A breakdown from ascending trend-line shows MANA’s continuation setup resulted in sellers’ favoritism. Furthermore, the retest phase authorized the prior support to resistance. Will the metaverse token sustain the bearish pressure to plunge towards January’s lower support of $2? Let’s dig dip.
Vital Points
- MANA price chart displays a post-retest bearish bias continuation.
- Decentraland buyers try to regain the 200-day Moving Average.
- MANA’s 24hr trading volume sits at $408 million, suggesting a 34.5% increase.
Decentraland (MANA) registered a pessimistic breakout from the symmetrical triangle set up on 6 March. The alternative token spent the following 72 hours retesting the violated support trend-line. Meanwhile, the renewed selling momentum slumped MANA beneath the $2.34 and 200-day Moving Average.
Sellers controlling the Decentraland marketplace might translate to a freefall, with MANA losing 15% to hit the psychological zone at $2 before exploring the $1.71 mark. Contrarily, buyers pushing the alt beyond the 200-day Moving Average might see MANA trying to enter the triangle setup.
That would mean the recent breakdown was MANA’s bear trap. While publishing this content, MANA price changes hands near $2.38, following a 3.32% intraday gain.
Decentraland Technical Indicators
MANA has its price trading under the daily-moving average line – 20-, 50-, 100- and 200, maintaining a bearish bias. Furthermore, sellers recently regained the 200-day moving average, offering short-sellers another edge. Also, the daily chart shows the SuperTrend indicator in a negative tendency.
The Relative Strength Index remained at the 40 low regardless of the lower low setup in price function. That shows weakness in selling strength, supporting buyers to regain the regime.
However, Decentraland seems to have a bright future as the metaverse attracts institutions. On Thursday, American footwear firm Skechers declared its plans to enter the metaverse via the new lease in Decentraland Fashion District.
Also, the California-based retailer filed several global trademark requests to sell digital goods, such as apparel and footwear. Such developments prove Decentraland’s utility in the real world, supporting MANA’s long-term bullish projection. For now, the alt will likely follow broad market trends.
- Support areas – $2.4 and $2
- Resistance areas – $2.83 and $3.48.
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