MANA posted 2.5% increases this week. EMAs are also moving above Decentraland’s token’s price.
- MANA price tallies 2.5% gains
- MACD appears flat, and does not show any bullish signs
- Capacity of the Decentraland Market at $1.29Billion
At this point, MANA’s price is close to its lowest for 2022. While the bears aim for a new low this year, they also want to keep costs under $1.0.
Sometime in August, MANA’s price plunged which negatively impacted buyer expectations especially as the coin is still getting massive rejections resulting from the trend reversal.
MANA Prices Down in Market Value
Based on CoinMarktCapMANA prices have fallen by 3.04% and were trading at $0.6949, as of press time.
MANA has lost market value and the bulls are now waiting for the next wave of big waves or confirmation that a trend is reversing before consolidating into long positions.
From July to August, MANA appeared to have allowed the bulls’ entry but has failed to offshoot above the $1.0 price level. As such, $1.0 has been identified as the resistance level and $0.64 is the support zone. MANA/BTC also fell by 2.9%.
After MANA’s price dipped below the 200-day EMA as seen on April 5, 2022, MANA has retreated further since then.
All the other EMAs like 20, 50, 100 and 200, however, are doing well, as they continue to climb above the current price. Buyers are pushing the price towards the 20-EMA.
MANA’s RSI shows a spike from the lower regions. The optimistic outlook for the token is confirmed by this climb. The MACD remains flat in the range of the negative, as shown on the daily chart.
MACD Shows No Trace Of Bullish Momentum
As both trendlines move over the neutral zone, the MACD does not show any bullish momentum.
The RSI looks bullish, as MANA bulls aim for a slightly bounce above 20 EMAs. The key support level for bears is close to the current levels, which allows them to attempt short-covering as soon as possible.
According to Decentraland, it is one of few cryptos traders and buyers should keep on their active wallets.It has a market capital of more than $1.29 Billion as of the writing of this article and an circulating supply of at least 100 times that of Bitcoin.
While many blockchain-based and NFT games have aspirations to decentralization, it appears that Decentraland is one of few who are ambitious enough.
The BTCUSD currency pair crosses the $19K mark, trading at $19 445 daily chart. Source: TradingView.com| Source: TradingView.com Featured Image from Smart Valor Chart: TradingView.com