Decentraland(MANA) Technical Analysis: MANA Price in Decisive Phase, Will it Make it or Break it?

Key Takeaways

• The MANA price closed the previous day’s trade at $2.35 with a market capitalization of $4.41 billion and a circulating supply of 1.83B MANA
• The asset is attempting hard to halt the current descending trends but eventually fail as the mounted selling pressure does not seem too easy soon
• Yet if the price fails to flip from the bearish trend, it may eventually slip from the current levels, losing another 20% to hit the local support below $2

Decentraland(MANA)/USDT Technical Analysis at a Glance

The Decentraland price initiated the monthly trade on a notable bullish note and quickly consolidated for quite a long time. However, the MANA price failed to sustain and began dropping to a notable extent. No doubt the popular NFT attempted multiple times to discard the bearish trend but eventually plunged back into the same bearish trend yet again. The trend is expected to continue until the asset smashes the lower limits just below $2.5. 

Technical Indicators & Pivot Levels

Technical Indicators

The MANA price is extremely bearish in both time frames, but some indicators do point at a trend reversal in the future. The RSI is stationed at almost the same levels in STF & HTF but aiming towards the south. On the other hand, the MACD displays an accumulated selling volume and hence is a little bearish. Yet the ADX, which is the strength indicator, points out a weak rally in both time frames and the bears to keep control over the rally, attempting to slash the price towards the south. 

Additional Read: Decentraland (MANA) Price Prediction

Pivot Levels

The current MANA price is swinging in between the 50-day MA levels and the local support in the STF. And hence trending in a very decisive phase. An upcoming couple of hours may be extremely crucial as the current price movement may decide the next phase of action. If the price breaks through the MA levels then a strong uptrend may be expected but in case it fails to sustain at above the support levels, it may plunge below to hit the long-term support levels igniting a bearish market. 

Oscillators

The Stochastic Oscillator displays the average value of the asset at a particular time. And if it’s bearish then the price is below the average levels. Yet the Ultimate Oscillator which considers 3 different MA levels to determine the next move is also significantly bearish. However, the asset possesses less volatility currently and the CCI is also bearish which identifies a new trend or a beginning of a new trend. 

MANA /USDT Technical-Analysis for Short-Term

Source: Tradingview

• After a decent jump to start with the monthly trade, the asset quickly slipped into a descending parallel channel
• The descending trend once sliced through the channel but the MANA price rebounded well to re-enter the channel and smashed the upper resistance
• Conversely, the price also pierced through the upper resistance to ignite an uptrend but failed. However, the recent attempt to test the upper resistance also failed. 
• Currently, the price appears to have rebounded before visiting one of the important support levels but it needs to maintain until the day’s close. If in case it fails to sustain at these levels, then a plunge towards lower support is possible

Additional Read: MANA vs AXS

MANA/USDT Technical Analysis for Long-Term

Source: Tradingview

• The MANA price since it smashed its highs above $5, ignited a notable descending trend. As the support levels remained elevated, the price maintained its trend within an asymmetric triangle
• The asset appears to have fallen weak as it approaches the apex, however, the possibilities of testing the lower support of the triangle is pretty high. 
• Here one can expect a notable bounce which could prevent the price from rejecting from the triangle
• However, without a large influx of any buying volume, no significant change in the trend may be witnessed

Additional Read: Decentraland (MANA) Deep Dive

Decentraland(MANA)/USDT Technical-Analysis for Today: 08 March 2022

The MANA price from the past 48 hours is swinging within a very narrow region between $2.5 and $2.3. And since the past 24 hours, an almost equal volume of buying and selling is recorded due to which, the price resides along with the initial levels. Despite the buyers having jumped in, yet remain pretty low than the required amount. And hence no significant trend change may be witnessed. 

The asset needs to sustain above $2.4 until the day’s close to end the day’s trade and begin the next day’s trade on a bullish note. The MANA price at the press time is $2.40 with a jump of nearly 0.78% compared to the previous month’s close. However, the trading volume remains high by more than 29% while the market cap has surged by 1%. 

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