As seen on the hourly charts, Decentraland may seem bullish. The token trades in the horizontal sideways range, with $0.75 support and $1.0 resistance.
The hourly chart shows that trading volume increased 290% over the last few hours due to this escalation. MANA fell due to the selloff, with it falling to a $0.772 last May 2022 (90-day low).
Even though the price range was moving sideways in recent days, traders saw a forming of a rounded bottom pattern on their daily price charts. This is because the buying activity has increased, which led to higher prices.
MANA price currently trades at $1.02 and drops by 2.36%
CoinMarketCap reports that the MANA price currently trades at $1.02, a drop of 2.36%. Market capitalization is stable at approximately $2 billion despite the bullish sentiment. While the MANA rise has seen speculators see a jump in trading volume of 290% over the last 24 hours, the MANA/BTC exchange rate still fell by 1.4%.
MANA’s price may rise if buyers maintain momentum. The hourly charts show that the price is above 200 DMA. On the daily charts, the 20-day EMA remains to be pumping zone for many buyers because the bears can’t intervene as long as they stick to the support lines.
MANA Needs New Buyers, Overpriced
RSI continues to be in the bullish zone and has passed the semi-line. The MACD indicator, which is a more detailed indicator of uptrends on a daily basis, also points to one. MANA is moving toward the resistance zone. Even though the coin has been deemed extremely bullish, it still holds the potential to rise above $1.5.
After an uncertain taste, Bitcoin is now flying high with some interference from bears. Apparently, Bitcoin’s price spike is a huge boost to MANA’s uptrend movement as the king of crypto, which now trades above the 23k mark, supports and pushes the token.
MANA’s rate of recovery may not be sufficient to increase investor confidence. The token might need to attract new investors to guarantee full and continued recovery.
Source: TradingView.com| Source: TradingView.com
