TL;DR Breakdown
- MANA price fell 1.5 percent on the day but keeps $4.93 target intact
- Trading volume also fell 35 percent to highlight market stagnancy
- $4.93 target to remain in sight as long as price consolidates above $3.28 support floor
Decentraland price analysis for the day shows the MANA token facing continued retracement after the 12 percent decline on December 28. Price fell as low as $3.17 on the day, with trading volume falling more than 35 percent. Even through the current dip, Decentraland will keep a 42 percent rise on the horizon as long as price can stay above the $3.28 support floor. Price currently sits at $3.33 and will face the first line of resistance at the 21 twelve-hour simple moving average at $3.48.
The larger cryptocurrency market showed minor recoveries over the past 24 hours, led by Bitcoin’s consolidation just below $48,000. Ethereum also rose around 1 percent to sit at $3,800, while Altcoins also ascended upwards. Solana, Polkadot and Cardano upped a single percent each, with Ripple rising 2 percent to sit at $0.844.
MANA/USD 24-hour chart: Price sets crucial 50-day EMA as next target
The 24-hour chart for Decentraland price analysis shows price sitting below the crucial 25 and 50-day exponential moving averages (EMAs), with the $3.43 EMA set as the next target. The Relative Strength Index (RSI) shows an increasing value of 46.33, indicating positive market valuation in the market for MANA. The Moving Average Convergence Divergence (MACD) curve sits just near its neutral zone and the 0.00 mark, also highlighting expected positive movement in the current trend.
MANA/USD 4-hour chart: Upward movement expected over short-term trade
The 4-hour chart for the MANA/USD trade pair indicates positive movement to come, with price sitting just at the 4-hour EMA. Price is expected to initiate a push towards the $4.93 resistance point and rise up to the first resistance floor at $3.48. The RSI value sits at a rising point at 43 as price targets the upper echelon of the Bollinger Bands’ curves.
Over the next short-term trade, price may continue to consolidate upwards to present a buying opportunity till the $3.48 resistance. However, any depression faced near or above $3.28 could slip price towards the 23.6% Fibonacci retracement level at $3.14 and then towards the November 8 high at $2.97.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
