIt settled at 38.2% Fibonacci level, which could pull it back down to $0.65. This would be a loss of the gains made in the past 24 hours.
Trader are also in a strong position now to arrange a price fall all the way down to $0.584, although there is the potential for a drop to a trading price even lower at $0.544. There is also strong selling pressure that will not help the asset’s hopes of turning the tables around for another price pump to happen.
Additionally, for almost two months now, MANA’s Relative Strength Index (RSI) stayed below the 50-neutral zone.
Positive Events in The Metaverse
Meanwhile, dubbed as “the virtual destination for virtual assets,” Decentraland continues to look for different ways to improve its metaverse capabilities.
Through the summer Training camp organized by Cominted Labs and Web3 developer Dogman, a team of eager 15-year old metaverse builders will try to gain more experience and refine their craft inside MANA protocol’s digital universe.
Decentraland expressed its delight in helping to develop these talented, young and enthusiastic individuals.
Featured image from Coin Central, Chart: TradingView.com| Featured image from Coin Central, Chart: TradingView.com Disclaimer: The author's analysis should be considered personal and not as investment advice.