Decentraland/Bitcoin(MANA/BTC) Technical Analysis: 25 January 2022

The MANA/BTC trading pair maintained a very low-key rally throughout the year until Q4 when the prices jumped like a monster. It recorded a single-day rise of nearly 283% and manifested the beginning of its bull run. The bull run intensified later which added up yet another 22% to its value to record the highest levels in the history of MANA/BTC price. However, since the beginning of December 2021, the asset is following a strong downtrend which appears to be unstoppable until it reaches the lower important support levels.

Will MANA/BTC price rebound on hitting these levels or continue to head towards the lower support levels? Let’s See!

Decentraland/Bitcoin(MANA/BTC) Technical Analysis at a Glance

The MANA/BTC price began the 2022 yearly trade on a notable bearish note after consolidating for the first few days. Yet the first crash of the year slashed the price by nearly 8% but the very next moment the asset rose like a monster and gained more than 20%. Yet within a couple of days, the price slashed again and by the end of the fortnight, the asset was in the same position, it started the trade for the year 2022. 

However, the recent plunge slashed the price to its yearly lows, declining more than 37% from the 2022 highs. At present, the asset is trying to stabilize the trembled situation as every attempt of rebound is going in vain. Yet since the last trading day, the asset is showcasing an extreme tendency to propel towards the north. 

Additional Read: Daily Crypto News 25 January, 2022

Decentraland/Bitcoin(MANA/BTC) Technical Indicators & Pivot Points

Technical Indicators

Pivot Points

Additional Read: Mana vs Enjin Coin: Comparative Analysis 

Summary

The MANA/BTC price is extremely bullish in the short term, yet very bearish in the long term. Considering the short term, most of the indicators point out towards a buy signal, as the RSI just took a bullish divergence after plunging to lower levels. 

Whereas in the long term RSI is heading towards the lower levels and hence point out towards a bearish scenario. The Bull-bear power in both the time-frames indicates the bulls being more powerful than the bears hinting at a strong upturn.

While the MACD in both time frames does not showcase an immense coiling up of either buying or selling volume. Therefore remains neutral and on the other hand, the market sentiment indicator Average True Range indicates high volatility in both time frames. 

On the other hand, the Ultimate Oscillator which combines all three short, mid & long trends and lets out potential buy/sell signals, as well as a divergence that warns of future price reversals, points out towards a ‘sell’ which is notably a huge bearish signal.

Coming to Pivot Points, the current price at 0.00005711 BTC is just below the crucial resistance at the 50-day MA which is just below the strong resistance levels. Once both levels are cleared, a strong uptrend may ignite that may uplift the price above the 200-day MA levels so that an uptrend is validated. 

In contrast, if the asset continues to plunge, then the local supports may hold the price strong and also assist to trigger a flip. Yet in the worst condition, if it fails to hold at these levels, the strong support in the long term may do the job. 

Decentraland/Bitcoin(MANA/BTC) Technical Analysis for the Week

After a bearish weekend that slashed the price by more than 21%, the start of the fresh week trade was pretty bullish. The asset was able to gain nearly 15% of the losses and just before gaining its initial positions, the price trembled down again. Currently, the MANA/BTC is focusing on maintaining a decent uptrend, diminishing the chances of the bears taking back control. However, amid the bearish clouds hovering over the asset, the price may tend to reach the bottom levels soon.

Source: Tradingview Date: 25-01-2022 Time: 4:30pm

• The price in the higher time frame has been rejected multiple times at the crucial resistance levels between 0.00007349 – 0.00007630
• However, each time the asset refused to plunge drastically, until the recent market trend which compelled most of the assets to drop heavily
• Yet the price is now trending within a symmetrical triangle, where-in the apex is much distinct from the current levels
• The MANA/BTC price could consolidate for a while along the same regions and tend to plunge to hit the lower support. Further, the asset is expected to not only rebound and hit the crucial resistance levels but could also slice through these levels
• Yet, still, it is not a flip from the bearish to a bullish trend, yet an attempt to halt the downtrend to accumulate more. 

Decentraland/Bitcoin(MANA/BTC) Technical Analysis for Today: 25 January 2022

The asset experienced a drastic plunge in the past weekend and hence most of the bullish momentum appears to have eased a little. Therefore despite a decent buying volume, the price failed to breach through the pivot levels and still swing within a narrow region. Currently, the buying volume is slowly getting mounted from the past couple of hours, yet unable to form relatively large green candles. 

The MANA/BTC price is trading at 0.00005735 with a jump of nearly 4.18% compared to the previous day’s close. However, the volume is also pretty decent, recording just above $3 million. Today’s day’s range is between 0.00005369 to 0.00005821 BTC and hence the day’s close must be above 0.00005821 BTC to continue with an uptrend.

Where & How to buy Decentraland/Bitcoin(MANA/BTC) 

Buying crypto assets is very simple here in CoinDCX which includes pretty low fees, new design, multiple feature benefits, etc. Registering and starting trading here just requires you to follow 3 main steps,

1. Download the CoinDCX app on your smartphone
2. Register filling all the required details
3. Fund your wallet with INR, which is usually allowed after a bank verification. 
4. Purchase any crypto of your choice and Bitcoin in this case
5. Swap your Bitcoin with Decentraland(MANA) 

Currently, CoinDCX is running an exciting referral program, 3x Referral Dhamaka’ where you stand a chance to win rewards in Ethereum by just onboarding new people with your referral Id. Once they place their first order, you are eligible for the reward. Download the app now!!!

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