Altcoins

MANA Price Prediction: Attempts To Breach Descending Trend line; Targets $2.40 Next

MANA worth stays negatively skewed transferring in a good vary. The worth motion lacks conviction for a transparent development. Decentraland (MANA) is following a long-term descending resistance line with resistance at $5.91.

  • MANA worth trades with losses on Tuesday.
  • Count on a bounce towards $2.40 if breaks above the bearish slopping line.
  • The draw back is capped close to $2.20.

MANA worth seeks short-term bounce

Supply: Buying and selling View

On the 1-hour timeframe, the MANA worth is displaying power and is in preparation to flee two rapid upside hurdles. If taken out efficiently MANA worth can be seeing interim upside goal on the horizontal $2.30 resistance stage.

The metaverse coin opened decrease however rapidly examined the session’s excessive earlier than retracing again to the lows of $2.22. This occurs to be ‘double’ help for the worth on account of MANA making an attempt to bounce again towards the descending trendline.

The bearish trendline, which extends from the highs of $2.44 acts as a resistance for the bulls.

If the worth takes out a $2.30 upside filter then bulls will transfer ahead to hunt the following goal at $2.35.

A sustained shopping for strain will carry highs of March 13 at $2.44 in play.

Then again, a spike in promote order would possibly proceed with the draw back momentum. A break beneath the session low will take a look at the lows made on January 24 at $1.80.

MANA’s worth depreciated almost 73% from file highs made on November 25 at $5.91. As of writing, MANA/USD is buying and selling at $2.24, down 3.69% for the day. As per the CoinMarketCap, the 24-hour buying and selling worth of Decentraland holds at $264,560,490.

Technical indicators:

RSI: The hourly Relative Power Index approaches the oversold zone. Any downtick within the indicator may push the worth decrease.

MACD: The Shifting Common Convergence Divergence trades beneath the mid-line since March 13.

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